Reddit Sports Gambling

Posted : admin On 7/10/2022

Tax Day is right around the corner, and sports wagering winnings should be part of a bettor’s annual filing.

As the name implies, both men respect analytics as they cover sports betting from all angles: handicapping and analyzing most major sports (especially football, college football and hoops, etc.), also the industry at large, challenges for pro bettors, big news in U.S. Sports betting regulation and so forth. Two smart guys and a sharp listen. There are many sports betting websites that make you want to get into betting after learning how easy it is to bet. If the three signs of a gambling addiction sound like you, talk to your doctor as soon as possible. The bad news is that gambling disorder is a serious mental illness that could take control of your life. Sports betting losses are tax-deductible, but under very specific conditions. The most important of these conditions is that you can’t claim losses that total more than your gains. So, if you lost $5,000 on sports betting last year but took home $7,000 in the end, you’d be able to deduct all of those losses.

Nathan Rigley, a lead tax research analyst at H&R Block, spoke with TheLines.com to offer advice for bettors making preparations for 2018 and beyond.

The first thing to realize is that any winnings are taxable and bettors should include it on a tax return.

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“Just because a taxpayer doesn’t receive a tax form, (it) does not make the winnings tax-free,” he said. “Taxpayers still have a responsibility to report their prize on their tax return as ‘other income.’”

Don’t neglect to report it

Don’t be caught unaware. No matter the amount, gambling winnings are taxable. Those winning a substantial amount are likely to receive a tax form, and the IRS will also receive that form.

Those winnings will usually be reported via form W-2G or 1099-Misc. The IRS will then compare the information to the taxpayer’s return. Not reporting can be costly, triggering penalties and interest.

“Failing to report the prize as income is the surest way to get audited,” Rigley said.

That could certainly be uncomfortable and cause the type of scrutiny most bettors would like to avoid.

Record keeping 101

Serious bettors must not only be savvy with betting lines, but also with record keeping. The IRS advises gamblers to keep an accurate diary or record to substantiate wins and losses on a tax return.

Plan to keep track. A little extra work can pay big dividends in the long run. Rigley recommends bettors include the following in their records:

  • The date and type of each wager.
  • The name and location of the bet.
  • The names of other people with the bettor at the betting establishment.
  • The amount won or lost.

Bettors should also keep verifiable documentation of losses, which include:

  • Wagering tickets
  • Canceled checks
  • Credit card records

Mobile wagering makes keeping track of wagers much easier. Players should have easy access to bets made throughout the year. That helps in reporting overall wagering income.

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Track those wins and losses

Bettors should keep track of their winnings, but also their losses. If they won big and show a profit for the year, they can offset winnings with losses to help lower a tax burden.

Only winners can deduct losses, and the full amount of winnings and losses must be reported when filing. However, Rigley notes that gamblers may deduct losses, but only by as much as they report in winnings.

For example, suppose a taxpayer entered two betting pools: One at the office and one among friends. Both had a $10 entry fee, and the player won $100 from the office pool. The bettor should report $90 in winnings, deducting the $10 fee.

For itemizing, the entry fee from the losing pool and other gambling losses could be taken as an itemized deduction. That would be capped, however, at a maximum of the amount won being reported, in this case, $90.

Do the new tax laws have any impact?

Taxpayers will notice some changes when filing this year. The Tax Cuts and Jobs Act changed many aspects regarding itemized deductions. That includes the elimination of some deductions that were subject to a 2% floor of adjusted gross income.

“This has been impactful for many taxpayers,” Rigley said. “Luckily, the deduction for gambling losses, though a miscellaneous deduction, was not subject to this floor.”

This is advantageous to gamblers. They can continue to claim gambling losses as an itemized deduction to the extent of their gambling income.

Sports betting as a full-time job

The majority of bettors may fall into the recreational or hobby group. But those who bet professionally as their sole means of earning a living have different benefits and requirements.

These bettors would need to file as a business with a Schedule C form.

Filing as a business allows deducting expenses, but also subjects them to self-employment tax and possibly quarterly estimated payments. It’s as if that bettor runs his or her business and files accordingly.

The new tax laws have had some changes on this aspect, however. Bettors can no longer deduct non-wagering business expenses in excess of net wagering income. Thus, reporting a loss as a gambler isn’t possible.

Planning for next year

The new sports betting landscape has brought many more into the wagering ecosystem. Players new to betting may want to start planning for filing their 2019 taxes.

Rigley strongly advises maintaining detailed gambling records.

Reddit Sports Gambling

“The foundation of any tax return is one’s records,” he said. “In order to ensure the best outcome on the tax return, you have to make sure you can back up anything reported on your return, including the reporting of inherently personal activities like gambling.”

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And if you do make a nice score, Rigley suggests making that first check to the tax man.

Set aside an estimated payment on taxes you’ll owe on those winnings.

“This is essentially a deposit toward your tax liability,” he said. “The reason we suggest this is that it helps to avoid any underpayment penalties for failing to deposit enough taxes throughout the year. And, psychologically, it seems easier to write that check when the income is new rather than be hit with the balance due down the road when the return is filed.”

Here’s hoping that big win comes, though bettors should plan on paying Uncle Sam.

Table of Contents

When you hear about Reddit, enter the world of different huge real communities, giving their views on various news, content, and topics. Suppose we tell Reddit a goldmine of interesting information that will not be an exaggeration. Reddit has different communities in which people share information. Most probably, few platforms in this world give such huge topics and view other peoples.

One of the most trending communities is related to sports betting. Why do we like the sport betting Reddit community? Because it gives the real idea to exchange our views. They have no intention to sell something here. Real people, fundamental concepts, and actual outcomes are the best fit line for Reddit.

Anybody can sign up sport betting Reddit community; you need not be professional. It depends on you how you want to use it like - you can read only comments or read the news. If you are new to this platform, you should stick with it for a while, and you will be attached to it. When you open Reddit.com, then you will find a homepage that will hotch-potch with numerous topics.

Reddit has focused on different communities, which is called Sub-Reddits. Here you will find a sport betting community with Reddit Sports Betting. When people who are using Reddit place the relevant URL when mentioning other subreddits. For example – if someone related to sport betting Reddit, then he uses r/sportsbetting.

When you start discussing on Subreddit, you can submit other's links or writing something in your words. In both conditions, people have the proper right to handle the post. Right now, we are discussing sport betting communities that are organized as per categories and follow by the number of subscribers.

Topmost sports betting Reddits

These communities are wrap up with the sport betting mainstream. It is not concentrating on mainly one sports betting. It is the center of almost all sports like MMA, Basketball, Soccer, baseball, tennis, etc.

Sports Book

A well-structured and managed sport betting community. In sport betting Reddit, you will find a range of information and views that update you with different sports innings. You will find excellent resources and some links to various websites on the subreddit on the screen's right side. You will discover primary betting conditions, calculators, statistics, and numerous other tools.

Anyway, it depends on you, whatever you read and write, but one thing is confirming that you will get useful information on r/sportsbook. In a short time, you will get esports betting news with special effects.

Soccer Betting

Are you a soccer lover? Then get ready for the sports journey with Reddit. It is the best betting community where you can get all football information. This community trending best one community because it shares big scores to updated betting solutions. Continues to live to bet and connect with big matches will give you more transparency towards your goal.

Reddit sports gambling stories

Sports Book Review

Sports Book Review is not a big sport betting Reddit community but still, you get updated information very clearly. Anyone who has a Reddit account can leave reviews or check all reviews or different sports. It plays the role of getting together information on every betting website.

However, you could not get information comprehensively, and they do not give advantages to those who received repayment from the same books.

E-sports betting Subreddits

Reddit has two mSports betting Reddit – Covers all your questions with exciting answers in E-sport betting communities. One is related to Counter-strike, and the second one is related to Dota 2. Both subreddits have loaded with worthy information.

Ncaab Betting Reddit

CSGO Betting

As a matter of interest, CSGO Betting is one of the most entertaining community on Reddit. Are you connected with Counter-strike and Esports? If yes, then this subreddit is all yours. Everyday upcoming match information with daily new directions for general CSGO betting are available on the discussion.

You will get sports betting Reddit comments of more than 150-200, while in select matches, you will get ten or more words on the spot. You will, most of the time, get general plans that connect you with discussing the most profitable betting sites suitable for CS: GO.

Dota 2 Betting

In all betting subreddits, Dota 2 Betting is not an engaged community, but still, it is useful to surfing on Dota2. In Dota2, you can get estimated up to two to three threads every day. In this subreddit, you can browse individual match news, predictions, and essential event news.

Valve skins betting scandal, which is related to Dota2, has lost its goodwill, and they have lost good subscribers and deals. As a result of this scandal, many skins betting websites lost their business. Still, Dota2 is useful for great ideas and discussion to get actual money betting. The subreddit page has retained some links that provide valuable statistical data and more information.

Horse Racing

Best Gambling Sites Reddit

Sports betting addiction reddit

Are you interest in horse betting? It is a comparably slow topic on the sports betting Reddit community. But you will find some horse racing betting useful and worth discussing.

Horse Racing

Normally horseracing community is active than other subreddit, and it has more than 4500 subscribers. If we visit that community, we will find a new topic, but the discussion does not exceed 6 or 10 comments. Some significant events can worth on the board for meetings, such as Preakness Stakes and Kentucky Derby discussion.

Comparably all countries, the USA is the most discussing country for horse racing betting on subreddit. Horse racing has many wide ranges of issues covering the latest race reviews and quizzes that give a full chance to win tickets.

Horse Racing UK

Horse Racing UK is related to horse racing betting for the US this Horse Racing UK is about horse racing betting UK. This subreddit is less busy because it is only focusing on UK horse race betting. Besides, it provides news articles and daily tricks.

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Reddit Sports Gambling Addiction

Wrapping it up

Best Sports Betting Sites Reddit

Any sport you like, you should concentrate on particular sports for betting. Sport betting Reddit communities can provide you with updated information and tips to play for significant revenue. More questions you put give you a more strategic mind. So, get ready to bet on sport.