Free Tool
Gambling & Sports Betting Tax Estimator
Estimate your federal and state tax liability on gambling winnings. Understand deductions, withholding thresholds, and what you'll actually take home.
Your Numbers
All winnings for the tax year
Salary, wages, other income
You can only deduct gambling losses if you itemize. Check the box above to see the tax savings.
Net Winnings
$15,000
Estimated Tax
-$5,500
Take Home
$9,500
Federal Tax on Gambling
$5,500
Marginal rate: 22%
State Tax on Gambling
$0
No State Tax: 0.0%
Effective tax rate on winnings22.0%
Deductible losses$0
Tax savings from deductions$0
Key Tax Rules
All winnings are taxable. The IRS requires you to report all gambling income, including sports bets, casino wins, lottery prizes, and fantasy sports.
Losses can offset winnings — but only if you itemize. You can deduct losses up to the amount of your winnings, but only on Schedule A. You cannot deduct more than you won.
W-2G threshold: Casinos/sportsbooks issue a W-2G for winnings over $600 (and 300x the wager) or $1,200+ from slots/bingo. But ALL winnings are taxable regardless of W-2G.
Keep records. Track every bet — date, type, amount wagered, amount won/lost. This is essential for deducting losses and surviving an audit.
Disclaimer: This is an estimate only and does not constitute tax advice. Tax laws vary by jurisdiction and individual circumstances. Consult a qualified tax professional for personalized guidance.