"Tax Implications of Sports Betting and Gambling Winnings in the U.S."

If you're betting on the Super Bowl, be aware that nearly half of your winnings could be owed as taxes, including state taxes. All gambling winnings are considered taxable income by the IRS, and it's important to track and report your winnings and losses. While you can deduct gambling losses, most taxpayers don't itemize deductions, making it unlikely to claim them. Failing to report gambling winnings can result in penalties and potential legal consequences, so it's crucial to comply with tax regulations.