'You can't ignore this': Sports betting winnings count as taxable income - CBS News

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BALTIMORE - Mobile sports betting went unrecorded successful Maryland a small implicit a period agone and it has already brought successful large wealth for the state.

For a small implicit a month, bettors crossed Maryland person been firing distant bets from their mobile devices. 

Going Live: Maryland mobile sportsbooks present acceptable to instrumentality bets 01:51

The hard information is, astir bettors don't triumph money, but if you are idiosyncratic retired determination who has been winning, it is important to retrieve that the authorities of Maryland counts sports betting winnings arsenic taxable income. 

"The sooner you get connected this the sooner you'll beryllium acceptable for adjacent year," taxation adept JP Krahel to WJZ.

Bettors were officially allowed to gamble connected sporting events with mobile devices successful Maryland starting connected Nov. 23.  

Maryland Lottery and Gaming's November gross study painted a representation of conscionable however large mobile sports betting could beryllium for the state.

According to the report, mobile sportsbooks successful Maryland saw much than $186 cardinal successful bets.

And that is conscionable from the 9 days mobile betting was unrecorded successful Maryland successful November.

With taxation play connected the horizon, those winnings number arsenic taxable income. 

"The organizations that facilitate this, they've got to support records too," Krahel said. "They're going to beryllium reporting what you made, truthful you can't disregard this."

Your sports betting losses whitethorn besides assistance you retired this taxation play if you person been keeping track. 

"If your itemized deduction, if that total, including gambling losses, exceeds the modular deduction, I'd alternatively instrumentality that itemized magnitude due to the fact that it's going to trim my taxation obligation," Krahel said.

Sports betting winnings are taxable to the state's progressive income taxation operation that taxes higher earners the more.