Do I have to pay taxes on sports betting winnings?

Yes — all gambling winnings are taxable income in the US. Sportsbooks issue a W-2G for winnings of $600+ at 300:1 odds or more. Even without a W-2G, you're legally required to report all winnings. You can deduct gambling losses up to the amount of your winnings if you itemize deductions. Keep detailed records of every bet for tax purposes.