Do I have to pay taxes on sports betting winnings?

Yes — sports betting winnings are taxable income in the United States. Sportsbooks issue a W-2G form for winnings above $600 at odds of 300-1 or higher. Regardless of whether you receive a form, you must report all gambling winnings on your federal tax return. You may deduct gambling losses up to the amount of your winnings if you itemize deductions.