Hey Sports Bettors: The IRS is Coming for You
DraftKings, FanDuel and other regulated sportsbooks have been reporting their customers winnings since these companies went live in 2018. But not all gamblers are reporting their winnings it appears.
News Nation featured a report over the weekend that the IRS claims it has failed to collect some $1.5 billion in uncollected taxes.
From News Nation:
According to the Treasury Inspector General for Tax Administration, “148,908 individuals who were issued Forms W-2G with a total amount of more than $15,000 per individual in gambling winnings … did not file a tax return. These nonfilers were associated with approximately $13.2 billion in total gambling winnings.”
The report partially blames the Internal Revenue Service for the uncollected taxes, noting that about two-thirds of the identified nonfilers never received any sort of notice.
The IRS has yet to establish a new monitoring system.
And while it is true that pay per head bookmakers and offshore sportsbooks do not report winnings to the IRS or any government agency, gamblers should keep adequate records and file accordingly.
- Chris Costigan, Gambling911.com Publisher
