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Taxes on gambling winnings in sports

Taxes » Income Taxes » Taxes On Gambling Winnings In Sports

Racetrack bets and more
Racetrack bets and more © Cheryl Ann Quigley/Shutterstock.com

Although horse racing is not as popular as it once was, the "sport of kings" still draws its share of bettors.

On the first Saturday of June 2014, attention, and bets, will be even higher as California Chrome tries to win horse racing's Triple Crown. That feat was last accomplished 36 years ago by Affirmed.

Part of the allure of gambling on the horses is that it demands some study. Fans pore over the Daily Racing Form and track programs, comparing not only the animals' lineages, but jockeys' and trainers' records.

Racing also offers a variety of ways to bet. In addition to the standard win, place and show, a bettor can choose to bet a quinella, exacta, trifecta, superfecta, daily double or picks 3, 4 or 6.

Such a plethora of ways to wager is probably the basis for the old saying that the sport of kings has impoverished a lot of commoners.

That's even truer now that many tracks also have casinos, known as racinos, on the premises. Racinos are found in 15 states: Alabama, Delaware, Florida, Indiana, Iowa, Louisiana, Maine, Maryland, New Mexico, New York, Ohio, Oklahoma, Pennsylvania, Rhode Island and West Virginia.

When your horse does make it across the line first or your slot machine pull hits all sevens, remember to let Uncle Sam know of your good luck when you file your return.

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