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The following stories are the most recent transmissions from ESPN.com wire sources.

MLB - View All - Photos

Giants, catcher Chadwick Tromp agree to 1-year deal (AP, 12/9 10:23 PM ET)
Al Michaels voted Frick winner for baseball0019s Hall of Fame (AP, 12/9 5:52 PM ET)
Outfielder Brian O0019Grady agrees to deal with Padres (AP, 12/9 12:26 AM ET)
Maile gets deal with Brewers that pays $825,000 in majors (AP, 12/8 11:50 PM ET)
Royals, 1B Carlos Santana agree to $17.5M,. 2-year deal (AP, 12/8 11:25 PM ET)

NFL - View All - Photos

Chargers' Herbert looks to bounce back after rough stretch (AP, 12/9 8:23 PM ET)
NFL Expanded Glance (Sportradar, 12/9 7:50 PM ET)
Jenkins among surging Saints' leaders as he returns 'home' (AP, 12/9 7:47 PM ET)
NFL Glance (Sportradar, 12/9 7:06 PM ET)
Packers' RB/KR Ervin, DB Greene, DL Winn on injured reserve (AP, 12/9 6:48 PM ET)

NBA - View All - Photos

Antetokounmpo won't say whether he will sign supermax offer (AP, 12/9 9:32 PM ET)
Antetokounmpo won't say whether he will sign supermax offer (AP, 12/9 6:46 PM ET)
Abdul-Jabbar reveals past prostate cancer diagnosis in essay (AP, 12/9 6:41 PM ET)
Like teams, NBA refs have new health and safety protocols (AP, 12/9 6:18 PM ET)
NBA coaches attire: Masks are in, jackets are optional (AP, 12/8 9:41 PM ET)

NHL - View All - Photos

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College Football - View All - Photos

Big Ten audible: Ohio State will play for title vs Wildcats (AP, 12/9 9:40 PM ET)
LSU self-imposes bowl ban for current season amid NCAA probe (AP, 12/9 8:07 PM ET)
Figueroa sparks No. 16 USC's defense with determination (AP, 12/9 7:39 PM ET)
Former Alabama, NY Giants coach Ray Perkins dies at 79 (AP, 12/9 7:34 PM ET)

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Pac-12: So many questions, so little time (AP, 12/9 7:02 PM ET)Slot

Men's NCAA Basketball - View All - Photos

UAB tops Tuskegee 89-64 (AP, 12/9 10:25 PM ET)
Evansville 68, E. Illinois 65 (Sportradar, 12/9 10:24 PM ET)
Newton, Kuhlman carry Evansville over Eastern Illinois 68-65 (AP, 12/9 10:23 PM ET)
Brown's 18 points lead No. 13 Texas over Texas State 74-53 (AP, 12/9 10:21 PM ET)
Missouri 69, Liberty 60 (Sportradar, 12/9 10:21 PM ET)

Women's NCAA Basketball - View All - Photos

No. 2 Louisville women beat Duke 73-49 in ACC opener (AP, 12/9 10:20 PM ET)
No. 9 Kentucky 79, Marshall 45 (XML Team Solutions, 12/9 10:17 PM ET)
Ramirez scores 18 points, No. 13 Arkansas women sink SMU (AP, 12/9 10:10 PM ET)
No. 9 Kentucky women beat Marshall 79-45 to improve to 5-0 (AP, 12/9 10:06 PM ET)
Women's College Basketball Scores (Sportradar, 12/9 10:00 PM ET)

WNBA - View All - Photos

Vickie Johnson hired as new Dallas Wings coach (AP, 12/9 3:21 PM ET)
New York Liberty win WNBA draft lottery again (AP, 12/4 8:38 PM ET)

Golf - View All - Photos

DeChambeau caddie at Open again, this time for Lexi Thompson (AP, 12/9 5:21 PM ET)
Morikawa, Reed bid to become America's first European No 1 (AP, 12/9 10:54 AM ET)
Column: A little effort from men could do a lot for LPGA (AP, 12/8 6:26 PM ET)
Limited fans, limited views to start new year on PGA Tour (AP, 12/8 3:33 PM ET)
US Women's Open final major of a strange year in golf (AP, 12/8 10:12 AM ET)

Auto Racing - View All - Photos

Haas condemns new F1 driver Mazepin for social media video (AP, 12/9 12:13 PM ET)
Montoya to return to Indy 500 in 3rd Arrow McLaren entry (AP, 12/9 12:00 PM ET)
Herta to race No. 26 under Andretti banner with Gainbridge (AP, 12/8 9:31 AM ET)
49er truck stop london ky slot machines onlineLongtime Indianapolis Motor Speedway historian to retire (AP, 12/7 6:29 PM ET)
NASCAR Xfinity Schedule-Winners (Sportradar, 12/7 2:01 PM ET)

Tennis - View All - Photos

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Boxing - View All - Photos

Spence beats Garcia, keeps titles in 1st fight since crash (AP, 12/6 1:34 AM ET)
Saunders retains WBO super middle title beating Murray (AP, 12/4 6:40 PM ET)
Spence set to face Danny Garcia in 1st fight since car crash (AP, 12/4 5:51 PM ET)

Horse Racing - View All - Photos

Top filly Princess Noor retired after soft tissue injury (AP, 12/6 8:33 PM ET)

Cycling - View All - Photos

Mark Cavendish returns to Quick-Step team for 2021 (AP, 12/5 8:01 AM ET)

Track and Field - View All - Photos

Former 800 world champ Arzamasova gets 4-year doping ban (AP, 12/5 1:59 PM ET)

Olympics - View All - Photos

Breakdancing gets Olympic status to debut at Paris in 2024 (AP, 12/7 4:28 PM ET)
IOC suspends Belarus president Lukashenko from Olympic Games (AP, 12/7 4:26 PM ET)
Queensland state confirms Australian bid for 2032 Olympics (AP, 12/6 11:34 PM ET)
Tokyo Olympics delay costs may reach $2.8 billion (AP, 12/4 7:48 AM ET)

Skiing - View All - Photos

Ski Report (AP, 12/9 5:03 PM ET)
Ski Report (AP, 12/8 5:30 PM ET)
Ski Report (AP, 12/7 5:52 PM ET)
Odermatt wins World Cup GS to end 10-year Swiss drought (AP, 12/7 9:07 AM ET)
Ski Report (AP, 12/6 5:27 PM ET)

Figure Skating - View All - Photos

Yuma Kagiyama, Kaori Sakamoto win NHK Trophy titles (AP, 11/28 9:07 AM ET)
Sakamoto dominates women's short program at NHK Trophy (AP, 11/27 8:28 AM ET)
Sakamoto dominates women's short program at NHK Trophy (AP, 11/27 3:59 AM ET)

Soccer - View All - Photos

Mueller scores twice, US routs El Salvador 6-0 in exhibition (AP, 12/9 10:06 PM ET)
2020 U.S. Soccer Schedule (AP, 12/9 9:28 PM ET)
Akinola, Mueller, Araujo debut for US vs El Savador (AP, 12/9 7:10 PM ET)
MATCHDAY: 6 qualifying places up for grabs in Europa League (AP, 12/9 7:01 PM ET)
Champions League brings unity to Paris, relief in Madrid (AP, 12/9 6:39 PM ET)

Cricket - View All - Photos

England returning to Sri Lanka for 2-test cricket tour (AP, 12/9 7:03 AM ET)
Pakistan team released from managed isolation in New Zealand (AP, 12/7 9:04 PM ET)
England cricket series in SAfrica canceled because of COVID (AP, 12/7 9:39 AM ET)
Virus wrecks England tour to SA: 1 game off, 1 postponed (AP, 12/6 4:04 PM ET)
England cricket board: 2 members of touring party in South Africa have 'unconfirmed positive tests' for COVID-19 (AP, 12/6 4:00 AM ET)

Rugby - View All - Photos

Former rugby players join forces on brain injury claims (AP, 12/8 1:38 PM ET)
Robshaw among BaaBaas players punished for protocol breaches (AP, 12/8 12:10 PM ET)
TruckMcCaw, Trémoulière named world rugby players of the decade (AP, 12/7 9:31 PM ET)
England wins Autumn Nations Cup final in sudden death (AP, 12/6 2:08 PM ET)
Wales overcomes Italy 38-18 to finish fifth in Nations Cup (AP, 12/5 2:50 PM ET)

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Do you like to gamble? If so, then you should know that the taxman beats the odds every time you do. The Internal Revenue Service and many states consider any money you win in the casino as taxable income. This applies to all types of casual gambling – from roulette and poker tournaments to slots, bingo and even fantasy football. In some cases, the casino will withhold a percentage of your winnings for taxes before it pays you at the rate of 24 percent.

Casino Winnings Are Not Tax-Free

Casino winnings count as gambling income and gambling income is always taxed at the federal level. That includes cash from slot machines, poker tournaments, baccarat, roulette, keno, bingo, raffles, lotteries and horse racing. If you win a non-cash prize like a car or a vacation, you pay taxes on the fair market value of the item you win.

By law, you must report all your winnings on your federal income tax return – and all means all. Whether you win five bucks on the slots or five million on the poker tables, you are technically required to report it. Job income plus gambling income plus other income equals the total income on your tax return. Subtract the deductions, and you'll pay taxes on the resulting figure at your standard income tax rate.

How Much You Win Matters

While you're required to report every last dollar of winnings, the casino will only get involved when your winnings hit certain thresholds for income reporting:

  • $5,000 (reduced by the wager or buy-in) from a poker tournament, sweepstakes, jai alai, lotteries and wagering pools.
  • $1,500 (reduced by the wager) in keno winnings.
  • $1,200 (not reduced by the wager) from slot machines or bingo
  • $600 (reduced by the wager at the casino's discretion) for all other types of winnings but only if the payout is at least 300 times your wager.

Win at or above these amounts, and the casino will send you IRS Form W2-G to report the full amount won and the amount of tax withholding if any. You will need this form to prepare your tax return.

Understand that you must report all gambling winnings to the IRS, not just those listed above. It just means that you don't have to fill out Form W2-G for other winnings. Income from table games, such as craps, roulette, blackjack and baccarat, do not require a WG-2, for example, regardless of the amount won. It's not clear why the IRS has differentiated it this way, but those are the rules. However, you still have to report the income from these games.

What is the Federal Gambling Tax Rate?

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Standard federal tax withholding applies to winnings of $5,000 or more from:

  • Wagering pools (this does not include poker tournaments).
  • Lotteries.
  • Sweepstakes.
  • Other gambling transactions where the winnings are at least 300 times the amount wagered.

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If you win above the threshold from these types of games, the casino automatically withholds 24 percent of your winnings for the IRS before it pays you. If you cannot provide a Social Security number, the casino will make a 'backup withholding.' A backup withholding is also applied at the rate of 24 percent, only now it includes all your gambling winnings from slot machines, keno, bingo, poker tournaments and more. This money gets passed directly to the IRS and credited against your final tax bill. Before December 31, 2017, the standard withholding rate was 25 percent and the backup rate was 28 percent.

The $5,000 threshold applies to net winnings, meaning you deduct the amount of your wager or buy-in. For example, if you won $5,500 on the poker tables but had to buy in to the game for $1,000, then you would not be subject to the minimum withholding threshold.

It's important to understand that withholding is an entirely separate requirement from reporting the winning on Form WG-2. Just because your gambling winning is reported on Form WG-2 does not automatically require a withholding for federal income taxes.

Can You Deduct Gambling Losses?

If you itemize your deductions on Schedule A, then you can also deduct gambling losses but only up to the amount of the winnings shown on your tax return. So, if you won $5,000 on the blackjack table, you could only deduct $5,000 worth of losing bets, not the $6,000 you actually lost on gambling wagers during the tax year. And you cannot carry your losses from year to year.

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The IRS recommends that you keep a gambling log or spreadsheet showing all your wins and losses. The log should contain the date of the gambling activity, type of activity, name and address of the casino, amount of winnings and losses, and the names of other people there with you as part of the wagering pool. Be sure to keep all tickets, receipts and statements if you're going to claim gambling losses as the IRS may call for evidence in support of your claim.

What About State Withholding Tax on Gambling Winnings?

There are good states for gamblers and bad states for gamblers. If you're going to 'lose the shirt off your back,' you might as well do it in a 'good' gambling state like Nevada, which has no state tax on gambling winnings. The 'bad' states tax your gambling winnings either as a flat percentage of the amount won or by ramping up the percentage owed depending on how much you won.

Each state has different rules. In Maryland, for example, you must report winnings between $500 and $5,000 within 60 days and pay state income taxes within that time frame; you report winnings under $500 on your annual state tax return and winnings over $5,000 are subject to withholding by the casino due to state taxes. Personal tax rates begin at 2 percent and increase to a maximum of 5.75 percent in 2018. In Iowa, there's an automatic 5 percent withholding for state income tax purposes whenever federal taxes are withheld.

State taxes are due in the state you won the income and different rules may apply to players from out of state. The casino should be clued in on the state's withholding laws. Speak to them if you're not clear why the payout is less than you expect.

How to Report Taxes on Casino Winnings

You should receive all of your W2-Gs by January 31 and you'll need these forms to complete your federal and state tax returns. Boxes 1, 4 and 15 are the most important as these show your taxable gambling winnings, federal income taxes withheld and state income taxes withheld, respectively.

You must report the amount specified in Box 1, as well as other gambling income not reported on a W2-G, on the 'other income' line of your IRS Form 1040. This form is being replaced with a simpler form for the 2019 tax season but the reporting requirement remains the same. If your winnings are subject to withholding, you should report the amount in the 'payment' section of your return. Play super 21 online free slots of vegas.

Different rules apply to professional gamblers who gamble full time to earn a livelihood. As a pro gambler, your winnings will be subject to self-employment tax after offsetting gambling losses and after other allowable expenses.

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