What Are the Tax Implications of Florida Sports Betting Winnings?

Florida sports betting sites may be popular with bettors trying to place their wagers online, but what many forget—or simply ignore—is what happens when you win. Specifically, what happens with your taxes. If you’re betting and end up taking home a profit, even from sites that operate in a legal gray area or are based offshore, the IRS wants to know. There’s no special exemption just because you live in Florida or because the site wasn’t technically local. Money earned is money taxed. And the government doesn’t play games when it comes to gambling income.

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