Yes, in the United States you are required by law to pay taxes for any income you make in a year, even if it comes from gambling. This includes paying taxes on winnings from online sports betting sites, such as MyBookie.
You can report your MyBookie winnings as part of your other income when you do your tax returns. Because MyBookie is an online gambling site, they can’t give you the W-2G form to fill out when you get your winnings like local sportsbooks.
Online Gambling is Taxable
Even if you are not playing at MyBookie, you will still be required to pay tax for any winnings you made while gambling online. As we have mentioned, this is considered a form of income and needs to be reported. What’s more, even if you don’t withdraw the money from the sportsbook account, you must pay taxes on the money you won.
The IRS requires that you record your winnings and losses, which you will report on when you do your tax returns. Hence, why it is important to keep a record of your sessions. The record must include the following information:
- The money you won and lost
- The type of wager and the date you placed it
- The name and address of the gambling establishment
According to the IRS, it also helps to keep supporting documents. This includes credit card and bank statements. What’s more, you will record all the winnings you made gambling even if you used the money to bet again and lost it. You will record the loss as well when doing your tax return.
Is it Safe to Play at MyBookie?
MyBookie is a trusted gambling site where you can place bets on your favorite sports events. It is regulated to offer its services to players worldwide, including the United States. It is fair and offers some of the best odds online.