IRS encourages players to wager responsibly during NFL season
The organization also urged players to accurately report their winnings.
With this year’s football season in full swing, the Internal Revenue Service (IRS) has published a notice on its website that encourages American players to “wager safely and legally” during this time.
“Between fiscal years 2020 and June 2024, IRS-CI initiated 151 investigations into illegal gambling activity totaling more than $178.8m and resulting in 71 sentencings with an average prison term of over two years,” the IRS reported on its site.
“Individuals who engage in sports betting activities are required to report their winnings on their annual tax return. Additionally, the IRS encourages individuals to keep detailed records of all gambling transactions, including bets placed, winnings received, and losses incurred.
“Sports enthusiasts who are unsure about their tax obligations or have questions about reporting gambling income are encouraged to consult tax professionals or visit the official IRS website for guidance. Ignorance of the tax law does not exempt individuals from their responsibilities.”
IRS Criminal Investigation Chief Guy Ficco took a moment to discuss current US betting trends and the role the IRS plays in helping players to wager responsibly.
He commented, “Sports betting has grown exponentially in the past five years and is more common than ever. While online gambling is easily accessible, it’s not always legal.
“As this year’s football season kicks off, IRS-CI special agents are continuing to monitor trends and using our expertise to root out criminal activity related to illegal gambling like money laundering and tax evasion.”
September is Responsible Gaming Education Month. Recent data published by the American Gaming Association confirms that football wagers are on the rise.
According to recent AGA research, bets placed during the latest Super Bowl rose by 35% when compared to wagers from the previous year.
Close to 68 million Americans wagered on the Big Game this year, the AGA said.
The association also noted that the illegal market in the US “is estimated at more than $700m.”
More than 35 states now offer legal sports betting following the Supreme Court’s decision to overturn the national ban on sports wagering more than six years ago.
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