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Eachstate has its personal distinct tax formulasfor playing and sports activities betting earnings. Whether you’re knowledgeable bettor who makes all of his earnings betting on the NFL, or anyone who bets as soon as a month on NBA games, all winnings have to be reported. But as we spell out beneath, the federal government will only tax your winnings above $600. The state tax rate is set by which state the bet was executed in, not the state the place the bettor lives.

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