re: DraftKings and FanDuel are basically not options effective 1/1/2026

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Consider a casual bettor who wins $20,000 over a year and loses $20,000 in separate events. Before the rule change, they could deduct all $20,000 in losses, wiping out the tax burden. Under the new rule, they can only deduct $18,000, leaving $2,000 subject to federal income tax.

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DK or FD don't send out 1099's for this.
If you feel the need to report that on your taxes on your own, then you're the dumbass b/c no one else cares that you won $18,000 while losing $20,000. They wouldn't care if you won $20,000 and lost $18,000. Again, that's on individuals to report those earnings if they feel they should. DK and FD aren't notifying the IRS of your winnings over the course of the year.

This is when they are reporting your winnings to the IRS:
If net winnings, on a single bet or single day, = $600 and odds = 300:1 (+30000)
24% withholding if net winnings = $5,000 and odds = 300:1



So unless you are winning gigantic parlays of +30,000 or more, DK or FD will never send anythign to the IRS on your winnings.

Now if you're actually profiting 10's of thousands of dollars a year gambling, then yeah, you should probably be reporting that income assuming you are withdrawing your winnings, but that's definitely not the norm. And this law would affect those people if they chose to report the earnings b/c again, DK and FD aren't reporting any of that to the IRS. If you didn't withdraw any of the money, then why would you report your winnings?


So in response to the drama queen OP post, DK and FD are still very much options for pretty much every sportsbook gambler, as this law literally changes nothing for 99% of gamblers.

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They do report winnings over $400 or something like that tho. I get them from Oregon lottery in mail every time I hit

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"something like that"?

What i posted is straight from DK. I didn't make it up or "something like that".
You aren't getting any tax documents from DraftKings Sportsbook unless you win a +30,000 bet or greater and you win more than $600 on that bet.

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You could just not engage in degeneracy

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Bingo. Though it makes me realize this is how people that do not engage in drinking approach threads about alcohol, so it feels weird to have this opinion on gambling.

frick GAMBLING

Love to gamble sports and have been doing it since way before you could do it on your phone, so I'm not one to call for legislation restricting adults' ability to gamble.

That said, I would like some legislation to put to bed the incessant sportsbook ads during every single sporting event.

These should be put out to pasture like the Marlboro man and Old Joe Camel

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What a dumb fricking law.

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Elections have consequences

I think there is an additional 25% tax on any bets that win (as in bets at sports book in La casinos) come tax time. I hope not.

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The illegal offshore books are shady in different ways and theres always a risk they could be shut down / seized (especially by a Trump admin) but its essentially the only way to play now.

They gave us no choice

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Been a long time since I was into making bets on games, races, etc. so are the local bookmakers now a thing of the past???

I know at one time just about every bar in St. Bernard Parish had a resident bookmaker that would take bets on just about any major sport you wanted to bet on------football, baseball, basketball, horse racing, boxing, etc.

I even knew a few who worked book out of their homes with several phones set up in a small room in their house to take bets.