NFL betting has a silver lining for gambling losers
After two wild weeks of NFL betting, only 2,033 people are left in the Circa Sportsbook's survivor pool. The prize for winning the pool is north of $6 million. If you lose, you have to pay taxes on the winnings. However, the IRS allows gamblers to deduct their losses. If a gambler wins big, he or she will receive an IRS Form W-2G. Professional gamers can deduct losses as business expenses. Most people don't itemize. They can only deduct $500 in losing bets. It's more than the standard deduction for single filers.
