Depending on the type of winnings and the amount won, the payer should issue an information statement-typically a Form 1099-MISC: Miscellaneous Income, or a Form W-2-G : Certain Gambling Winnings. Gambling winnings can come from a variety of games and events, such as from bingo, slot machines, poker tournaments, sports betting, online gaming, and more. As sports betting soars with the US football season’s kickoff every September, tax practitioners should expect to see more clients with gambling-related tax questions. And this past July marks the third-highest-grossing month of all time for the industry.Įven with rising inflation and wonky global economics, the gambling industry seems to prevail. According to the American Gaming Association, US commercial gaming revenue reached a staggering $5.06 billion in July 2022, constituting a year-over-year increase of 2.8%.
