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The money you win through gambling - whether that's through gambling sites or apps, casinos, raffles or fantasy sports leagues - is considered taxable income by the Internal Revenue Service. If the winnings are $5,000 or greater, the business that processed your bet might withhold up to 31% of the proceeds for federal income tax, according to the IRS.
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If a bet goes overnight, the bettor is charged a financing cost (or receives it, if the bettor is shorting the stock). [citation needed]See also [ edit ]Notes [ edit ]
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