Sports betting legalized in Delaware, Uncle Sam Licks Chops

Updated: June 11, 2018

By Betting Buzz

June 5, 2018 went down in history as the day betting on individual sports games became legal in a state other than Nevada. Residents of Delaware can now back their favorite pro sports clubs, golfers and auto racers in individual contests — rather than betting on just multi-game NFL contests.

Since the state already permitted legalized NFL parlay betting, it didn’t take long to get everything into place for widespread sports wagering.

The gambling door opened in May 2018 when the Supreme Court overturned the federal ban on sports betting and allowed individual states to make up their minds on the matter.

So it’s time to celebrate — but remember the IRS is ready.

This means the casino gamblers wager in will withhold 24% of any winnings more than $5,000. But gamblers may actually owe more tax depending on their tax bracket.

Some good news: Gamblers can deduct losses from their winnings when reporting income at tax time.

Also, if they’re lucky enough to win 300 times an original but, such as $600 on a $2 wager, then taxes may also be withheld by the betting establishment.