..

How Much Tax Will I Have to Pay Betting Sports in illinois?

Written by:
Ean Lamb
Published on:
Jan/29/2022

Unless you are betting with an offshore sportsbook or through a local bookie, the amount of tax you'll need to pay wagering on sports in the state of Illinois could be quite hefty.

Sports bet winnings over $600 are subject to a 15% tax rate in Illinois while casinos in Illinois typically withhold 25% of winnings for federal tax purposes. 

If you live in Cook County, home of Chicago, it gets even worse.  An additional 2% tax rate will be tacked on.

The sportsbooks you use will also be reporting those winnings to the IRS.  This is one of the benefits of playing with sites still accessible within Illinois but are based outside the US.  They do not report your winnings.  Many are more established than the state-based books.  BetOnline, for example, is considered one of the largest online sportsbooks and has been around since 1999.

Players are able to deduct amounts wagered and lost — but may not deduct wagers on winning bets.

- Ean Lamb, Gambling911.com

Sports News

Favorite to Win 2023 Daytona 500 Differs Across Books

Favorite to Win 2023 Daytona 500 Differs Across Books

BetOnline has Ryan Blaney the favorite to win this year's Daytona 500, but this one is anyone's to take it seems.  Not every book has Blaney as the favorite.  Odds will fluctuate ahead of the February 17 race.

Syndicate