News Summary

• People can offset the taxes from their gambling winnings.
• But losses can only be deducted by filers who itemize and who kept a record of both winnings and losses.
• Gambling is growing in the u.s. Last year, Americans wagered roughly $166 billion on sports alone, more than the country’s film, music, book and museum industries generated combined.
• All earnings from lotteries, raffles, sports betting, horse races and casinos are fully taxable and must be reported on a return.