NY Mobile sports betting tax implications

Good Morning Everyone. Just wanted someone with knowledge of the tax implications on the customer to shed some light on that topic. I live in NY and mobile sports betting has just been approved as of today but I cannot find the tax implications anywhere. I did see something that stated “you may be required to pay taxes on winnings above $600 and will receive a 1099 form” but I wanted to know if someone here has more accurate knowledge and first hand experience on this topic. 

Thank you and any feedback is appreciated

With any betting success we are probably going to get screwed. I'm keeping my offshore book and plan on going to my local in person.

Good Luck 

I live in CT, but i can imagine we are doing the same thing. As long as no single ticket or betslip pays more than 599$ they are not supposed to tax you and you are not supposed to report it. You can win 10,000$ as long as it is spread out between smaller tickets that pay a profit of less than 599$. Again that's profit. If you make a moneyline wager for example that is -600 and you bet 600 and your ticket pays you back 700, you don't pay taxes on that. Thats how it works in CT. I still place 90% of my bets at the sportsbook where they have none of my info. Personally don't like the idea of my bets being tracked through my bank account/debit card and the online casino that is run by the state.

I used to drive up to NH To Use DK. So one thing I ran into was I used to deposit/withdraw via PayPal. The one issue was they actually counted my withdrawals as winnings even though I lost on the season. Had to report them but was just scheduled. I would recommend making sure to hook up your bank and deposit and withdraw through your bank and not PayPal or another service. They will tax you on winnings over 600 but I believe it is for the year and not per bet. But I cannot confirm. Goodluck waiting for it to be legal in MA still here 

I don't know what the number is but for some reason in my head it was 1200 lol. I've been using my local sports book for over 3 years and have never had to pay any taxes. I try to keep my withdrawals around 1000 and have never had any issues.  I've had them put it directly into my bank account and no problem and have went and got cash in person and no issues.  But like I said I usually only pull out a 1000 at a time so that could be why. 

Walk in don't be lazy. Always have people ask me why I go to Delaware and Maryland.  Don't take bonuses besides offshore, maybe. Offshore still has its place. Some states are run by the lottery system and just take the rake. If possible have an out of state ID not driver's license or a passport ready to expire is bullet proof then get a new one in a different state. Whatever you do don't win over $10000. Get in the fucking car and drive.  I can hit 9 casinos in three hours.  Couch potatoes are going to be fucked because they already know who you are and where you are. I am a wacko I don't even use my phone when driving or in a casino. Always wear a hoodie a hat and a mask. They don't ask you to take them off at the Kiosks.  You can cash out 20 $50 tickets as easily as on $1000. But yeah you lose fuck you and pay the vig you win pay the state. Anyways I probably will be a tinfoil hat guy. I pay the taxes in ONE state not 4.

Ahh, gotcha. Thanks for the input it is reslly helpful. 

Thank you 

Thank you for the input 

Got it. I will also keep my offshore guy however they do not offer some features that other apps/sites do. I do not know about yours but mine has limits, certain things can’t be parlayed etc. 

I don't imagine many of will have to worry about it ..95% will lose ..Unfortunately 

My GUESS is this will be treated like casino winnings and DK, FD, etc provide you with a win/loss statement at the end of the year. Thus you offset your winnings and losses and pay taxes on the net wins. 

This is what I think as well but I wanted to be sure before really going at it. 

It was a question based solely on tax implications. I did not ask what % of people will lose. 

This  

According to my accountant cuzzo