00:00Anytime the IRS is hitting anybody up for sports betting, it's usually a good thing.
00:08I mean, Jim, it means you won.
00:10So I mean, that being said, people are all worried about getting hit by the IRS.
00:14I mean, you made money if that's the case.
00:17But how about this before the upcoming football season, the IRS saying, hey, look out here,
00:21folks, if you don't claim your winnings, you may find a letter from us at the end of the
00:27year.
00:28Yeah.
00:29They did put out a reminder just on the eve of the NFL season kicking off last week.
00:36They did put out a reminder to say that your sports betting winnings and all gambling winnings
00:42are considered income and taxable at the federal level.
00:46It's the same thing for states as well.
00:49The main message, though, that they're trying to get across now with the widespread adoption
00:54of sports betting across the U.S. is that they want you to be playing safely and legally.
01:02They reminded us, too, that the illegal sports betting market is still quite large.
01:07They estimate it to be about 700 million dollars.
01:11So they want you, the customer, the the American sports better to be playing on legal regulated
01:18sites, regulated apps and reminding you to that any winnings that you do have are taxable.
01:26They did also tout their efforts.
01:28The IRS did in cracking down on some illegal sports betting schemes and recent cases, the
01:36big one being the Ipe Mizuhara case, you know, Shohei Otani's interpreter getting caught
01:44up in an illegal gambling operation.
01:46So they did tout their investigative work and their success in that regard.
01:50But ultimately, the message was play safely and legally this NFL season and, you know,
01:55of course, throughout the year.
Comments