All gambling winnings from Super Bowl LX are federally taxable income — the IRS does not exempt winning sports bettors, regardless of the amount. Here is what the tax code requires and how to stay square with the IRS after a winning bet.
Are Super Bowl Betting Winnings Taxable?
Yes, every dollar you win is reportable on Form 1040 as ordinary income, per IRS Topic No. 419 — Gambling Income and Losses. This applies whether you collect $20 or $20,000, and whether you bet at a licensed sportsbook in New Jersey, Michigan, Colorado, or any other legal state.
When Will a Sportsbook Issue a W-2G?
A sportsbook is required to issue a W-2G when a single winning bet pays $600 or more and the payout is at least 300 times the amount wagered. For most standard spread bets priced at -110, that threshold is rarely triggered on small stakes — but a large-odds parlay or prop bet can clear it quickly. See our Super Bowl LX prop bets explained page for how those payouts can scale.
When a win exceeds $5,000 from a wagering pool or similar contest, the sportsbook must withhold 24% for federal taxes automatically. For wins below that threshold, no automatic withholding applies, but you still owe the tax.
Can You Deduct Betting Losses on Super Bowl LX?
Losses are deductible only if you itemize deductions on Schedule A — and only up to the total amount of gambling winnings you report. You cannot net losses against winnings and report only the difference; the gross winnings go on Line 8b of Schedule 1, and losses go on Schedule A separately.
Keep detailed records: date, type of bet, sportsbook name, amount wagered, and amount won or lost. Screenshots of your bet history from operators such as DraftKings, FanDuel, or BetMGM are a practical starting point, though a dedicated log is stronger documentation.
State Taxes on Super Bowl Winnings
Federal liability is uniform, but state treatment varies. New Jersey, for example, taxes gambling winnings as ordinary income at the state level. Check your state gaming regulator's guidance or consult a tax professional for the rate that applies to you. Our Super Bowl LX legal states guide covers which states have licensed online sportsbooks, which is the first step in understanding your state tax exposure.
How to Bet on Super Bowl LX Without Tax Surprises
Before you deposit, review how each sportsbook handles bonus bets — winnings from bonus bets are real cash and are equally taxable. Our Super Bowl LX sportsbook bonus offers explained page breaks down how those credits work. For deposit and withdrawal mechanics that affect your paper trail, see how to deposit and withdraw at Super Bowl LX sportsbooks.
If a broader question comes up — minimum age, legal states, or how a specific bet type is settled — the Super Bowl LX betting FAQ covers the most common scenarios in one place.
Must be 21+ in most states. Gambling problem? Call 1-800-GAMBLER or reach the National Council on Problem Gambling at 1-800-522-4700, available 24/7.