Betting on college or pro sports might be fun, but you gotta keep taxes in mind. Whether you’re deep in bracketology, posting picks under #cbb, or building the perfect bracket, any money you win from sports betting counts as taxable income. That includes everything from a single winning bet to a risky parlay you threw together. Even if your sportsbook doesn’t send you a tax form, those winnings are still taxed as ordinary income—meaning the rate depends on your overall tax bracket—and you could owe both federal and state taxes depending on where you live. The good news: if the #linemovement didn’t go your way and you took some losses, you may be able to deduct them—but there’s a catch. Gambling losses can only be deducted if you itemize, and only up to the amount you actually won. So if your year of betting—whether it’s college hoops or #nbabets—ends with $4,500 in winnings but $5,000 in losses, you can only deduct $4,500. For tax year 2025 you may be able to write off 100% of your los...