Financial Advisor and CPA for Sports Bettors and Gamblers
A flat-fee CPA and Financial Planner team that gives you personalized, holistic advice across your taxes and financial plan. We plan your winnings, losses, records and estimates, and file your returns.
What we handle for bettors and gamblers
Whether you hit one big parlay or bet for a living, winnings are income, and from 2026 losses no longer fully offset them.
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Every win reported
Gambling winnings are taxable whether or not you get a form, and fantasy sports winnings count as gambling winnings. Winnings go on your return in full, and a casual bettor’s losses are a separate deduction, not subtracted from them.
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Forms W-2G
For 2026 the payer reports slot, bingo or keno wins of $2,000 or more. A sportsbook reports a payout of $2,000 or more only when it is at least 300 times the bet, so most sports winnings arrive with no W-2G at all.
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The 90% loss limit
Starting with tax year 2026, you deduct only 90% of your gambling losses, and never more than your winnings. Win $50,000 and lose $50,000, and $5,000 stays taxable even though you broke even.
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Itemizing to use your losses
A casual bettor deducts losses only by itemizing. If your itemized deductions, losses included, fall below the 2026 standard deduction of $16,100, or $32,200 joint, the losses save nothing and every dollar won is taxed.
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A log the IRS accepts
Keep a diary of each session: the date and type of wager, where you placed it, who was with you, and what you won or lost. Back it with sportsbook annual statements, casino win/loss statements, tickets and your W-2Gs.
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State tax on winnings
Your home state usually taxes all your winnings, and a state where you won can tax winnings from gambling there. Some states allow no loss deduction at all; Illinois, for one, taxes winnings with no deduction for losses.
How Nino helps bettors and gamblers
A big win is easy to spend before the tax on it is due, and a year of steady betting is hard to reconstruct in April. On an Advisor plan your CPA and Financial Planner keep your records, estimates and plans current through the year.
Book a free consultation-
A plan in your first two weeks
Your CPA and Financial Planner build a tax and financial plan from your last returns, this year’s results and your goals, then revisit it every quarter.
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Returns prepared from your records
Your CPA reconciles your W-2Gs and sportsbook statements against your log, prepares your federal and state returns, and files nothing until you approve it.
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Your accounts in one view
Nino’s AI software connects your bank and investment accounts read-only, so deposits and withdrawals are tracked as they happen and you can ask what a win leaves after tax.
What should you decide after a big win?
Four choices that set what a winning year costs in tax.
Whether you are a professional
The IRS treats gambling as a trade or business only when you do it regularly to earn a living. A professional reports on Schedule C and owes self-employment tax, and the 90% limit covers expenses too, so Schedule C cannot show a loss.
How to cover the tax on a win
A sportsbook withholds 24% only on winnings above $5,000 that are at least 300 times the bet, often less than you owe. Your CPA sets an estimated payment for that quarter or raises your paycheck withholding, which counts as paid evenly through the year.
What winnings do to your AGI
For a casual bettor, winnings raise adjusted gross income in full and losses do not lower it. A break-even year can still cost you Roth IRA eligibility or raise the taxable share of Social Security and your Medicare premiums.
What to do with the money
Set aside federal and state tax first, then pay down high-rate debt and fill your emergency fund before you invest the rest. See managing a windfall.
Pick your plan
Every Advisor plan includes a CPA and Financial Planner team, federal and state tax filing, and our Ultra software.
Essential
- Everything in Ultra software, plus:
- A dedicated CPA and Financial Planner team for you
- Single-filer return, quarterly taxes included
- Retirement & equity planning
- Quarterly advisor access
- Rentals
- 0
- K-1s
- 0
- States
- 1
- Brokerage
- 3
Plus
Most Popular- Everything in Essential, plus:
- A dedicated CPA and Financial Planner team for you and your spouse
- Married filing jointly return, international coverage included
- One coordinated plan for both of you
- Quarterly and ad hoc advisor access
- Rentals
- 2
- K-1s
- 5
- States
- 3
- Brokerage
- 5
Premier
- Everything in Plus, plus:
- Business bookkeeping and tax filings, priced by complexity
- Joint or single return, complex international coverage
- Advanced equity & estate planning
- Priority advisor access
- Rentals
- 5
- K-1s
- 10
- States
- 5
- Brokerage
- 10
Software plans starting from $20 a month
Our AI financial assistant on its own, with a 7-day free trial.
Guides for bettors and gamblers
Read up on these decisions, or run your own numbers.
Managing a Windfall
How much of a windfall you keep depends on where it came from. Classify it, reserve for the tax, then pay down debt, hold cash, and invest the rest.
Read guideWhat Is Taxable Income?
Taxable income is income after eligible adjustments and deductions. See how it differs from gross income, AGI, and the tax you owe.
Read guideWhere to Put Cash Above Your Emergency Fund
Keep 3 to 6 months of spending in insured savings. Park cash you need within a few years in T-bills, money market funds, or CDs, and invest the rest.
Read guideTax and Financial Deadlines for 2026 and Early 2027
Every date from October 2026 to April 2027: estimated taxes, December 31 moves, tax forms, IRA and HSA deadlines, and the life-event clocks that run on their own.
Read guideState Income Tax Calculators
Estimate take-home pay after federal, FICA, and state income tax, for all 50 states.
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More people we work with
See how our CPA and Financial Planner team helps people in situations like yours.