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Bettingformat lists all betting providers in the overview and tells you where you actually do not have to pay the betting tax and which Bookie tries to camouflage the tax. The best sports betting tips
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Sports betting losses are tax-deductible, but under very specific conditions. The most important of these conditions is that you can’t claim losses that total more than your gains. So, if you lost $5,000 on sports betting last year but took home $7,000 in the end, you’d be able to deduct all of those losses.
Note, you should only bet at active betting sites in Kenya with a proper licence, not at international betting sites without one. 888sport is a fine example of a 100 percent safe site. Markets – The Kenyan market is increasingly diverse, meaning that bookies must ensure that markets cover the demands of punters.
By the time of the new millennium the betting landscape was changing with more and more gambling moving towards telephone betting and betting online. This allowed companies to move offshore to tax havens such as Gibraltar, Malta, The Caymans, etc., from where they could allow punters to bet tax free.
You might also owe state income tax on any money you win from betting on sports, depending on which state you live in. For example, Nevada doesn’t have a state income tax. But Maryland does, and it considers winnings from gambling taxable income. If you win money betting on sports, check with your state to see if it taxes gambling winnings.