Poole Researchers Reveal Tax Implications of Sports Betting in North Carolina

A recent segment on WRAL News highlights research by Poole College economists Nathan Goldman and Christina Lewellen that examines the implications of North Carolinians being unable to itemize their gambling losses — and what that means for them as they bet on sports in North Carolina.

In the story, Goldman says gambling winnings have always been considered taxable income. But the sports betting apps make it easy for the government to track how much you’re winning.

“Once you exceed $600, you will receive a W-2G in the mail,” Goldman says. “This is gonna be just like any other document that you get from like your employer or from a brokerage if you have some investments.”

If you don’t win $600 with any one sportsbook, you won’t get a tax form, but you still owe federal and state tax on what you did win.

“You’re required to self-report it,” Goldman says.

Learn more on WRAL News.