By Betting Buzz
Well, that didn’t take long.
Only weeks after the Supreme Court overturned a federal ban on sports gambling, Delaware became the first state to legalize individual sporting events.
On June 5, Delaware residents could walk into one of Delaware’s three casinos and put money on the Philadelphia Eagles.
Because parlay wagering was already allowed on NFL contests, the legal infrastructure was already in place. But, for the first time, residents can make bets on individual NHL, NFL, MLB and MLS games as well as golf and auto racing.
With the good gambling news comes some caution.
Gamblers should expect taxes — on certain wins. By law, the casino must withhold 24% of wins over $5,000. The amount could be higher at tax time depending on income and tax bracket. (Keep in mind, gambling losses can be deducted up to the amount of each gambler’s winnings. Seek out a tax specialist for detailed tax advice.)
Casinos may also hold back taxes if your winnings are under $5,000 but your wager pays off 300 times the bet. For example, you bet $10 and win $3,000.