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(Nearly 20% of adults have placed a sports bet in the final 12 months). Nonetheless, if you are lucky enough to win from a bet or intelligent gamble, never forget that the federal government desires its cut via gambling taxes. So, here are eight points to know about how gambling winnings are taxed. New Jersey long advocated for legalized sports gambling and was accountable for the case that led to the federal reversal from the Supreme Court. As such, they wasted no time in legalizing sports gambling right after the choice, opening the state's first sportsbooks on June 14, 2018. Atlantic City and the MetLife Stadium, among other locations, now supply legalized sports wagering.

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