"If you use apps like fan duel, draft kings, or Bet Mgm, you should probably know this. Despite the thrill of winning a parlay, you will probably end up on the losing end when it comes to taxes, thanks to the complexities of the tax system. Gamblers will usually find all their winnings taxable, but their losses are not tax deductible. Why is this? You might think gambling taxes should be as simple as subtracting losses from winnings and taxing the result but the IRS doesn't quite agree. They tax your winnings like normal income, but your losses will only be deducted if you itemize them, and since 87.3% of taxpayers take the standard deduction, most people’s losses can’t be deducted, and that’s why if you use apps
