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Super Bowl Betting Subject to 30% Withholding Tax

Nevada a Mecca for Super Bowl Wagers

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The Super Bowl is without a doubt the most popular sporting event in the United States. Last year, Super Bowl XLVIII attracted 111.5 million U.S. viewers, the largest television audience in American history.

The second-most watched event on TV in the U.S. was set in 2012, when 111.3 million Americans watched Super Bowl XLVI. This year, it is expected that $100 million will be (legally) wagered on the Super Bowl in the U.S. this Sunday. Despite all the betting that takes place at office pools and Super Bowl parties, Nevada is the only state that allows full-fledged sports betting.

With winter in full swing, many Canadians vacation in Las Vegas to take in the strip and gamble. People also go to Vegas to shop, see shows, and check out the Grand Canyon, Hoover Dam, and Red Rock Canyon. Vegas is even becoming a hot spot for golf!

Vegas Super Bowl Wagers Increasing Steadily

While not every person visits Vegas to gamble, most are willing to risk an average of $500.00 trying to win some sort of jackpot. The Super Bowl weekend is no exception.

Last year’s Super Bowl saw Vegas rake in more than $119 million in wagers. And this year, it’s expected to be even higher——not just because of the teams playing, but because the amount being wagered on the Super Bowl has been steadily increasing.

Despite a brief lull in 2008 and 2009, Super Bowl betting in Las Vegas has been increasing since 1991. The 21% increase in the amount wagered on the Super Bowl from 2013 to 2014 is the biggest increase since 1995 ($69.6 million), when the amount of wages taken soared 28%.

Get Your 30% Withholding Tax Back with RMS

If you’re in Las Vegas and wager a bet on the Super Bowl, your winnings could be subject to a 30% withholding tax. In the United States, winnings over $1,200 are considered taxable income.

Not all games are taxable by the IRS. Blackjack and Baccarat are not subject to the withholding tax, but sports betting is; if you win $1,500 on the Super Bowl, you only get to take home $1,050.

But there is a way you can recoup some or all of your winnings held back by the IRS. To find out how, talk to one of the sports betting tax experts at Refund Management Services (RMS). Call us toll-free from the United States or Canada at 1-888-272-5559 or you can email RMS at [email protected].

Taube, A., “This Year’s Super Bowl Was The Most Watched TV Program In U.S. History — Here’s How Many People Saw It [THE BRIEF],” Business Insider web site, February 4, 2014; www.businessinsider.com/super-bowl-xlviii-is-most-watched-tv-show-the-brief-2014-2.

Boyd, J., “How Much Money is Bet on the Super Bowl,” Boyd’s Bets web site, January 21, 2015; http://www.boydsbets.com/super-bowl-how-much-bet/.

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