Generally, the penalty for not paying income tax that you owe is 0.5% of the unpaid tax. If you’re a fan of sports wagering, it’s important to understand that tax on sports betting is nothing new. More than a quarter of Americans like to bet on football, 21% are interested in betting on baseball or basketball, and 20% would put some money down on a hockey game, according to Nielsen Sports. An IRS memo says that daily fantasy sports contests, like those played through FanDuel or DraftKings, are subject to excise taxes. ![]() Lowenhar-Fisher, a Nevada-based gaming attorney at Dickinson Wright PLLC. “This is one of the most significant events in the evolution of sports betting in the United States that has happened in a long time,” said Kate C. ![]() Do I Have To Pay Taxes On My Fantasy Sports Winnings?ĭaily fantasy sports are online games that let fans-in exchange for an entry fee-compete for cash prizes contingent on the performance of the professional athletes they select in their fantasy line-up.
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