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Enthusiast
I made a good amount on sports betting but taxes took a good chunk (lost standard deduction).
Enthusiast
Yes you can deduct your wagers/losses if you itemize. Unless you have $14k in other itemized deductions you lose out on it.
What app do you use ?
Fan duel
If you feel it’s your calling go for it.
But you might’ve just gotten lucky, if this month you lose money maybe don’t do it.
If you’re just guessing by going on gut feel, or are relying on small trends (ie Team X is 20-20 overall but 18-2 at home, so I’m gonna bet on the spread for Team X regardless of what it is) then you’re definitely getting lucky. However, if you’re using advanced financial models and taking time to understand the models (which I would assume you are not doing), then it could be a lucrative play for you.
I’m betting more based off of analyzing their play, such as watching the games and betting based on statistics + performance during the games
Is this all luck or some skill
Hahaha feels like luck but it’s more like applying logic to the games I’m betting on and watching the games
How many days a month & games are you betting on ?
Tennis only and everyday in a month