And, as is the case with all activities that generate income of any sort, it will have an effect on your taxes. With the US Supreme Court ruling allowing any state to legalize sports betting, an increasing number of people are wagering on sports each year. But if you frequently place bets on sporting events, and find yourself winning, it may have an impact on your taxes. So for me, unfortunately, my limited sports gambling has no impact on my taxes. Every year, I join a fantasy football league with my friends and every year, I lose.
