NFL's 2021 season kicks off official gambling partnerships along with games

Read UK PM Boris Johnson's lips: He wants to raise taxes

MS, PA, NJ & NY get Ida tax relief, later filing deadlines

NFL's 2021 season kicks off official gambling partnerships along with games

Thursday, September 09, 2021

Las Vegas bettors at casino sports wagering area_Kay Bell photo

Sports betting has expanded beyond casino sportsbooks like this one in Las Vegas. And this NFL season, the league has made deals with seven sports betting companies. (Photo by Kay Bell)

The National Football League's 2021 season kicks off tonight with the Dallas Cowboys visiting the defending Super Bowl champion Tampa Bay Buccaneers. Are you ready for some sports betting, this time OK'ed by the NFL?

The NFL reached deals last month with FOX Bet, BetMGM, PointsBet, and WynnBET to be the league's Approved Sportsbook Operators. This means that, among other things, the four legal betting operations can purchase televised game commercials and advertise on other select NFL media.

The sportsbook deals are just the latest acknowledgment by the NFL that its fans bet on the games. Back in April, the NFL came to terms with Caesars Entertainment, DraftKings, and FanDuel to be the league's Official Sports Betting Partners.

Gambling's big payoff for leagues: Yep, gambling has joined the ranks of NFL's sanctioned sponsors, right alongside the league's official beverages (soft drinks and decidedly more adult), pizza, sandwich, candy, auto tires, and more. Much, much more.

Why the NFL's shift from protecting the game's integrity by keeping its distance from betting, to getting cozy with sportsbooks?

Money, of course. The same reason the league relented when it joined the NHL in putting a franchise, the relocated Raiders in pro football's case, in Sin City.

In the pre-COVID 2019-20 season, the NFL had around 1,850 partnerships. The deals for the league and its 32 teams exceeded $1.47 billion that year, according to global sponsorship consultant IEG.

So it's no surprise that the NFL, the most popular and profitable U.S. league, wanted to expand its business deals even further. What is surprising is that it took three years after the U.S. Supreme Court declared sports betting was legal across the United States.

As the 2021 NFL season kicks off, legal sports wagers will be accepted in 26 of the 32 states and Washington, D.C., where sports betting is legal. Five additional states likely to offer legal sports betting by the end of the season, according to the American Gaming Association (AGA).

And NFL fans won't have to go far to place their bets. Sixteen of the 23 states that are home to NFL teams have legalized sports betting.

More fan interest in betting: New research from the AGA shows that a record 45.2 million Americans (or 18 percent of the country) plan to bet on NFL games this season. That's a 36 percent increase from last season.

The growth of NFL (and no doubt other sports) betting can be attributed to a couple of things.

First, there are more legal sports betting operations. The AGA notes that eight more states this year offer sportsbooks than did in 2020.

Second, online betting is even more popular. While NFL betting is projected to be up across all wagering methods, betting with online sportsbooks is expected to see the largest increase over 2020, according to the AGA.

The AGA survey conducted last month by Morning Consult found that 19.5 million will place a bet online, both legally and illegally. That's up 73 percent from 2020.

A few more sports betting numbers: In addition to the increased interest in sports betting, the AGA's research also provides a plethora of other betting data.

Even if NFL fans don't place an official bet at a sportsbook, more of them — 21.7 million American adults — will bet on the 2021 NFL season casually with friends. That a 31-percent increase from 2020.

Most of those bettors likely will be in the northeast. Fans in that section of the county are the most interested (21 percent) in betting on the NFL this year.

NFL fans in the west (18 percent) and Midwest (17 percent) are close behind. Southerners show the least (15 percent) NFL betting interest.

Fantasy football also remains popular. AGA says 14.6 million will participate in a paid fantasy contest or other type of pool competition, up 69 percent from 2020.

IRS wins, too: The NFL obviously will pocket a lot of betting-related dough this year. The Internal Revenue Service also should be a winner.

When bets are made at legal betting operations, the IRS will learn about more of the winnings that meet taxable reporting thresholds. I know I blogged about the federal gambling tax rules not too long ago, but here are some highlights.

When winnings hit a certain level, the gambling establishment where you won will withhold taxes, at a 24 percent rate, and report the amount to you and the IRS the next year on Form W-2G.

That's the case when if you win:

$600 or more if the amount is at least 300 times the wager (the payer has the option to reduce the winnings by the wager);
$1,200 or more (not reduced by wager) in winnings from bingo or slot machines;
$1,500 or more in winnings (reduced by wager) from keno;
More than $5,000 in winnings (reduced by the wager or buy-in) from a poker tournament; or
Any winnings subject to a federal income-tax withholding requirement.

Note too, that even if your winnings are substantially less and you don't get any official tax documentation, all those winnings are taxable income that you legally are required to include on your tax return.

Don't push your luck. The IRS might be short-staffed and those agents overworked right now, but do you really want to take a chance with the tax man?

A fan's tip: Finally, here's a tip for tonight's first game of the 2021 NFL season.

Despite the AGA survey finding that, among expected bettors, the Kansas City Chiefs are the most popular pick to win next year's Super Bowl LVI at 15 percent, followed by the Buccaneers at 11 percent, then the Cowboys at 7 percent, don't bet on the Dallas team. To win tonight or to end up in the next NFL championship game.

It breaks my life-long 'Boys fan heart to say that, but I'm also a realist. After a great run in the mid-1990s, my team has been perpetually underachieving for decades.

I'll be watching tonight and the rest of the season and cheering. OK, mostly cursing.

But unless the Cowboys really surprise me, the most the team is likely to offer is some losses to offset other gambling winnings.

UPDATE, Friday, Sept. 10, 2021, and shameless plugging of my tumblr blog Tumbling Taxes. Over there you'll find a football post with a video with clips from five football movies that are more entertaining, if you're a Cowboy fan like me, than the high(low)lights from last night's game.

You also might find these items of interest:

Advertisements

Posted on Thursday, September 09, 2021 at 08:28 AM in Gambling, IRS, Law, Pop Culture, Sports, Taxes | Permalink | Comments (1)

Tags: bets, betting, Dallas Cowboys, football, gambling, major league sports, NFL, online betting, professional sports, sports betting, Tampa Bay Buccaneers, tax, taxes, wagers

Comments

You can follow this conversation by subscribing to the comment feed for this post.

Betting Sites Ranking is a hub for those looking to bet on NFL, offering platforms for NFL player props, NFL points, NFL picks, and parlays.

Posted by: Ryan Decker | Monday, March 28, 2022 at 05:14 AM

The comments to this entry are closed.

Today's Tax Tip

10 December tax moves — I love Santa Claus, but even the Jolly Old Elf isn’t magical enough provide the tax solutions you asked for in your letter to him. You’re going to have to make some tax moves this December yourself, like these 10 suggestions. (Dec. 1, 2024)
The 2024 Tax Tips offer ways to file your annual return, along with post-filing advice, important tax news and, of course, ways to cut your current tax year bill. You'll find the monthly assemblages on their own respective pages: January, February, March, April, May, June, July, August, September, October, November and December. Remember, tax tasks and tips don't stop after you file your annual return!

All About Kay

OK, some about Kay

Kay Bell — Native Texan
(the blog title totally makes sense now, right?). Professional journalist. Tax geek.
LinkTree

My Other Accounts

Tick ... Tick ... Tick

Tax Season 2024 Final Push

It's over! The final 2023 tax year extended filing deadline has passed, unless you get more time because your filing due date was extended further by a natural disaster like the three hurricanes that have made landfall in Florida this fall.

For most of us, though, the passage of Oct. 15 means it's time to focus on the tax return we'll file next year. We have until Dec. 31 this year to make moves that will reduce our already accruing 2024 tax bill. The monthly tips and reminders a little further down this column suggest ways to do just that.

Finally, keep an eye on the countdown clock just below. It's keeping track of just how many days are left for us to make these tax moves.
Note: I'm in the Central Time Zone, so adjust accordingly for where you live.

Time for Tax Tasks

Ho 🎅 Ho 🎅 Ho!
December is here!
You better watch out. You better not cry. But you better make some year-end tax moves this December or next April 15 could turn out to be the tax equivalent of Santa Claus putting coal in your stocking.

Click image to hear a musical Santa message from The Boss, Bruce Springsteen.
OK, St. Nick can't deliver a festively wrapped, already prepared tax return for you (unless he's even more magical than I think!) to file next year, but he does have a tax connection.
Santa's tracking of naughty and nice boys and girls basically is the same method that the Internal Revenue Service uses. That's why we all need to be nice, especially to ourselves, in this final month of the year by making some important tax-saving moves. Let's get to it!
Dec. 1: It’s here. The last month of the year, meaning the last 31 days to make tax moves that could shave some off your 2024 tax bill, as well as set up 2025 as another saving, and easy, tax year. You could make things even easier on yourself if you opt next filing season to turn over your taxes to a professional. The key is picking the perfect tax pro for your filing (and more) needs. And you need to start your search now, as the good tax pros’ client lists fill up fast. If you can hire one soon, there’s a December bonus. You might get some year-end tax tips!

Dec. 4: In the meantime, check out these 10 tax moves to make in December. They could be the perfect tax present to give yourself.

Dec. 10: Do you work as a server at a restaurant or at any other establishment where gratuities from customers are part of your compensation? I hope you get all the tips you deserve for doing your job well. Remember, though, that those tips are taxable income.

Whether you're dining at your favorite eatery or getting food delivered to your home, if a tip isn't included on your restaurant or delivery bill, click the image above to calculate how much to tip the person who brought it to you.

And if you got at least $20 in gratuities in November for your extraordinary services as a food server or hair stylist or parking valet or whatever job where tipping is common, you must report that amount by today. Use Form 4070 to let your employer know the total tips you took in last month.

Dec. 13: It’s the holiday season, full of joy and peace and goodwill toward all. So what the heck is a Friday the 13thh doing in December? Don’t worry, as least not about tax fears and superstitions. Check out the tax truth about these 13 tax misperceptions. They’ll help get you through today and help you be a fearless taxpayer year-round.

Dec. 15: Christmas is just 10 days away! If you're still shopping for gifts, you're probably searching for the perfect present online. But beware and be wary. Internet crooks also are logged on, looking to steal your money and identity. Many of the holiday scams use the same techniques as tax scammers employ. Any personal information they get now can be used at tax time to file a fake return in your name and claim a fraudulent refund. So be careful out there, now and next filing season, and, well, unfortunately all the time.

Dec. 19: Are you taking on multiple gig jobs to make some extra holiday cash to pay for all those online orders? Those added side hustles mean you're an independent contractor. And that means you're responsible for paying income taxes due on the money, as well as any self-employment tax. In most cases, that means paying estimated tax on these end-of-year earnings by Jan. 15, 2025, to avoid a possible penalty for not paying as you earned the money.

Dec. 23: It's Christmas Week! That means holiday treats, final decorations — or first, if you wait until the very end to get a tree — and frantic last-minute shopping! Rather than worry about how you'll get the perfect gift under the tree on time, consider instead giving some easy tax-favored presents. Open a Roth IRA for your child or grandchild who earned some money this year. Or pay tuition by Dec. 31 for classes that will start in the first quarter of 2025.

Dec. 24: Christmas Eve!
No taxes tonight. It's early to bed for kiddies of all ages. Santa's on his way!

Click image to watch NORAD track Santa's Christmas Eve delivery route.

Dec. 25: Merry Christmas! My gift to you is another day without tax thoughts.
Just enjoy the holiday and your family and friends.

Dec. 26: Happy Boxing Day. This unofficial holiday on St. Stephen's Day is celebrated by additional giving.
If you donate to your favorite charity on this Boxing Day or any other day by Dec. 31, on your 2023 taxes you'll have to itemize your gifts on Schedule A to claim them. If you don’t have enough expenses to exceed your standard deduction amount this tax year, consider delaying your charitable contributions until early January as part of a tax deduction bunching strategy.

Dec. 31: This is it. The drop-dead deadline to make most 2024 tax moves. A quick and easy action today is to zero out your medical flexible spending account (FSA) by buying over-the-counter medications for which the funds can be used. This is especially important if your employer doesn't offer a grace period to use the money or let you roll some FSA money over into 2025. Without those alternatives, you'll lose any FSA funds you don't use.

Done? Great! Make sure the champagne is chilling and settle in for your New Year's Eve party or a cozy night at home with your friends and loved ones. Either way, cheers and Auld Lang Syne as the ball drops at midnight.

Small Business Tax Calendar: Important filing, deposit and record keeping dates throughout the year that your company needs to know. You can get more tax calendar information at the IRS' online calendar page and view the full year's important business and individual tax dates in IRS Pub. 509.

State Tax Help

Don't forget your state taxes!
Forty-three states and D.C. collect personal income taxes. But even if you live in of the seven states without an income levy, you still face other state (and local) taxes.

State Tax Departments provides links to your state's Web page. The companion page, Tax Tidbits, is the compilation of blurbs about each state's tax laws. And for more state tax news, check out all our state tax bloggings.

Tax Forms

Thanks to our increased use of tax preparers and computer software, many of us don't see our tax forms until we sign and file them. But knowing what's on these documents, either in paper or digital form, and why the IRS wants it is key to understanding our tax system. And knowledge definitely is power, especially when it comes to tax savings. Find this valuable information in the ol' blog's special Tax Forms 2024 page.

What are you looking for?

Looking for something in particular? Start with the Table of Contents.
Or check out the Archives, where you can review posts by month and category. Or enter specific keywords in the box below to search
Don't Mess With Taxes.

Search

Subscribe:
E-mail, RSS or both!

Enter your Email

Powered by FeedBlitz
RSS

Affiliate Books

The Truth
About Paying Fewer Taxes
Are you a tax geek? Got tax geek friends? Do you or they just want to make sure you don't overpay the IRS? Then my book, "The Truth About Paying Fewer Taxes," is for all y'all.

Look for it on bookstore shelves
or order a copy (or two!) from
Amazon or Barnes & Noble.
Find out more about my book and excerpted chapters at the FT Press
Truth About Paying
Fewer Taxes Web page.
You can read more
of Kay's tax insights in ...

Kay Bell helps you build
a solid tax foundation in
"Personal Finance: An Encyclopedia
of Modern Money Management"

Kay Bell breaks down taxes and
estate planning for millennials in
"Future Millionaires' Guidebook"

A collection of Kay Bell stories
is included in
"The Gambler's Guide to Taxes:
How to Keep More
of What You Win"

Tax Reading Room
You also might enjoy these other tax tips from some of my tax-writing colleagues:
J.K. Lasser 2024 Taxes
Taxes for Dummies 2024
Tax Savvy for Small Business

~~~~~~~
Don't Mess With Taxes
is an Amazon Affiliate.
If you click on the product links above and/or buy the items,
I will be compensated.

0, 1, 2, 3, 4, 5, 6, 7, 8, 9 ...

Taxes are all about the numbers.
Check out these (mostly) weekly
By the Numbers figures.

Kudos Et Cetera

National Association
for Women in Communications
Winner, Best Personal Blog
2012, 2014 & 2017
Plutus Financial Bloggers Awards
Celebrating the Best
in Personal Finance
Winner, Best Tax Blog
2011 and 2013
Lifetime Achievement Nominee 2020

I gotta tell ya ...

AKA Disclaimer:

I am a professional journalist who has been covering tax issues since 1999. I am not a professional tax preparer.

The content on Don't Mess With Taxes is my personal interpretation and opinion based on my study and understanding of tax laws, policies, and regulations. It is provided for your private, noncommercial, educational, and informational purposes only. While I work to ensure each post's accuracy, the items are not recommendations of any specific tax action(s) you should or should not take. Similarly, mentions of commercial tax products or services are not endorsements.

In other words, my ramblings on the ol' tax blog are free advice, and you know what they say about getting what you pay for. That's why when it is time for you to file your own taxes, I urge you to get additional, professional, paid-for guidance from an accountant, Enrolled Agent, or other reputable, qualified tax preparer who is familiar with your individual tax circumstances.

Privacy Policy

Wondering what happens to your information once you subscribe? Don't worry. Don't Mess With Taxes respects your wish not to be a mere data source. Check the ol' blog's privacy policy at the Table of Contents page, as well as on the separate Privacy Policy page.

©©©©© & ®®®®®

Don't Mess With Taxes®
is a registered trademark
of S. Kay Bell.

All content on this site is
© 2005-2024 S. Kay Bell
dba Write Here, a division of
SKB Editorial Services, LLC
And a bit of housekeeping.
Note 1: Some of the links on this site
are affiliate links. That means that
if you click through from
a Don't Mess With Taxes link
and then buy the product,
I receive a commission.

Note 2: Links to outside content
might become inactive due to changes
at the copy's originating website.
If you discover dead links, please e-mail me the details. Thanks.

Note 3: The banner art for the ol' blog
is courtesy Pictures of Money
via Flickr Creative Commons.

Blog powered by Typepad
Member since 11/2005

COVID-19 & Taxes

Coronavirus has wreaked havoc
on the 2020 and 2021 tax seasons.
These five Coronavirus (COVID-19) and Taxes pages have details:
March-July 2020
August-December 2020
January-December 2021
January-December 2022
…and so it continues into 2023
…and, alas, into 2024
You can find medical coronavirus resource links in the next section.

COVID-19 Resources

Need help finding a coronavirus vaccine in the United States?
Call 1-800-232-0233
or TTY 1-888-720-7489.
More information and resources at:
CDC Vaccines
CDC Booster Shots
HHS Combat COVID
USA.Gov COVID Info

December 2024

..................................................

Photo by Isaac Martin on Unsplash

Tell it to the Hill

While it's easy to rail at the IRS, for the most part we can thank — or blame — Congress and the White House for our tax laws. So if you have an issue with tax legislation or want a tax bill passed, you need to let your federal legislators and the White House occupant know of your concerns. You can find out who in Washington, D.C., to contact (and how), as well as get information on your local lawmakers for matters, tax or otherwise, closer to home, at USA Gov.

Sun	Mon	Tue	Wed	Thu	Fri	Sat
1	2	3	4	5	6	7
8	9	10	11	12	13	14
15	16	17	18	19	20	21
22	23	24	25	26	27	28
29	30	31