Under current law, Oklahoma would have to authorize tribal sports betting. Technically, that would probably involve legalizing such gambling but restricting it to tribal operations in exchange for. The gambling laws in Oklahoma are very specific about the legal minimum gambling age for participating in gambling entertainment. All forms of pari-mutuel, charitable, lottery, and tribal gambling (venues not serving alcohol) are legal for players who are at least 18 years of age or older to participate in. Oklahoma Legal Online Sports Betting, Laws And More Oklahoma is currently in the process of legalizing sports betting after the U.S. Supreme Court ruled PASPA, the federal law prohibiting states from passing sports betting legislation, unconstitutional.

Although some states have begun to relax their gambling statutes, permitting limited casinos and other gaming venues like card rooms, certain types of gaming and gambling remain illegal under state gaming statutes. Oklahoma’s gambling laws allow betting on horse racing and some full-fledged casinos under the Tribal-State Compact. Legal Sports Betting In Oklahoma. Believe it or not, Oklahoma is like most other states with legal sports betting. The Sooner State has over 70 casinos located on Native American land. Although there are plenty of wagering opportunities, you will not find any sportsbooks in the state because of federal law.

Gaming Income

Do you need to pay taxes on your gambling winnings? Yes. Gaming income is taxable like any other income you receive throughout the year. Whether or not you receive a W-2G from the casino, it is your responsibility to report “earned” winnings on your personal income tax form. As it does for land-based gamblers, the same applies to online casino players.

Casinos do not issue a W-2G form unless your jackpot is $1,200 or more. The operator is not required to issue a W-2G if your winnings are under $1,200. If you play real money keno, you won’t be issued a W-2G form until you generate $1,500 or more in keno winnings per play. Poker players need to fill out a W-2G form if they win $5,000 or more from a tournament.

As readers can see, each gambling game has its own threshold for reporting taxes. The responsibility is with you and not the casino, though, so if an operator doesn’t give you a W-2G form, you still have to report your winnings. Any cash you win is reportable.

When you win a large sum of money and the casino issues you a W-2G form, remember they automatically send a copy to the IRS. If you don’t report those winnings, you’ll be notified by the IRS that your tax return does not match their records. Report your winnings.

For those filling out a form in 2019 for a 2018 return, note that gross gaming income is reported on Form 1040, Schedule 1, Line 21 under “other income”.

All the following forms of income from gambling need to be reported.

Online Casino Games

Online Slot Machines

Specialty & Lottery Games

Sports Books

Online Card Rooms

Mobile Casino GamesGames

Can Online Gamblers Report Net Winnings?

People often ask if they can report their net winnings – that is, the gross winnings minus their gaming losses. The answer is “No”. Place your gross winnings on line 21 of the tax return. Later, you’ll record your gaming losses for the year.

No matter what your losses for the year, line 21 only deals with winnings. Example: If you win $2,000 throughout the year playing online keno, you report that on line 21 whether you lost $200 or $20,000 playing keno.

Whether through oversight or bad practices, sometimes you might not receive a W-2G report from a gaming operator. If you don’t receive a W-2G, then you’ll have to keep track of your gross income number and report that amount to the IRS.

Gaming Losses

Gaming losses are reported on Schedule A (the itemized deductions) of the 1040 form, line 16, under the category “Other Itemized Deductions”. Once again, maintain a gaming diary or other running tally of your losses throughout the year if you want to legally deduct your gaming losses.

People ask us ways to lower the house edge at online casinos. I can think of no example which lowers your house edge more than keeping an accurate game log and deducting your losses.

One thing to keep in mind: a player’s gaming losses cannot exceed their winnings in a year’s time. If you win $1,000 and lost $2,000 over the course of a year, you report $1,000 in earnings and $1,000 in losses, even if your losses are higher than that. Also, you can’t carry losses forward to the next year. They’re simply lost.

Taxpayers are reporting that the 2018 Tax Cut and Jobs Act has reduced their eligibility for itemized deductions. This eliminates the need for a Schedule A form, but also eliminates a place to deduct gaming losses. Each taxpayer faces their own situation, but many may not be able to shelter gaming income because of the new minimal gaming losses law.

To claim winnings and losses, it is incumbent for you to keep a diary or gaming log. Since you might not know how this is done properly, let’s take a look at what is required.

• When – The type of specific wager and the date it happened
• Where – The name and address of the gaming establishment, or its online equivalent
• How Much – The amounts won and the amounts lost

The IRS recommends players keep supporting documentation for their tax claims. Keep bank statements, credit card statements, monthly online gaming site reports, and other game tickets you might have. Even if you don’t use bank wire transfers or other bank-related online payment methods, bank statements help you substantiate losses by showing corresponding ATM withdrawals and the like.

In the case of online casino gaming, it shows you moving money to a credit card, e-wallet, or crypto-currency wallet. Many land-based players keep their wins and losses on a player’s card or slots card. Online casino players have a cashier page. Also, sites with player rewards have a running tally of winnings and losses, so printouts of VIP program’s reports also help establish your numbers. Ask for your online casino to make a report of pertinent tax information.

Tips for Withholding Taxes

The team at OnlineUnitedStatesCasinos recommends the following tips for withholding taxes.

1. Deducting Taxes at the Time of Winning

   Many gamblers prefer to have their taxes deducted from earnings at the time they have winnings. If you have earnings reported on a W-2G form, you can choose to have the taxes deducted at that time to avoid a big tax bill when you file your personal tax return. Consider this option if you tend to spend your winnings throughout the year.

2. Making an Estimated Tax Payments

   Players who win in smaller increments and don’t have winnings reported on a W-2G form have the option of making an estimated tax payment based on the taxes you predict you’ll need to pay. To make an estimated tax payment, you’ll need to use a 1040-ES form.

3. Pay On Time – Avoid Penalties

   Underpayment of income tax might result in penalties and interest being charged, so make timely payments to avoid further tax liabilities. A tax return has many factors which determine whether you owe a penalty, but paying into the system as you go is often the better choice for taxpayers.

Professional Gamblers’ Tax Returns

Professional gamblers face a different situation than amateur players or even high rollers do. A professional player is viewed as engaging in business, so their earnings go on a Schedule C part of a 1040 form.

While online casino gamers do not consider themselves professionals as often online poker players or sports handicappers, it’s important that those who do should file the proper tax returns. Also, the advice below applies to any professional online gambler.

• A professional gambler pursues gaming full time and with great regularity. The professional gambler makes a good faith effort to generate income for a livelihood. Their gaming is no hobby.
• Someone claiming to be a pro gambler has the burden of proof to make that claim.
• One’s approach to gambling is considered. Does a person make a studied approach to gambling, forecasting the trends and opportunities as one would in a regular business environment?
• The recreational nature of gambling is compared to the for-profit aspect of gambling. Is the player more focused on profit’s or recreation?
• The gambler’s skill and expertise are considered, much like one would for any other profession. Does the gambler produce consistent results? How many years of experience does a professional gambler have?
• The amount of time and effort a player puts toward the profession is considered. Does a gambler spend full-time hours on their gaming activities?
• The history of losses with respect to activity is considered. Overall success thus becomes a major component of evaluation — in fact, the key part of the evaluation.
• Once again, the amount of accounting and record-keeping is a key determining factor. Is the player methodical in their approach?

Declaring oneself a professional gambler has several advantages when filing a tax return.

• Deducting gambling losses – First, filling out a return as a professional helps a player deduct gambling losses. Such deductions largely have been eliminated for amateur players for 2018-2019 returns and beyond.
• Gaming as a business – Second, because the pro player treats their gaming sessions like a business, it also allows the player to deduct normal business expenses that further their professional career.

When playing online, expenses might include computer expenses, Internet service fees, research materials, and office supplies. If you have to travel for your gaming profession, then travel expenses, hotel rooms, business-related meals, and telephone bills might come into play. Anyone wanting to claim these expenses should document their expenses and keep the proper receipts.

One major drawback of reporting net gaming profit on a Schedule C form is the income is subject to self-employment taxes (in addition to normal income taxes). Even though a professional gambler will be able to claim additional expenses, the tradeoff might not be worth it. Analyze both possibilities (professional v. non-professional) before filing your return.

Is Online Sports Gambling Legal In Oklahoma Counties

IRS Resources for Gamblers

To read more about filing a tax return as an online gambler, go to the IRS websites to review their 2018-2019 publications related to gaming income. Read the current literature because the laws have changed significantly in the past two years.

These are some of the suggested IRS resources players should review when it comes to their taxes.

• Publication 525: Taxable and Nontaxable Income – Covers gaming income and winnings.
• Publication 529: Miscellaneous Deductions – Involves gaming losses and proper documentation
• Publication 505: Tax Withholding and Estimated Tax – As the name states, involves tax withholding and estimated taxes.
• Publication 4706: You Won! What Now? – Informational brochure for individuals with information on reporting gambling winnings.

About Kim Walker – CPA

Kim Walker is a Certified Public Accountant residing in Las Vegas, Nevada. Her areas of concentration are small business owners and their specific accounting and tax needs.

Services include business and personal tax return preparation, entity selection and business startups, business plan development, and IRS problem resolution and bookkeeping. You can inquire about her tax services by visiting her website.

The online sportsbooks accepting Oklahoma residents provide an action-packed sports betting experience. With Oklahoma being the home base for several high-profile teams, it only makes sense that diehard fans want to wager on their favorite players and the biggest events. If you want to place bets on sporting events, you will have to turn to the Internet. online sports betting have been the only source of legal Oklahoma sports betting for decades, as there are no land-based establishments in the state. This is not a negative, however, because offshore online sportsbooks offer hundreds of betting lines and all of the traditional Vegas-action that sports fans look for.

We have found that there are many legal Oklahoma betting sites available, and we have tested them to prove quality. Backed by no laws in the state of Oklahoma that specifically ban online sports betting, you should remain completely safe in your endeavors. The sites we recommend also come with friendly customer support and ID encryption for even greater security. Explore some of the legalities of the sports betting industry, as well as the best legal sports betting sites for OK residents.

Is It Now Legal To Bet On Sports In Oklahoma?

With PASPA no longer an issue, the options for legal sports betting in Oklahoma are expanding. While land-based sports betting is not yet legal in OK, it likely will be within the next few years. Several sports betting bills were introduced in the two years leading up to the Supreme Court ruling, but the state did not enact any legislation. Now that PASPA has been overturned, the state will be more proactive in passing a sports betting bill. With 100+ tribal casinos in Oklahoma, a regulated environment would be extremely profitable. For now, sports fans can continue to wager at the online sportsbooks that accept Oklahoma sports bettors.

Online sports betting is legal in Oklahoma and most residents prefer to wager via the internet. There is an unbeatable level of convenience and there are also more betting options than you can imagine. With no laws that mention the internet or online sports betting, sports fans can feel free to use legal Oklahoma sports betting sites without fear of penalties.

Sports Betting Laws in Oklahoma

No Oklahoma laws control or attempt to control sports gambling within state lines. Oklahoma is similar to most states that have not taken the time to update their laws to include sports betting. This is largely because of overarching federal laws that cover this area of betting, which we will get in to later. The absence of sports betting laws on the books makes the online sportsbooks that accept OK residents even more appealing.

Oklahoma, which goes by the nickname Native America, has never arrested a citizen for playing at an online sportsbook, and won’t until there is a major change to state law. That’s because there are currently no state regulations that made betting on sports online illegal. When you use one of the trusted online sportsbooks that are featured on the site, you do not have to worry about going to jail.

Signing on with Bovada's sportsbook is a good idea by any means. They have shown us their commitment to their players, and this is one of the primary reasons we had visited their service. With Bovada's sports betting site, you will be able to bet on a number of different sports and events. In fact, there is very little left out of this betting site, as they will take bets on movies, celebrities, politics and more. Bovada has bets on everything from major professional sports down to amateur and collegiate sports, so you will find that everything available can be used to make payments without any trouble. If you try out their service you will be able to collect a 100% to $250 match bonus. Deposits can be made very easily, with VISA, Bitcoin, Bitcoin, and Mastercard all available through this service. Bovada is undoubtedly one of the more flexible sportsbooks around, and we can tell you that they offer only the most generous of all casinos.

It is very easy to see that many players that have SportsBetting accounts have always found a way to win money. Oklahoma residents have a few teams here that they like and they can bet on so it only makes sense for them to sign up for an account with Sportsbetting and find a way to cash just like others. Along with betting options here are great banking methods and also bonuses that you can earn by signing up. SportsBetting does it all to get players to sign up and then they also show appreciation offering bonuses like a 50% welcome bonues and 25% sports bonus. These are just a few bonuses that may be seen and offered and could make it easier for players to win big!

Bettors of all shapes and sizes can enjoy the lines available in BetOnline. BetOnline has given their users access to more than 10 different sports and events. They aim to accommodate both amateur and professional bettors. For amateur bettors, their bonus is one of the best for new players. The 50% Welcome Bonus will match your deposit by 50% for up to $1,000 in bonus cash. They have also given professional bettors the option to play with higher than normal betting limits, so you can easily take your high bankroll to their service. BetOnline accepts VISA, Bitcoin, money orders, wire transfers and paper checks, which should make it easy for you to fund your account. In the end, BetOnline has proven to be one of the most versatile sportsbooks around.

The Oklahoma Sooners are a team that is always in the hunt for a title in all sports. This means that fans will have many chances on MyBookie to win a lot of money based on the betting options that will show up. For the most part, it is known that there is a lot of players with a MyBookie account. The more players that join, the more money can be won and with the bonuses that are offered to players, there is no reason that there won't be more players to sign up. There are always prop bets that will be here for players and MyBookie will always be a top option.

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The federal laws that impact Oklahoma sports betting have changed the industry in different ways. The Professional and Amateur Sports Protection Act came about in 1992 and is the law that made sports betting illegal in most of the nation for decades. The act prohibited state governments from issuing sports betting licenses, leaving Nevada, Oregon, Montana, and Delaware as the only states permitted to offer sports betting. On May 14th, 2018, the Supreme Court ruled that PASPA was unconstitutional and the sports gambling ban was lifted.

In 2006, the Unlawful Internet Gambling Enforcement Act was enacted as a preventative measure for processing credit cards, ACH, checks, and other payments related to online gambling. The law is only directed toward U.S. financial institutions and payment processors and does not impact your ability to bet on sports online.

The oldest federal sports betting law is the Wire Act of 1961, which deals with the transmission of interstate wagers. In order to further antiracketeering efforts, the Wire Act made it illegal for those in the gambling business to use wire communication facilities – like the telegraph and telephone – to transmit sports betting information or accept wagers. In today’s age, the law also includes using the internet to assist with the acceptance of bets. The Wire Act only target US-based sportsbooks, not the offshore sites that we recommend.

The legal betting age in Oklahoma is 18 years old, which means you can start betting before the majority of US residents. This is typically the minimum age imposed by online sportsbooks, which means you will have no issues joining after your 18th birthday.

All Oklahoma residents can legally bet on sports from their mobile phones. Mobile sports betting is the most flexible way to bet on sports, because you can do it from your office, the stadium, at a restaurant, or anywhere else. You have access to most of the same functions from the desktop site, such as making a deposit, redeeming huge bonuses, or requesting a payout. Mobile sports betting apps also let you bet on football, basketball, baseball, tennis, hockey, soccer, and all of the other sports you prefer. The wagering types include parlays, moneylines, totals, point spreads, and even teasers. Some sites such as BetOnline will even offer mobile betting free bets the first time you use the platform.

To start betting from your mobile, visit the legal Oklahoma sports betting site from your smartphone or tablet. From there, you will be automatically redirected to the mobile sports betting platform where you can enter in the same account information you already use. If it is your first time, you can also create an online sportsbook account from your mobile device!

There are plenty of legal deposit options for Oklahoma residents to choose from. One of the most convenient deposit options that bettors use are credit cards. Legal Oklahoma sports betting sites accept Visa, MasterCard, and sometimes American Express. Credit card deposits are instant, and transaction fees are low (if any).

Bitcoin is the deposit option that we recommend for Oklahoma residents and sports bettors all over America. It is the most reliable method that you can use, with no risk of the payment declining. Bitcoin is one of the most expedient methods, and also comes without any deposit fees. Just send your funds to the bitcoin address provided by the online cashier, and you can start betting on sports. You can also use bitcoin as a withdrawal method when you want the fastest payout possible.

Will Oklahoma Casinos Ever Open Sportsbooks?

Yes, there could be sportsbooks in casinos if Oklahoma follows in the footsteps of the other states that have legalized sports betting. Being that there are Indian casinos in Oklahoma, lawmakers would have to renegotiate state-tribal compacts in place with local tribes. There are more than 100 gaming venues in the state, ranging from small bingo halls to huge casino resorts.

How Can I Tell if an Online Sportsbook Allows Legal Oklahoma Bets?

Any website providing sports betting that accepts American wagers will do business with Oklahoma citizens. Oklahoma has no laws that would make online sportsbooks shy away from taking OK residents.

Why Did My Credit/Debit Card Get Declined When Making My Deposit?

Your credit card got declined due to the UIGEA, which is the federal law that aims to prevent online gambling transactions from unregulated sites. When it comes to the sites that you use for legal Oklahoma sports betting, the cashiers will offer several different payment options for your convenience. Online sportsbooks also work with different payment processors, so that even if your card gets declined it may work at a later time.

Is Online Sports Gambling Legal In Oklahoma City

Oklahoma does not have dozens of teams to choose from, but this also is not necessary. Okies love their home teams and legal Oklahoma sports betting sites provide all the action a fan could want. Many residents bet on the Oklahoma Sooners, primarily for football and basketball. During March Madness, you will find plenty of Sooners betting odds as the Big 12 basketball team has made 30 NCAA Tournament appearances at the time of this writing. The powerhouse football team is claimed 7 national titles so far and you can bet on if there will be an 8th.

Is Online Sports Gambling Legal In Oklahoma State

In the realm of professional sports, the Oklahoma City Thunder are the team to bet on. You will find OKC Thunder betting odds on their chances to win the West, odds to win the NBA Championship, and odds on individual matchups. There are even props on your favorite players like Russel Westbrook that make betting even more entertaining.