![]() ![]() Now I get the chance to help take it to another level. Getting the opportunity to help build ESPN’s sports betting division was one thing. My wife, Niki, and I have been very fortunate in our lives. “To be surrounded by this many talented, driven colleagues with a seemingly infinite amount of resources at our disposal is a professional dream come true. That’s absolutely how I feel about my three-plus years at ESPN,” Fortenbaugh said. “They say if you love what you do, you’ll never work a day in your life. Losses can only be deducted to an extent that they offset a player’s winnings.Īs per Kondler’s advice, it is best for a player to keep a separate track of their wins and losses.ESPN has re-signed sports betting analyst Joe Fortenbaugh to a new, multi-year contract to remain with the company.įortenbaugh will continue to be a regular on ESPN’s sports betting news and information program Daily Wager, as well as in other programs and segments on television, radio and digital platforms.Ĭoming in January, Fortenbaugh will host a new digital show/podcast. Therefore, a player who has a past losing streak may mitigate the taxes they have to pay for winning a bet. As per the US taxation rules, gamblers are allowed to deduct their losses from taxation. However, there is a “silver lining,” Ermey says. ![]() Kondler says that those who fail to do so risk problems with the IRS. Therefore, it is up to the player to report their earnings. While the big $6 million prize from Circa Sportsbook will surely be reported to the IRS, one cannot expect casinos or participants in a friendly pool to report every meager winning. According to Kondler, one must report even insignificant incomes, like the winnings of a sports betting pool between friends or colleagues. Ermey cited Ray Kondler, a certified public accountant at Kondler and Associates, LV. Ermey Advised Bettors to Pay Their TaxesĪs a finance specialist, Ermey knows that one must report their income, regardless of the source. However, he also noted that a hypothetical winner must be aware that the prize would be taxed. The journalist attested the high number of participants to the humungous prize awaiting the winner. The Survivor Pool started with 6,133 participants but now, only 2,033 remain. The catch is that a survivor pool player cannot pick the same team twice.Īs reported by Ermey, two-thirds of the players have already lost the race. If that team wins a game, the participant survives for another week. After that, each of them has to pick one NFL team per week. The format is as follows: the participants pay $1,000 to enter the competition. The pool was launched by Las Vegas’ Circa Sportsbook and has a prize of over $6 million. He cited a recent National Football League survivor pool as an example. Ermey Talks about Sports Betting PoolsĮrmey noted that some sports events offer huge prizes. However, some people are still not knowledgeable of the official tax laws surrounding gambling. As statistics have demonstrated, sports betting is the preferred pastime of more and more people in the United States. Ryan Ermey, a senior reporter for CNBC’s Make It Money, is one of the many people who enjoy placing a wager or two in their free time.
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