IRS sends warning to sports bettors as MLB enters postseason
It's an exciting time for sports fans -- football is back and MLB is heading into the postseason. As the excitement gears up, so does online gambling.
It seems like every time you turn on a game, there is an ad for a sports betting site. It's a big business, but beware -- scammers are trying to take advantage of players by setting up fake betting sites.
It's never been easier to place bets on sports, but there are real risks. Gambling site fraud is a growing problem.
"If you gamble with a site that is not as reputable, your funds, winnings included, may be at risk," said Guy Ficco with the IRS.
Identity theft is a big worry, and scammers are also taking advantage of the growing popularity of crypto.
"None of us, or the majority of us, don't know all of the inner workings of crypto, and don't know all of the inner workings of how things are transferred from blockchains and such, and it just creates more vulnerabilities," Ficco said.
The IRS issued the following tips for people wanting to use sports betting sites:
- Do your research on the site before placing a bet
- Stick with established, reputable sites
- Check for customer protections
Also, if you do win, you have to report your winnings on your taxes. You can also deduct some of your losses against those winnings.
