Gambling winnings and losses are subject to taxation, similar to other sources of income. This taxation is not dependent on whether you withdraw your winnings.
If you meet the criteria for a taxable event, you will receive a Form W-2G or 1099 the following day for federal tax reporting purposes. Betly Sportsbook Ohio will also forward a copy to the IRS at the beginning of the next year, covering all activities from the previous year. This is a mandatory federal requirement for certain types of taxable winnings.
For personalized guidance on your tax matters, it is advisable to seek advice from a tax professional.