Are you planning to drop a few dollars in the office Super Bowl pool before you leave work today? Good luck!
Not only do I hope
You do know that all gambling winnings are taxable, right? And you're definitely going to make sure you give Uncle Sam his cut, right?
OK, you can quit laughing now. Who really ever reports the $50 they made in an office sports pool?
The bigger problem for the tax collector is those much larger bets, many illegal, that no one wants to talk about about, much less report. This story I wrote for Bankrate discusses the many connections of taxes and gambling.
Prop bets: One thing that's led to the growth of sports gambling is the wide variety of options you have when betting. It's not just whether the Patriots or Giants will win.
It's who will catch the first pass? Who scores the first touchdown? Who fumbles first? Will Texas Tech alum Wes Welker score a touchdown? (I say yes!). The over/under on total pass attempts.
The mind boggles.
And it's a sure bet that millions of us will be checking right up until kickoff.
Hey, everyone appreciates a little edge even when it's just a friendly wager!