Online Sports betting. What counts as a win?

[ezdaz]

Hello

What does the IRS define as a WIN?

If I bet on a sports bet that is -110 I would have to put up $110 to "win" $100, but I get back a total of $210. Does the IRS count the $210 as income/win or does it just count the $100 profit from the bet?

What does the IRS define as a WIN or income?

Thank You for your time.

[Critter-3]

You placed a bet for $100  and the payoff was $210 (your $100 + the winnings of $110)  so the taxable portion is only the amount you won of $110  not the amount of the original bet you placed.  

[NCperson]

@ezdaz - HOWEVER, let's say you placed a 2nd bet for $120 and LOST! 

then this $120 loss can be deducted on Schedule A as an itemized deduction.  It can NOT be netted against the $110 win in the first bet!   But the losses can't exceed the gains! 

You would have two bets - winnings of $110 and losses of $110.  $110 is reported as income and $110 is reported as an itemized deduction on schedule A.