![]() Gambling winnings in New York are taxed via the IRS for the federal government and the Department of Taxation and Finance in the state. How Are Gambling Winnings Taxed in New York? It’s also the case that prizes won in a raffle or other competitions can be considered for tax at their ‘fair market value’ as can winnings from participating in fantasy sports, as well as from betting on real sports on platforms like FanDuel or DraftKings. Income from casino games, bingo, poker tournaments, keno, lotteries, horse and dog races, off-track wagering, sweepstakes and even game shows can be taxed. It’s not just sports betting that is considered taxable either. Most sportsbooks and casino operators, whether online or in-person, will withhold part of your winnings for tax, but you still need to be aware of your own obligations under the law. When you win above a certain amount from any form of regulated gambling in New York it will automatically be subject to tax. Does New York State Tax Gambling Winnings?
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