Sure, when you itemize you can write off losses against wins across sportsbooks, meaning that you’re taxes on the net profit you make across all bets. When you take the standard deduction you can only write off losses against wins within a sportsbook. So if you won $10,000 on Fanduel and lost $8,500 on all the other sportsbooks, you’d be taxed on $1,500 of income if you itemize and on $10,000 of income if you take the standard deduction.
Sure, when you itemize you can write off losses against wins across sportsbooks, meaning that you’re taxes on the net profit you make across all bets. When you take the standard deduction you can only write off losses against wins within a sportsbook. So if you won $10,000 on Fanduel and lost $8,500 on all the other sportsbooks, you’d be taxed on $1,500 of income if you itemize and on $10,000 of income if you take the standard deduction.