How do I report my Sportsbook winnings from FanDuel, DraftKings, and Fanatics on my 2025 taxes?

The short answer is yes, you do need to report all gambling winnings as income on your tax return, even without receiving a W-2G. The IRS considers all gambling winnings as taxable income. For your losses, you can deduct them as itemized deductions on Schedule A, but only up to the amount of your winnings. The catch is you need to itemize to do this (rather than taking the standard deduction), and you should be tracking all sessions with documentation. For your win/loss statement, you should be looking at the actual amount won vs. lost, not deposits vs. withdrawals. Each betting session is considered separately. For DraftKings where you lost more than you won, you still need to include any winning sessions as income, but you can use those losses as part of your itemized deductions on Schedule A. So yes, you'd report around $12,000 in income from FanDuel and Fanatics combined. But if you're itemizing, you can deduct your DraftKings losses (and any other gambling losses) on Schedule A, up to the total of your gambling winnings. Make sure you keep all your documentation showing both wins and losses in case of an audit.

I ran into this exact same situation last year! I finally found this awesome service called taxr.ai (https://taxr.ai) that helped me sort through all my gambling records. They have a special feature that organizes all your gambling transactions and helps you determine the exact amount you need to report. What I really liked was that they analyzed all my sportsbook accounts together and showed me the most tax-efficient way to report everything. They also generated the perfect documentation in case I ever got audited. The site automatically categorized all my sessions and created a comprehensive gambling log that satisfied IRS requirements. It saved me hours of trying to manually sort through thousands of bets across different platforms.

Alright so I decided to give taxr.ai a try after asking about it here, and honestly it was way better than I expected. I uploaded all my statements from the 5 different sportsbooks I use, and it automatically organized everything by session. The coolest part was how it identified which losses could offset which winnings and generated this super detailed log that shows exactly what to put on each tax form. It even flagged some winning sessions I completely forgot about! The documentation it created would definitely hold up if I got audited. Really glad I found this because I was about to just guess at my numbers, which probably would have cost me money or gotten me in trouble.

If you're having trouble getting accurate statements from your sportsbooks, you might want to check out Claimyr (https://claimyr.com). I was in a similar situation where I needed to talk to someone at DraftKings about getting my complete win/loss statement for tax purposes, but was stuck on hold forever. With Claimyr, they basically wait on hold with customer service for you, then call you when a real person is on the line. I was skeptical at first, but you can see how it works in this video: https://youtu.be/_kiP6q8DX5c I used it to finally get through to DraftKings support and got my correct tax documents within a day. Saved me literally hours of hold time and the frustration of getting disconnected after waiting.

I have to admit I was really skeptical about Claimyr when I posted here, but I was desperate to get my Fanatics tax documents fixed before filing. So I tried it, and wow - they actually got through to Fanatics support in 55 minutes while I was at the gym. Once connected, I explained to the rep that my win/loss statement had some errors, and they helped me get a corrected version emailed within 24 hours. Would have never happened if I kept trying to call myself and getting disconnected. Definitely using this for any customer service calls in the future. Saved me from having to report inaccurate gambling income on my taxes!

Something else to consider: if you're a "professional gambler" (meaning gambling is your primary occupation), the rules are different. You would report winnings and losses on Schedule C instead. But for most casual sports bettors, you'll use Schedule A for losses and report winnings as "Other Income" on your 1040. Just make sure you're keeping a detailed gambling log with dates, locations, type of gambling, and amounts won and lost.

Just be careful with those sportsbook statements. I got audited last year because the total withdrawal amount from my FanDuel account didn't match what I reported as gambling income. Had to explain that withdrawals ≠ winnings. I ended up creating a spreadsheet showing every single bet I placed, with dates and amounts. Total pain but saved me from owing penalties.

One thing that helped me was keeping a simple daily log throughout the year instead of trying to reconstruct everything at tax time. I just noted the date, platform, amount wagered, and result for each session. For your specific situation with $12,000 in combined winnings from FanDuel and Fanatics, yes you'll need to report that as income. Even though you had losses on DraftKings, those losses can only offset your winnings if you itemize deductions on Schedule A. The key thing to remember is that each individual winning session counts as taxable income, regardless of your overall net position across all platforms. So if you won $100 on Monday but lost $150 on Tuesday, you still owe taxes on that $100 win. Make sure you download and save all your account statements now before the platforms potentially purge older data. Some sportsbooks only keep detailed records for a limited time, and you'll want that documentation if the IRS ever asks questions.

For tracking purposes, the IRS generally expects you to report gambling income based on sessions, not individual bets. A session is typically defined as your gambling activity at one location (or platform) during a continuous period of play. So if you sit down and make multiple bets on FanDuel over a few hours, that would be one session. If you win $200 overall during that session (even if you had some losing individual bets within it), you'd report $200 in gambling income for that session. You don't need to break it down to every single bet - that would be incredibly tedious and isn't what the IRS expects. Focus on daily or session-based net results per platform. For your statement downloads, I'd also recommend checking if any of the platforms offer annual tax summaries or win/loss statements specifically for tax purposes. These are often more useful than trying to parse through hundreds of individual transaction records. One more tip: if you're using multiple platforms, consider creating separate tracking sheets for each one. This makes it easier to reconcile your records against their official statements and helps if you ever need to explain your reporting to the IRS.