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Frequently Asked Questions Related to Gambling

Question: Can you write off non-winnings on your taxes?

Answer: Always check with your financial/tax advisor concerning your taxes.

Question: What does "the spread" mean?

Answer: The spread is simply when extra points are given to a weaker team that is expected to lose by a certain amount of points.

Question: What is gambling?

Answer: Gambling involves three elements: Prize, Consideration and Chance. If one of these elements is removed, it is no longer a gambling activity. For example, if you pay a fee to play a game of chance (such as poker, blackjack, bingo, roulette, craps, slots, etc.) for a prize, it is a gambling activity. However, if you play these games for free (no entry fee or wager) it is not a gambling activity.

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