Meanwhile you may be losing the standard deduction without a lot of other deductions like state and local taxes or charitable donations that become available if you itemize to make up the difference. If you have a lot of swing (say you lost $300k which you're using to cover $300k in winnings elsewhere (note that DK would be reporting on over $600 of net income not just pure winnings), you will be showing all of those winnings as income with a related deduction. Unfortunately, if the only reason you're now itemizing is because of wanting to offset gambling winnings with losses, especially in a situation where you're taking those losses from a bunch of sources to offset winnings from a single big source, you now are going to be claiming both income and loss on your taxes. The prior outlook was 3.4 billion to 3.5 billion, so a big boost there. For the three months ended December 31, 2022, DraftKings reported revenue of 855 million, an increase of 81 compared to 473 million during the same period in 2021 driven primarily by continued customer retention and monetization in existing states, the successful launches of its Sportsbook and iGaming products in.

If you don't usually itemize (a lot of people don't, hence why it's called the 'standard deduction'), you are going to suddenly face a series of changes to how your taxes are calculated that you may not be expecting, most importantly the loss of the standard deduction in lieu of the ability to take itemized deductions. So DraftKings lifting their overall full year outlook for revenue to a range of 3.67 billion to 3.72 billion. If you want to use your gambling losses to offset your winnings, you'll need to itemize your taxes. I am not an accountant and this is not accounting or legal advice.

Draftkings casino revenue