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In the last thirty years, gambling has changed its image from a quasi-legal activity to a major player in the economy. The IRS has responded accordingly, now requiring gambling winnings to be reported as a source of income, with losses deductible only to the extent of winnings. 6 Awesome Things You Can Do with Online Gambling Winnings If you don't know how to use your online gambling winnings, here is the list of things you can do with your winning money. In gambling, the odds are placed heavily against the players. The chances of winning a jackpot are less than the chances of finding water on Mars. Do You Have to Pay Taxes on a Slot Machine Jackpot?
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