Taxes on gambling winnings in sports

Have you placed your Super Bowl office pool bets? Don't feel guilty. Gambling is inevitable. That was the determination in 1976 of the Commission on the Review of the National Policy Toward Gambling, which spent 3 years studying gambling in the United States. "No matter what is said or done by advocates or opponents of gambling in all its various forms, it is an activity that is practiced, or tacitly endorsed, by a substantial majority of Americans," the report noted 40 years ago. http://www.bankrate.com/finance/taxes/taxes-on-gambling-winnings-in-sports-1.aspx