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So to sum things up, yes, it is possible for a lucky gambler to “get rich quick” through sports gambling. I wouldn’t advise you to try too often, as you are much more likely to keep chasing those dreams than ever hitting one of these long-shot bets. But with a well-placed bet at the right time, you never know.
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If you have gambling winnings or losses, they must be reported on your tax return. When you prepare your return on efile.com, during the tax interview you will be asked if you have gambling income or losses and if so, you will be asked for more information.
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