Here’s what you need. You must be at least 21 years old, possess a Social Security number and be physically within the state of Maryland to make a bet, which often can be as little as $2. (If you’re betting on your phone via an app, it can detect whether you’re within state lines.) Maximum bets are determined on a case-by-case basis by each sportsbook. A sportsbook is any company that accepts wagers from bettors.
Decide where to bet. The easiest way is via your phone through the sports betting apps that are legal in the state, including Caesars Sportsbook, BetMGM, FanDuel, PointsBet and DraftKings. So far, Sports & Social at Pike & Rose in North Bethesda is the only place to bet in person in Montgomery County.
Take advantage of promos. When a sportsbook launches, it traditionally offers a limited-time-only sign-up bonus to new users to help build its customer base. For example, first-timers who deposit $1,000 in their online account might receive $1,000 in free bets that would need to be placed within a specific time frame. Make sure to read all the fine print to understand the rules about the promotion, because they can be more confusing than watching a cricket match.
Learn the lingo. Understanding gambling terminology is key to betting correctly, plus it makes you sound cooler when you’re talking smack with your buddies. The spread is essentially a handicap that oddsmakers place on a game to even the playing field. So, if the Baltimore Ravens are -2 to the Pittsburgh Steelers, this spread means the Ravens need to beat the Steelers by more than 2 points for a bettor to win (if the Ravens win by exactly 2 points, it’s considered a tie and the bettor gets all their money back). Bettors can play the money line instead, meaning they are simply betting if a team will win or lose, but sportsbooks will charge a premium, known as the juice.
Beware of parlays. Parlays are a series of linked bets spread across a single game or multiple games, usually offering high odds and a monster payout if every element in the series hits. For example, the team must win by at least two runs, a certain player must hit a home run, another player must strike out in every at-bat, and the pitcher must walk at least five batters. It can be enticing to wager a small sum for the chance at a big payout—but parlays don’t often hit.
Don’t forget the tax man. Winnings are subject to both state and federal taxes. If you win over certain thresholds, the sportsbook will automatically withhold roughly a quarter of your earnings to cover your tax liability and issue you a W-2G tax form. Good news if you lose: You can write off your gambling losses on your federal tax return, but only if you itemize your deductions. Tax law surrounding gambling can be confusing, which can lead to costly penalties if you file incorrectly. If you’re just starting to bet on sports or have any questions at tax time, strongly consider consulting a CPA.
Bet responsibly and seek help if necessary. Only play what you can afford to lose. If you won’t be able to pay a bill or meet another financial obligation if a bet doesn’t go your way, don’t make it. Free and totally confidential help is available 24/7 by calling 800-GAMBLER or going to 1800gamblerchat.org.
This story appears in the January/February issue of Bethesda Magazine.
