When you win enough to owe tax
A good problem to have. Here's the short version and who to ask.
None of this is tax advice and nobody here is a tax professional. But if you are winning, this becomes a question, and it is a much better question than the alternative.
The short version
In the US, gambling winnings are income and are reportable. How losses are treated, and what you can do about them, depends on your situation and on rules that change — which is exactly why this page does not try to give you a strategy. It genuinely does matter, and the difference between handling it well and badly can be real money.
The one thing to do now
Keep records from the start. Every bet, the date, the book, the stake, the price and the result. Reconstructing a year of betting in April is miserable; having it already in one place is a five-minute job. Track your bets in the app and it is done as you go.
A tax professional who has seen betting income before will save you more than they cost, and they will give you an answer for your situation instead of a general one. Worth doing before your first big year, not after.
Keep clean records from day one, then hand them to a professional. Owing tax means you won.
Education, not betting advice. 21+. Gambling problem? Call or text 1-800-GAMBLER.