Gambling Income

DEFINITION of 'Gambling Income'

Any income that is the result of games of chance or wagers on events with uncertain outcomes (gambling). This income is subject to taxation.

BREAKING DOWN 'Gambling Income'

Gambling income includes any money earned playing slot machines, bingo or the lottery. It also includes money derived from betting on horse races, boxing, sumo wrestlers and almost anything else.

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RELATED FAQS
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