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How many Super Bowl XLII viewers bet on Super Bowl Pools and attended parties for the event? Super Bowl parties have become an American tradition, and a wager by picking a box in a Super Bowl pool increases the excitement and interest. A couple of years ago, USA Today estimated more than $8 billion would be bet on that year's Super Bowl, with perhaps 1 percent wagered legally in Nevada and the rest illegally in office pools, informal bets and online sites.
The party I attended had its share of Super Bowl pools. The pools varied in size with a winning potential of two digits to five digits. Multiple pools, with multiple drinks amongst multiple friend’s leads to lots of fun and craziness. One pool had an ending third quarter countdown, for fear of the other team scoring. Another pool had to wait for an official review before settlement. The best pool was the final score with Pittsburg scoring in the final moments of the game. One woman present displayed an unknown side of her personality when she started screaming “kill the @$?#@”. Many of us wanted Arizona to win, but the pool number said Pittsburgh must score. So much for our love of Arizona, and wanting to see them victorious.
The game has ended and all payments have been made to the winners, and the losers are sad. Do the winners realize they are required to report winnings on income-tax returns? How seriously people take this responsibility is anyone's guess. According to H&R Block: “A lot of people just don’t know” they are suppose to report Super Bowl pool winnings Simply put, if you receive money, prizes or awards like a trip or new car from a lottery, a local raffle, a casino or sports betting, you are supposed to report the winnings as income on Schedule A of your federal-tax return. You could be subject to estimated tax payments on your winnings as well. If you were unfortunate enough to lose money, then you would at least be able to write off that loss on your taxes.
Super Bowl XLII was well played, exciting, and Pittsburgh was victorious. The excitement is even greater when you have some money riding on a Super Bowl pool and you win a little something.
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