Taxable Wager Law and Legal Definition

Taxable Wager is wager placed as taxable under a statute. Taxable wagers include those wagers on events such as sports contests, punch boards, numbers games and contests. Any person engaged in the business of accepting wagers with respect to a sports event or a contest is liable for the tax on any such wager accepted by him. Every person who operates a wagering pool or lottery conducted for profit is liable for tax with respect to any wager or contribution placed in such pool or lottery.