Federal authorities intensify their efforts against unlawful sports wagering, with the upcoming football season serving as a significant target.

The Internal Revenue Service's Criminal Investigation (IRS-CI) unit is intensifying its efforts to crack down on illegal sports gambling, particularly in the light of the football season. IRS-CI Chief Guy Ficco has highlighted a growing number of online crypto casinos offering sports betting options, which should be approached with caution.

In the last five fiscal years, 96 individuals have been convicted for illegal gambling-related crimes. IRS-CI boasts a 92% conviction rate for such cases that go to court. The agency, however, does not publicly disclose the names of those convicted.

Offshore and cryptocurrency-based gambling sites, which often bypass know-your-customer (KYC) protocols, should be avoided due to their potential ties to illicit activity. These platforms are increasingly popular, with many individuals placing bets without considering the potential legal and financial repercussions.

Prison sentences for those convicted range from five to 33 months, and failure to report gambling winnings can result in both civil and criminal penalties. All gambling winnings must be reported as taxable income, according to the IRS-CI.

To ensure compliance, the IRS-CI advises using only state-licensed gambling platforms that are legal within one's jurisdiction. Individuals with questions about their tax obligations related to gambling income should seek guidance from qualified tax professionals or consult the official IRS website.

Ficco emphasized the importance of gambling safely and legally. The IRS-CI warns against placing bets on behalf of others or gambling with the intent to conceal the source of funds, which could potentially implicate individuals in money laundering schemes.

Each fiscal year, IRS-CI launches over 30 investigations into illegal gambling. The agency continues to intensify its efforts to combat this issue and protect taxpayers from potential risks associated with illegal gambling activities.