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If the odds offered on a particular selection are -110, that means in order to 'win' (profit)R$100, you would need to wagerR$110. If the odds are +110, it means that if you wageredR$100, you would 'win' (profit)R$110.
Odds with a negative (-) symbol indicate the betting favorite. The number that follows the negative symbol (the odds) reveals how much to bet for everyR$100 you want to win. For example, as explained above, if the team you're betting has -110 odds, you need to wagerR$110 to winR$100.
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  • The amount of gambling losses you can deduct can never exceed the winnings you report as income. For example, if you haveR$5,000 in winnings butR$8,000 in losses, your deduction is limited toR$5,000. You could not write off the remainingR$3,000, or carry it forward to future years.
    Are bank statements proof of gambling losses? You can use your bank statements as proof of gambling losses if they are listed separately and not a combined number.
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