Winnings refer to the rewards or prizes that individuals receive as a result of a competition, game, or contest. This can include money, goods, or services that are awarded to participants who achieve a certain level of success. Winnings are often associated with activities like lotteries, gambling, and sports events. In many cases, winnings are subject to taxes, which means that the amount received may be less than the total prize value. Different jurisdictions have varying laws regarding the taxation of winnings, impacting how much individuals ultimately keep after claiming their prizes.