Taxes on Your Gambling Winnings – You Owe Uncle Sam a Piece No Matter How Much You Won

When you’re gambling at a casino, you may win a few bucks here and there and leave with more dollars than you brought with you. It may be as little as $20, or as much as $1,000. When cashing out you were never presented you with a form to declare your winnings to the IRS. If you think you’re home free, think again. As a U.S. citizen, you owe Uncle Sam a piece of the action regardless of the amount. Many players think that just because they were not given a tax form there’re home free. Not so.

So, what does get reported to the IRS? Larger amounts that are won at gambling establishments such as casinos, lottery retailers, horse race tracks and off-track betting parlors. They will issue a form W-2G, one copy to you and one to the IRS. Here are some details:

Machine Games

$1,200 or more won at a slot machine, video poker, video keno, video blackjack, etc. This only applies to a single jackpot payout amount. Accumulated credits are credit meter wins and do not count.

$1,200 or more won at a live bingo game will also trigger a W-2G, and $1,500 or more at a live keno game (minus your wager amounts).

The casino will not withhold any gambling taxes from awards in the $1,200 to $1,500 range provided you present a valid photo ID and social security number. If you do not provide this information, 28% will be withheld.

Live Table Games

Winnings from live table games are not reportable on a W-2G, except if there is a very large prize amount offered for a small wager, such as a dollar bet for a shot at a progressive table jackpot, where the winning odds are over 300/1 and the win is more than $600. For example, Caribbean Stud offers a huge progressive jackpot for wagering only $1, if you’re lucky enough to hit a Royal Flush.

If you win $600 or more in any other wagering game, such as horse, dog racing or sports betting, and the amount is at least 300 times your bet minus your wager amount, the establishment will gift you with a W-2G. If your winnings exceed $5,000 and the amount is more than 300 times your bet, 25% will be withheld. The same withholding percentage also applies to any cash prize of $5,000 or more in poker or other card tournaments minus the buy-in amount.

Winnings on state lottery games such as lotto, numbers, scratch-offs, etc. can be collected at your local retailer up to $600. Any more and you’ll have to visit the main lottery office in your community, where a W-2G also awaits you. This information is from the New York lottery. Other states may have different rules.

Winnings on Daily Fantasy Sports (DFS) contests at this time are considered games of skill. DFS sites will issue a 1099-MISC, not a W-2G for winnings of $600 or more.

Video Lottery Terminals (VLT)

$600 or more in winnings from any class II ​Video Lottery Terminal game will also invite a W-2G. This includes any winnings on machines at jurisdictions that are operated by a state lottery. For example, New York State has nine race tracks with VLT’s that are pseudo slot and video poker machines.

Deductions

The good news in all of this is that gambling losses are tax deductible but only up to the amount of your winnings, and only if you itemize deductions on your tax return.

The IRS wants to make sure that you indeed lost what you claim you lost, so a record of all your losses is required. Win- loss statements are available from most major casinos at the end of the year, provided you used your player’s club card when playing machines. Save those losing scratch-off tickets, Lotto, Powerball, and Mega-Millions tickets, daily numbers, Quick Draw, OTB, etc.

For losses on Daily Fantasy Sports contests, the IRS position at this time is unclear. Because of the skill factor, your winnings are in the hobby category. Therefore, any losses would not be deductible, although this situation could change at any time.

You don’t have to record the tickets on your tax statement, but they may be necessary if you are audited. All the IRS wants to know is the type of wager, the amount of the bet and the date of the transaction.

Always play it safe and check with your tax preparer for your personal needs.

Bring Live Casino Gaming Home with Internet Gambling

If, for you, the worst part about going to online casinos is leaving then your sorrows are over. With online casinos you can bring the excitement of live casinos home with you! Online casino software emulates real casino games so well that you may even forget that you are in your own home and not in Las Vegas! Online casinos have everything that live casinos have to offer, so the next time that the urge strikes you to head to Caesar’s Palace all you have to do is turn on your computer.

An online casino is not so different from a live casino. When you play online you can choose from all of your favorite gambling games. Online casinos offer virtually any casino game you can think of including, but not limited to, slot machines, video poker, regular poker, blackjack, baccarat, keno, roulette, craps and even bingo! The games are played by the same rules as in live casinos and online gambling software is even designed to look just like real casino games! Some Internet casino websites even offer software in which you have a character that must walk around a three-dimensional casino space with other players and choose your games.

It is the belief of many gambling enthusiasts that online casino games are not as exciting as real live casinos because when you play online you are sitting by yourself at your computer and there is no interaction with other players. This is not the case at all! In fact, most Internet casino sites encourage interaction between players, especially in multiplayer games like blackjack, craps and poker.

There are also tournaments in which players compete against each other in all forms of casino games, including slot machines. Online casino tournaments can be a fantastic social experience! When you play in online casino tournaments you pay an entry fee. For this fee you receive a predetermined amount of chips. Each player receives the same number of chips and has a specific amount of time in which they may play slots machines or poker or roulette or whichever game is specified by the tournament. At the end of the allotted time the player who has the most chips is the winner. The prize pot is made up of player entry fees and can be quite large depending on the number of players. Additionally, interaction is encouraged during the tournament through chat software and can make online tournaments a fantastic social experience.

As you can see, gambling online can be just as fun and exciting as playing in live casinos. The best part is you don’t have to book a plane ticket or even leave the comfort of your own home! If you have a computer and Internet access you can participate in Internet gambling twenty-four hours a day, seven days a week! All you have to do is choose a casino online and start playing and you’ll never be sad about leaving the casino again!

Gambling With The Best

Gambling today is one of the most popular leisure activities worldwide. Who does not want to make a few quick bucks at a risk? The adrenaline rush indeed makes it an addiction for many. Talking of casinos reminds me of one popular online casino which also happens to be one of my personal favorites.

William Hill plc is among the largest bookmakers in the UK. It was founded by William Hill when gambling was regarded illegal in Britain. The company operates worldwide and employs thousands of people and has offices in UK, Ireland and Gibraltar.

Online casinos today besides offering phone and internet betting on a variety of sports including football and cricket, William Hill offers casino games, skill games, bingo and poker online. Although it is engaged in betting, it prohibits any gambling by any underage person by training its workforce in that direction.

One can play at any of the reliable casinos and end up with a memorable time. William Hill Casino and many other casinos today have a storehouse of several games and is eminent for its fair play. It is dedicated to providing quality gaming service to people who wish to play casino games online with the same experience as that of a real casino. Whatever game you choose, be it table games or card games, casinos today are designed to meet every player’s gaming needs.

Apart from high class casino games, players are rewarded a welcome new player bonus and it goes on increasing with more and more playing and betting. Referring the site to your friend will also earn you some reward. Not only this, the mode of payment you choose will also bring in deposits in your account. There are promotions and bonuses on offer all the time so that all players derive maximum benefit out of these.

The degree of loyalty and participation players show to the site also makes them eligible to certain special rewards and earn them points based on which they can play further. As one progresses to higher levels, chances of hitting the bigger jackpot also increase.

For those interested in online betting in sports, William Hill lets you bet on many games like football, baseball, basketball, boxing, golf, handball, ice hockey, motor racing, horse racing, rugby, volleyball, snooker and many more. It contains updated information regarding the various games that are scheduled to take place and the progress of the game. Through its own broadcast system, it telecasts live matches and betting sessions at all its authorized betting centers.

There are many competitors today but William Hill Poker is rated at a high level when it comes to online poker playing in the gaming industry. The combination of superior software and excellent customer service makes this online poker playing one of the best in the industry. Players can earn millions of dollars and enjoy the benefits of numerous bonus offers and jackpots.

Whether it is for gambling in sports, casino games or poker games, casinos like that of William Hill makes the experience a truly fascinating and lucrative one, with people wanting to come back for more and more.

Learn About Casino Gambling

Casino gambling is one of the most common words of today’s world, which is composed of two different words “Casino” and “Gambling”. Casino was originated from the Italian word “Casa”, which means house, villa, or summerhouse. Gambling means betting money or any other material that has monetary value to win any event with uncertain outcomes. So, when we connect those two words, it suggests us of any place where people usually risk their money to win any unpredictable event.

In modern casinos, generally casino owners make arrangements for many games to play. People usually play and gamble money to win that game or to win any uncertain outcome in different phases of the game. It is actually judging your luck by investing a lot of money. Keno, Bingo, Baccarat, Roulette, Black Jack, Slots, Poker, Craps are examples of gambling games for which people risk their money.

Irreversible bet, chance dependent outcomes, and gambling money or valuable things for those outcomes are some common and primary rules for any casino gambling game apart from its’ playing rules.

As a new person in this gambling arena, it is very much usual to ask about the revenue of casino gambling, winning rate, and tips necessary to win. Tips for winning any casino gambling game varies from game to game due to their rules of playing. Winning rate can’t be predicted and there is no certain data on this and no such sources are available to verify the existing data. It is obvious to have a little winning rate due to its’ uncertain nature.

One can find a lively environment in a casino as the first intention of any casino owner is to attract people there. A lot of money is spent for its’ interior decoration that draws people there to enjoy and play. You will find dazzling lights, expensive carpets, hot and sizzling waitresses all around you to feel something very appealing.

When it comes to know about the revenue of casino gambling, you will definitely be amazed to know the numeric value. About $37 billion was the revenue of US based casinos in 2012, which is 4.8% more than the revenue of 2011.

This numerical value suggests something very big for the future and with the advancement of technology, gambling is no more bounded to casinos. Online gambling is the future of this growing industry, and we hope many things have yet to come to make us thrilled about this industry.