Betting Vegas Sports and Taxes

tanner12oz · May 25, 2011

if i was to drop 10k, 20k, 30k kinda numbers on sports in vegas do they write you up a tax slip right there? or is it the honor system at the end of the year? or like horses where its a 600-1 payout threshold?

always wanted to drop a large number on a single event and now might be the time....need to keep the money on the books though as to not have tens of thousands of "unaccounted for" money floating around

anyone know the deal?

Bucky · May 25, 2011

Depends where you play. At Bally's or Caesar's they want big players to have a players card. Then you present it on every bet and if you want they will give you a printout when you leave.

RenoChazz · May 25, 2011

I use a players card at the end of the year they print up a win loss statement if you want one. If you win a big 80-1 bet though you have to do tax form on the spot

ALSportsJunkie · May 25, 2011

Don't quote me on this, but I believe 10k is the threshold for filling out paperwork.

Mlink · May 25, 2011

10k in AC not sure about vegas, and i know that for a fact

what i usually do if i have more than 10k i let my girlfriend cash in some chips and then i will cash in the rest later..

RenoChazz · May 25, 2011

I've actually asked one of my bookies at a reputable book, and he told me 80-1 in the sportsbook, its 2k on the slots I believe, everything else is on the honor system. They did the 10k thing in Nevada for a little while. Nevada fought it and won because high rollers were just betting smaller which meant less taxes, who wants to pay short term taxes if you're a long term loser

BAGIANT · May 26, 2011

On slots or video poker the limit before a W2G is $1199. Believe me I've got plenty of those.

EYErunLA · May 26, 2011

Well this is the past so I'm not sure now but when I use to bet back then.. all was needed was a player's card and I never filed anything. I slammed 20k few times but it was just a straight bet. I won and nothing happen. Never been audited or anything. They paid me in cash. I"ll see if i can still find the receipt.

nhoj · May 26, 2011

just bet 10x 1000 bets and you will have no problem cashing them out 2 or 3 a day at different shifts or hit 3 or 4 different books if your worried about the taxes. $1199 is the magic amount in vegas for slots and video poker.

Bucky · May 26, 2011

Play with chips! Bet with chips and collect in chips! Not near the level of hassle of cash. You win 10k you have to be worried about a fast count by the teller and being one short. They look at you like you are goofy if you recount them at the counter. Get 10 x 1k chips and the counting goes much better. Then if it is time to go home - cash 5-6 one day and 5-6 the next day. A buddy could cash a few. But, if the buddy tries to cash a lot - they will call the sportsbook for visual ID.

But, you can't exactly go home with the chips and come back in two weeks because they will grill you with where did you get these chips but if you have a printout you will be able to sell it.

ToddInVegas · May 26, 2011

nhoj said:
just bet 10x 1000 bets and you will have no problem cashing them out 2 or 3 a day at different shifts or hit 3 or 4 different books if your worried about the taxes. $1199 is the magic amount in vegas for slots and video poker.

Best advice right there. Walk the strip and bet $1000 at 10 different joints. The lines will likely be very similar at each place so you wont be losing out on a good number.

Better to fly under the radar than draw attention to yourself.

RenoChazz · May 26, 2011

ToddInVegas said:
Best advice right there. Walk the strip and bet $1000 at 10 different joints. The lines will likely be very similar at each place so you wont be losing out on a good number.

Better to fly under the radar than draw attention to yourself.

Yeah but he's not playing slots he's betting sports, the best advice is to get the most money you can get down on the best number. The only problem you will have is finding a book that will let you put more than 5k down on a bet without changing the line most places change it 1k

Betting Vegas Sports and Taxes

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