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DOJ Charges a U.S. Billionaire, an Alleged International Drug Conspiracy Using Chinese Bank Accounts and a Guatemalan Casino, and a Former Top Mexican Official in the “War on Drugs” The term “October Surprise” garnered new meaning this year among money laundering enthusiasts with the announcement of three major indictments.
First of all Mdawg wants all of you to know that when he gets checks from casinos from playing table games that the checks represent actual net winnings.
I've called various Vegas casinos and verified this. The rules for getting checks for table players are different than for slot players.
Has anyone here REALLY been offered a check for a W2G win of less than $10,000??? I know that I havent.
Don't we ALL agree that you should NOT get a W2G just for cashing out your own money without any play?
Why would they allow someone to plop money into a slot machine and convert instantly to check without playing, when they disallow conversion of unplayed table game chips to check?
How does this work?
Someplace I read it pays 1000:1?
Elsewhere I read this:
'If the shooter makes 4 points it pays 25:1. For 5 points 250:1 and for 6 points 2500:1.'
If he hits it, under what circumstances does the bettor get a 1099? Do they stop the game and get the bettor’s information and issue him an immediate paper 1099?
At Station Casinos (Palms) they have (or rather, had, at Palms) a variety of Baccarat side bets that pay up to 200:1. I cut a shoe once where these exotics kept coming up and the player at the table had a special limit and was betting them up to $100. (versus the usual $50. limit on the 200:1 shots). He took a single $500. chip to a tower that was ridiculously tall. He was winning up to $20,000. for a $100. wager. Every time he won, they would have to phone somewhere, and verify the win, then pay him. It was taking a long time because on that particular shoe the exotics were coming up a lot. I don’t think he was being issued a 1099 every time or any time though, at least I wasn't aware of any paperwork being generated.
ETA: rule also applies to sportsbook bets and poker room, though think there may be a higher threshold for poker tournaments.
The rule is if you win a bet that is at least 300:1 and the win is at least $600. It’s a W2G though, not a 1099. It’s the table game rule that picks up the six-point firebet. Yes the game is stopped and they come out and take everyone’s info that bet on it.
ETA: rule also applies to sportsbook bets and poker room, though think there may be a higher threshold for poker tournaments.
I received two 1099s when I was at a table and the shooter made all 6 points in the Firebet.
If you received a W2G it doesn't matter. I'm not going to argue... maybe your casino is different.
My 1099s came from the Rio and Harrah's Rincon from card craps.
Both a 1099 and a W2G can be used the same way when you report casino winnings on your tax return.The key point is the mandatory withholding for larger table game wins.
I had only $5 on the Firebet so I had no mandatory withholding. At Caesars there was a $10 max Firebet and a $10k win would have required a $2500 mandatory withholding. By the way, Caesars once allowed a $25 max Firebet for a table reserved by some high rollers.
I've received a 1099 anytime I won $1200 or more in a poker tournament regardless of the buy in.
I received many 1099s from Hustler Casino in LA from their Thursday night $200 buy in tournament and I usually won in the range of $1800 for finishing in the top 5.
Alan you may be right and I may be misremembering on the 1099 vs W2G.
It really doesn't matter. They're treated the same. But Google the Firebet and you'll see 1099s.
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