Threshold for reporting winnings at Vegas Sportsbook

[EVPlus]

A comment in the thread titled "bitcoin card no longer allowing cash withdraws" raised an interesting point.

A poster there claimed he won 15k off a 1k bet at a Vegas sportsbook and gave the clerk an obviously bogus SSN. Whether or not this is true, I don't know.

But it did get me curious...What is the threshold at which you have to file with IRS on a Sports Wager? I've done some looking around and found information on other games. But I couldn't find anything on this.

Thanks in advance.

[mrpapageorgio]

$1200+ slot jackpot or a table win that pays out 300-1 or greater triggers a W2-G which goes to the IRS.

If you cash out over $10k in cash, the cage is supposed to file a Currency Transaction Report with the Treasury Department. The question is whether those go anywhere or get looked at any further because there could be a million reasons why someone has $10k in cash that isn't necessarily income.

[EVPlus]

$1200+ slot jackpot or a table win that pays out 300-1 or greater triggers a W2-G which goes to the IRS.

If you cash out over $10k in cash, the cage is supposed to file a Currency Transaction Report with the Treasury Department. The question is whether those go anywhere or get looked at any further because there could be a million reasons why someone has $10k in cash that isn't necessarily income.

Does the over $10k also apply to sports wagers? My edge is sports wagering and nothing else.

What if the cash out is $10k or more but comprises of several tickets? No parlays, teasers, etc. Just straight wager because that's all I do.

Thanks very much.

[eaglesfan371]

If someone wagered $15k to win $1k and only cashed that ticket, a $10k currency transaction report is filed with Fincen. This is not the IRS. Since the actual WIN amount is only $1k, which is less than $5k net, a W2G I do not believe would be issued and filed with the IRS.

To your question about multiple tickets totaling over $10k, just visit different tellers, different shifts. Generally casinos will not "record" your cashout if under 3k. If you get cash for 3-9k, they will ask for ID or a players card to record the transaction...if you cash 10k+ in a rolling 24 hr period, then the CTR is triggered...if you dont nothing happens.

[EVPlus]

If someone wagered $15k to win $1k and only cashed that ticket, a $10k currency transaction report is filed with Fincen. This is not the IRS. Since the actual WIN amount is only $1k, which is less than $5k net, a W2G I do not believe would be issued and filed with the IRS.

To your question about multiple tickets totaling over $10k, just visit different tellers, different shifts. Generally casinos will not "record" your cashout if under 3k. If you get cash for 3-9k, they will ask for ID or a players card to record the transaction...if you cash 10k+ in a rolling 24 hr period, then the CTR is triggered...if you dont nothing happens.

Thanks very much.

[littlekona]

FYI..That mrcavalier is full of it saying Vegas teller just scribbles down fake ss# and doesn’t file report CTR over 10k..lol
but seriously 10k cash trans is the number where they generate a CTR not just casino but banks too do this and you can not structure or stagger it with multiple smaller tickets within same transaction...you can of course go to different cashier or times to avoide though...this does not go to IRS..what does go to it’s is a w2g that is generated if you say hit a trifecta at book for 600-1 or more...now the rule changed on that so your total ticket mount is calculated in so say you spent 24$ on that trifecta ticket and it paid 1500$ no irs ticket would be generated.this new rule has really helped horse gamblers esp

[EVPlus]

FYI..That mrcavalier is full of it saying Vegas teller just scribbles down fake ss# and doesn’t file report CTR over 10k..lol
but seriously 10k cash trans is the number where they generate a CTR not just casino but banks too do this and you can not structure or stagger it with multiple smaller tickets within same transaction...you can of course go to different cashier or times to avoide though...this does not go to IRS..what does go to it’s is a w2g that is generated if you say hit a trifecta at book for 600-1 or more...now the rule changed on that so your total ticket mount is calculated in so say you spent 24$ on that trifecta ticket and it paid 1500$ no irs ticket would be generated.this new rule has really helped horse gamblers esp

Yeah, I find it hard to believe any cashier would risk her job that way...

Thanks very much.

[BigdaddyQH]

FYI..That mrcavalier is full of it saying Vegas teller just scribbles down fake ss# and doesn’t file report CTR over 10k..lol
but seriously 10k cash trans is the number where they generate a CTR not just casino but banks too do this and you can not structure or stagger it with multiple smaller tickets within same transaction...you can of course go to different cashier or times to avoide though...this does not go to IRS..what does go to it’s is a w2g that is generated if you say hit a trifecta at book for 600-1 or more...now the rule changed on that so your total ticket mount is calculated in so say you spent 24$ on that trifecta ticket and it paid 1500$ no irs ticket would be generated.this new rule has really helped horse gamblers esp

Excellent post. As someone who has been gaming in Vegas longer than some of you have been on this earth, I will also add that who you know goes a long way in determining whether you really have to worry about things like this or not. Hitting big on a machine is one thing. It is hard to get around the rules. Winning at the tables or the Sports Book is a totally different animal.

[MrCavalier]

Excellent post. As someone who has been gaming in Vegas longer than some of you have been on this earth, I will also add that who you know goes a long way in determining whether you really have to worry about things like this or not. Hitting big on a machine is one thing. It is hard to get around the rules. Winning at the tables or the Sports Book is a totally different animal.

10000000000% agree.. ... I obviously didn’t write down 123456789 I was being sarcastic... But did I give my real SN number nope... Did the young gal take 500 dollar tip and smile? Sure did... I have also cashed 4 or 5 chocolates at the Wynn.. and wasn’t even asked for ID.. Now is that because my host was standing next to me? Maybe I don’t know...... Vegas has been and will always be about greasing palms...

[MrCavalier]

FYI..That mrcavalier is full of it saying Vegas teller just scribbles down fake ss# and doesn’t file report CTR over 10k..lol
but seriously 10k cash trans is the number where they generate a CTR not just casino but banks too do this and you can not structure or stagger it with multiple smaller tickets within same transaction...you can of course go to different cashier or times to avoide though...this does not go to IRS..what does go to it’s is a w2g that is generated if you say hit a trifecta at book for 600-1 or more...now the rule changed on that so your total ticket mount is calculated in so say you spent 24$ on that trifecta ticket and it paid 1500$ no irs ticket would be generated.this new rule has really helped horse gamblers esp

can you quote where I said CTR was generated? I believe I said she asked for my SN... I tipped here 500... Gave her a made up number and got the cash... I know you like the smell of my ass but dam at least quote me right dick

[littlekona]

can you quote where I said CTR was generated? I believe I said she asked for my SN... I tipped here 500... Gave her a made up number and got the cash... I know you like the smell of my ass but dam at least quote me right dick

Your full of it Ma’am!

[MrCavalier]

If someone wagered $15k to win $1k and only cashed that ticket, a $10k currency transaction report is filed with Fincen. This is not the IRS. Since the actual WIN amount is only $1k, which is less than $5k net, a W2G I do not believe would be issued and filed with the IRS.

To your question about multiple tickets totaling over $10k, just visit different tellers, different shifts. Generally casinos will not "record" your cashout if under 3k. If you get cash for 3-9k, they will ask for ID or a players card to record the transaction...if you cash 10k+ in a rolling 24 hr period, then the CTR is triggered...if you dont nothing happens.

Thats not 100% accurate either... The Jack in Cleveland didn’t ask for ID or players card when I cashed out two weeks ago. The cashier just wanted to know what pit I was playing at. He called they confirmed the chips... Called security and counted the money off I went. no Id no players card... Tuesday of this week playing in Erie Pa.. Cashed out 5 500 chips and boy did cage sweat it.. players card and Id before they let me get cash

[MrCavalier]

Your full of it Ma’am!

Like I said... Post where I said no ctr was made... I’ll make a bet with you..If Texas Tech wins the tourney.. I will fly you out to Vegas first class, we will live stream my 356k payout.... I will then buy in for 30k at blackjack... Saving 2 5k chips.. We will live stream the cashout.. and all can see that you don’t need ID or players club to cashout... Deal? I mean all you hav to do is get your ass on the plane..

[littlekona]

Like I said... Post where I said no ctr was made... I’ll make a bet with you..If Texas Tech wins the tourney.. I will fly you out to Vegas first class, we will live stream my 356k payout.... I will then buy in for 30k at blackjack... Saving 2 5k chips.. We will live stream the cashout.. and all can see that you don’t need ID or players club to cashout... Deal? I mean all you hav to do is get your ass on the plane..

Lol...such the big roller blessing us sbr little guys with your rich and famous lifestyle...."champagne wishes and caviar dreams." Lol

once a liar always a liar I say

high roller Vegas guy blessing us on SBR...yea sure hahahaha

[MrCavalier]

Lol...such the big roller blessing us sbr little guys with your rich and famous lifestyle...."champagne wishes and caviar dreams." Lol

once a liar always a liar I say

high roller Vegas guy blessing us on SBR...yea sure hahahaha

So I’m giving you a shot at me and you won’t take it? All I need from you is your bitcoin adress and your city.. So I know how much cash to send for your ticket.. Not a big champagne guy... Johnny Blue more my style.. Rich is a abstract word.. What you think is rich and I think is rich two different things.. I’m willing to put myself out there.. I’m willing to live stream it all, and post video on this site.. So if you don’t accept.. I guess you just like trollin..

[littlekona]

So I’m giving you a shot at me and you won’t take it? All I need from you is your bitcoin adress and your city.. So I know how much cash to send for your ticket.. Not a big champagne guy... Johnny Blue more my style.. Rich is a abstract word.. What you think is rich and I think is rich two different things.. I’m willing to put myself out there.. I’m willing to live stream it all, and post video on this site.. So if you don’t accept.. I guess you just like trollin..

Ok deal since I’m rooting for tech anyway...

********************************

First class is 2800$ Send please

[MrCavalier]

Ok deal since I’m rooting for tech anyway...

********************

First class is 2800$ Send please

I can see reading comprehension isn’t your strong suit... When Tech wins I will said it.. Good luck to us both... Your apologies are going to be worth the 2800! It’s a deal

[littlekona]

I can see reading comprehension isn’t your strong suit... When Tech wins I will said it.. Good luck to us both... Your apologies are going to be worth the 2800! It’s a deal

Ok..looking forward to this

[EVPlus]

Excellent post. As someone who has been gaming in Vegas longer than some of you have been on this earth,

This is completely up to you whether or not you want to answer.

Are there certain Vegas books that are more friendly towards sharps? I've heard good things about Westgate.

To be more specific, I'm looking for books that have 2nd half lines available asap in nba and wnba.

I want to avoid books that are among the slowest in having 2nd half lines avail; and also have small limits for 2nd half plays. I also want to avoid books that are quick to restrict the non-amateur bettors.

Thanks and no worries if you don't want to share info.

[MrCavalier]

This is completely up to you whether or not you want to answer.

Are there certain Vegas books that are more friendly towards sharps? I've heard good things about Westgate.

To be more specific, I'm looking for books that have 2nd half lines available asap in nba and wnba.

I want to avoid books that are among the slowest in having 2nd half lines avail; and also have small limits for 2nd half plays. I also want to avoid books that are quick to restrict the non-amateur bettors.

Thanks and no worries if you don't want to share info.

What kind of action you looking for? 100, 500, 1000? Money line? Spread? The whole banning sharps kind of overblown.. mid 5 figure wages from a know player isn’t uncommon.. Westgate is probably the best... I personally like Wynn followed by MGM Grand.. No book is going to give major limits on 2nd half WNBA.. Just not enough money in pool for book to offset a sharp bettor..

[EVPlus]

What kind of action you looking for? 100, 500, 1000? Money line? Spread? The whole banning sharps kind of overblown.. mid 5 figure wages from a know player isn’t uncommon.. Westgate is probably the best... I personally like Wynn followed by MGM Grand.. No book is going to give major limits on 2nd half WNBA.. Just not enough money in pool for book to offset a sharp bettor..

Spreads.

Thanks very much.

[Frank]

This is completely up to you whether or not you want to answer.

Are there certain Vegas books that are more friendly towards sharps? I've heard good things about Westgate.

To be more specific, I'm looking for books that have 2nd half lines available asap in nba and wnba.

I want to avoid books that are among the slowest in having 2nd half lines avail; and also have small limits for 2nd half plays. I also want to avoid books that are quick to restrict the non-amateur bettors.

Thanks and no worries if you don't want to share info.

Westgate and then South Point are the best.

William Hill and Stations are the main culprits of banning people on the mobile app.

[EVPlus]

Westgate and then South Point are the best.

William Hill and Stations are the main culprits of banning people on the mobile app.

I did visit Palace Station. The clerk was nice but the shift manager I didn't care for. Overall, unimpressive.

Thanks very much.

[BigdaddyQH]

This is completely up to you whether or not you want to answer.

Are there certain Vegas books that are more friendly towards sharps? I've heard good things about Westgate.

To be more specific, I'm looking for books that have 2nd half lines available asap in nba and wnba.

I want to avoid books that are among the slowest in having 2nd half lines avail; and also have small limits for 2nd half plays. I also want to avoid books that are quick to restrict the non-amateur bettors.

Thanks and no worries if you don't want to share info.

It is not so much the book as how much you wager, how often you wager, and how well do you take care of the casino employees that counts. If a pit boss notes that you are a friendly sort of guy who likes making decent size wagers and takes care of the ticket writers when you hit, you can bet that it will not be very long until the Casino boss is extending favors to you, like special lines, comped food in the GOOD Restaurants, not the buffets, and other things. Believe it or not, having a wife and bringing her with you really helps. Most ladies play the machines and the Casino boss LOVES lot players. As far as the Westgate goes, it is the old Hilton and the only reason they are even open is because of the book. They are in a terrible location, and must specialize in something to attract players. The book is good. It gives you many options. If you are going to Vegas just to play at a Sportsbook only, it is all you need. Remember, good Sports Book and Casino managers are aware of EVERY "Sharp" in Vegas that can change a line with a $5.00 wager, compared to someone who cannot with a $5000.00 wager. They know who to look for, who to listen to, and who to befriend.

Normally the max wager on an NFL game is 5K. I have never seen ANYONE turned down at a window if they want to make a 5K wager on a spread and have the cash in their hands. As far as other things go, I want and demand class. Class is something that you rarely, if ever see people talk about in here. That is because 99.9% of the posters in here simply cannot afford Class. And people in here wonder why they get laughed at.

[Frank]

Now with William Hill taking over Jerry's Nugget and Stratosphere, there are only 11 outs in Vegas.

There were over 20 about 5 years ago.

It will be back up to 12 once Circa opens.

[EVPlus]

It is not so much the book as how much you wager, how often you wager, and how well do you take care of the casino employees that counts. If a pit boss notes that you are a friendly sort of guy who likes making decent size wagers and takes care of the ticket writers when you hit, you can bet that it will not be very long until the Casino boss is extending favors to you, like special lines, comped food in the GOOD Restaurants, not the buffets, and other things. Believe it or not, having a wife and bringing her with you really helps. Most ladies play the machines and the Casino boss LOVES lot players. As far as the Westgate goes, it is the old Hilton and the only reason they are even open is because of the book. They are in a terrible location, and must specialize in something to attract players. The book is good. It gives you many options. If you are going to Vegas just to play at a Sportsbook only, it is all you need. Remember, good Sports Book and Casino managers are aware of EVERY "Sharp" in Vegas that can change a line with a $5.00 wager, compared to someone who cannot with a $5000.00 wager. They know who to look for, who to listen to, and who to befriend.

Normally the max wager on an NFL game is 5K. I have never seen ANYONE turned down at a window if they want to make a 5K wager on a spread and have the cash in their hands. As far as other things go, I want and demand class. Class is something that you rarely, if ever see people talk about in here. That is because 99.9% of the posters in here simply cannot afford Class. And people in here wonder why they get laughed at.

Great info. Thanks very much.

[mrpapageorgio]

Great info. Thanks very much.

I will echo the part of taking care of the dealers/ticket takers. Last time I was in Vegas I stayed at the MGM and mainly gambled there. I would usually go to the same craps table that had the same dealers and had the same pit boss. I always made sure to place bets for the dealers and tip in addition to the bets if I made when cashing out.

I get to the end of my stay and go to players club to see what they could comp. They comped my rooms and meals with the exception of the gratuity I added to the meal bills. I asked how much I gambled and the number she gave me was 4x more than what I had expected, so I'm sure the pit boss bumped my numbers.

[eaglesfan371]

Due to compliance tests and audits, I highly doubt that there is not a system in place for matching CTRs to corresponding 10k cash payouts and flagging any discrepancies. I don't see how it could be avoided.

What you might not realize is how much the casino info on you is retained. For example, if you're in a player database, your SSN is retained for awhile. Many casinos own other casinos and information about high rollers is shared.

A high end casino like the Wynn does not need to ask for your ID to file a CTR, since you've been there many times before, especially if your host is there, who indirectly verifies your identity. A CTR is filed though I can assure you, you do not receive a copy of this.

[jjgold]

federal offense

kid your fukked because your on camera

I would go back or your going to jail

[MrCavalier]

Due to compliance tests and audits, I highly doubt that there is not a system in place for matching CTRs to corresponding 10k cash payouts and flagging any discrepancies. I don't see how it could be avoided.

What you might not realize is how much the casino info on you is retained. For example, if you're in a player database, your SSN is retained for awhile. Many casinos own other casinos and information about high rollers is shared.

A high end casino like the Wynn does not need to ask for your ID to file a CTR, since you've been there many times before, especially if your host is there, who indirectly verifies your identity. A CTR is filed though I can assure you, you do not receive a copy of this.

I agree and that’s why I stated when cashing my chocolates they might not of asked because my host was standing next to me..

[MrCavalier]

federal offense

kid your fukked because your on camera

I would go back or your going to jail

My accountant told me years back, as long as I don’t omit more then 25% of income, the legal time for irs audit is 3 years... I’ll take my chances.. I always give Uncle Sam a cut... Might not be a cut he wants, but he gets a cut...

[MrCavalier]

federal offense

kid your fukked because your on camera

I would go back or your going to jail

Since November I’m a Dominican now for legal purposes..... lol...

[littlekona]

Ok deal since I’m rooting for tech anyway...



First class is 2800$ Send please

Saw this on Twitter is this u mrcav?

UPDATE: The bettor who has a $1,500 ticket on Texas Tech at 200-1 (to win $300K) and $1,500 at 40-1 (to win $60K) on Michigan State has ANOTHER ticket on the Red Raiders for $800 at 125-1 (to win $100K)

[MrCavalier]

Saw this on Twitter is this u mrcav?

UPDATE: The bettor who has a $1,500 ticket on Texas Tech at 200-1 (to win $300K) and $1,500 at 40-1 (to win $60K) on Michigan State has ANOTHER ticket on the Red Raiders for $800 at 125-1 (to win $100K)

Not me... I have just under 10k across multiple tickets to win almost 360k..

[littlekona]

Not me... I have just under 10k across multiple tickets to win almost 360k..

You hedging or you letting ride