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Tax Forms Issued on Sports Bet Wins?

Discussion in 'The Sports Book' started by VegasLover8, Nov 28, 2012.

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  1. VegasLover8

    VegasLover8 Low-Roller

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    Is there a 1099 tax form issued for sports bet wins like they do for slots?

    If so at what amount?

    I ask because at March Madness 2012, me and 2 other buddies each picked 3 teams for a 9 team parlay. We chipped in $10 each. If we had won, it was going to pay like $12,000 or something.
     
  2. Hogman

    Hogman VIP Whale

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    I believe that anything that pays over 300 to 1 requires a w2g. I know it does for horse racing.
    I hit the fire bet with 5 points it paid $1250/$5 no w2g.
    I hit it for all 6 points it paid $5000/$5 I got a w2g.

    So I think the cutoff is around there or close to it.
     
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  3. y2mulder

    y2mulder Low-Roller

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    300-1 payout AND over $600. Must meet both parameters.

    In your case, you would have met the taxman since the payout was 400-1.
     
  4. VegasLover8

    VegasLover8 Low-Roller

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    Thanks for the replies. I would have been more than willing to meet the taxman if we would have won.

    But it sounds like we should each do our own $10 ticket just to avoid confusion on who gets the w2g.
     
  5. UKFanatic

    UKFanatic The Arbiter of Taste Caviar Kid

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    Very interesting. I never would have thought about this in relation to sports betting. I guess the longshot parlays hit so infrequently that this doesn't come up often.
     
  6. dbvegas

    dbvegas Tourist

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    I thought the limit was $9,999. At the hilton i saw a guy cash such a ticket. Called over the sports book manager and they paid him
     
  7. HAWJOHN

    HAWJOHN Tourist

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    The limit of $9999.00 is not related to W2G or payment of income tax. It concerns transactions 10 grand or over. Any such transaction is reportable and is used to track individuals evading taxes and those who profit from criminal activities. This reporting requirement is required by all businesses, not necessarily in Las Vegas.

    The cashier probably called the sports book manager to verify the win. If the winnings were 300 times the original bet, the player would most likely have received a W2G at the location of the win.

    I think a 1099 is used when winning a prize or placing in a free tournament valued at 600 dollars or more.
     
  8. UKFanatic

    UKFanatic The Arbiter of Taste Caviar Kid

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    Correct. I once won a sports ticket to collect $12k. They did call over the book manager to verify it, but nobody ever suggested filling out a tax form (sadly, I was still down about a grand at the book for that trip, so I would have bitched like hell if I had to fill out a tax form!)
     
  9. Diet Mountain Dew

    Diet Mountain Dew Newbie

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    Y would you bitch like hell? They don't make the rules , keep hold of your losing tickets , file your taxes and be done w/ it
     
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