Home Forums Thread Like Summary - Cashing a big winner and having fill out tax form

I'm not a large enough bettor to have ever cashed a ticket that was $600 or more to trigger a need to fill out a tax from at a boat, horse track, or betting parlor.

Closest I probably ever came was hitting a 500 and something Trifecta at an off-track parlor one time.

Sports just recently became available. Well, across the river. I've only went a couple times.

But I was curious how it works.

If I make a $300 wager on a +105 play, and it wins - I win $315 , but i'll receive $615 at the window. Do I have to fill out a tax form?

I'm gonna assume I need to win a full $600, separate from the initial investment.

Sports betting is different than slots, you won't get a tax form for sports betting.

Lotteries are 600-1, slots are over $1199 no matter the amount you bet. I've seen women playing $250 a hand in Video Poker and get tax form after tax form. I'll never forget the guy I was sitting next to at Caesar's in the Palace Slot room which is their high limit area. He was playing 100 Hand VP at $5, so that's $500 a hand and they had someone on standby because he was hitting over $1200 turn after turn. To me it's BS betting $500 and get over $1200 and have to pay taxes on it.

The only time you get tax forms for sports is contest winnings.

You're fine with the example you presented.