cardshark
cardshark
Joined: Nov 30, 2009
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March 18th, 2010 at 11:30:18 AM permalink
Quote: boymimbo

They withhold the money and withhold 30% for non-residents.



This is not true for all countries. These countries have a tax treaty exempting gambling income:

Austria, Czech Republic, Denmark, Finland, France, Germany, Hungary, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, Netherlands, Russian Federation, Slovak Republic, South Africa, Spain, Sweden, Tunisia, Turkey, Ukraine, and the United Kingdom.

Source: http://www.thetaxguy.com/faq.htm#twelve
Croupier
Croupier
Joined: Nov 15, 2009
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March 18th, 2010 at 11:34:05 AM permalink
Thats good to know. I plan on taking them for about $10,000,000.


Im gonna walk in and rob the place.



Im gambling on it being taken as a joke.


Think I'll get away with it.
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Mosca
Mosca
Joined: Dec 14, 2009
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March 18th, 2010 at 8:53:40 PM permalink
I was sitting next to a guy who hit a straight flush at Let It Ride (before I realized that game sucks); it was around $12000. I saw a guy hit a $5 slot for $12k a couple weeks ago, at Mohegan Pocono. I saw a guy hit a quarter slot (one of the the Powerball machines), same place, for $10000. I guy I worked with got a Royal Match at a Shufflemaster BJ again at Mohegan, it was $12k I think.
NO KILL I
boymimbo
boymimbo
Joined: Nov 12, 2009
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April 3rd, 2010 at 11:57:05 PM permalink
The guy next to me at Ballys tonight hit a straight flush in Caribbean Stud, for $5,977. He was beside himself and it took him a good 20 minutes for it to sink in. It took about 40 minutes for Ballys to do the payout. First, it appears that they they reviewed the tape. At that time, the pit asked him for 2 pieces of ID. Then they spent about 10 minutes to count all of the cards (which you can see at the top of the picture) and to prepare paperwork. Then they got the player's SSN and filled in the W2-G which took another 10 minutes or so. Finally, they did the payout, paying the $5,977 in chips, then doing the deduction from the chips. In the end, the player received about 4,500. He tipped the dealer a couple of hundred of dollars and gave the other two players at the table (myself included) a $50 envy bonus, which was very nice. After the payout, they retired both decks of cards. Apparantly, cards that remain in the shufflemaster machine warp after some time in the machine.



Anyway, that was the biggest payout that I've ever seen. Wish it were me! I'm glad that I can say that these payouts actually exist.
----- You want the truth! You can't handle the truth!
teddys
teddys
Joined: Nov 14, 2009
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April 4th, 2010 at 7:35:09 AM permalink
Why was the deduction 25%?
"Dice, verily, are armed with goads and driving-hooks, deceiving and tormenting, causing grievous woe." -Rig Veda 10.34.4
boymimbo
boymimbo
Joined: Nov 12, 2009
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April 4th, 2010 at 10:06:37 AM permalink
According to the back of the W2-G form, the deduction is 25%. It's 28% if you don't give them your SSN.
----- You want the truth! You can't handle the truth!
boymimbo
boymimbo
Joined: Nov 12, 2009
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April 5th, 2010 at 12:15:33 PM permalink
Today at Ballys we were told by a dealer the night before someone won $35,000 with a Royal Flush in Let it Ride. Then a few minutes later the guy sat down next to us. He said that he won it around 4am in the morning. He said $8,800 was taken off in taxes on $35,200. (I think the $200 was the 3 card win at 40:1 for a straight flush). 650,000 to 1. The guy was 22, 2nd time in Vegas.

Wow.
----- You want the truth! You can't handle the truth!

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