In some states, you can deduct the money that you spent gambling in the first place, but things can get pretty complicated quite quickly. Before the casino pays you out, they will hand you over a W-2G form for you to fill out.

While we could sit here all day and moan about the unfairness of paying taxes on certain gambling winnings and not others, winnings from slot machines are taxable.

Yes, The US Taxes Gambling Winnings (Including Las Vegas!)Īssuming you won more than $1,200 – and you’re in the US – then there’s some bad news the IRS is entitled to a cut of your winnings. You’ll then be talked through how the casino will pay you your games disburse winnings – and we’ll get to that in just a moment. By law, they’re not allowed to spend it or use it for business use, so rest assured that your casino winnings are safe! If you cannot do so, the casino will hold it in a safe location. It doesn’t matter what country you’re from or where you’re playing if you hit a life-changing jackpot while playing slot machines or other casino games, you will have to show ID. They will verify that the machine hasn’t malfunctioned (yes, it’s happened, and no, the casino doesn’t have to honour it), and they’ll also check your ID without it, you won’t receive any of your gambling winnings!

The first thing that will happen if you win in a land-based casino from a slot machine is that a member of the casino’s management will quickly come over to the machine you’re playing. If You’re Playing Slot Machines, The Slot Machine Will Be Checked We’ll cover online casino payments later on. On this page, we will look at how casinos pay these big wins – as it’s something a surprisingly large number of our readers have questions about!įirst, let’s look at what happens in the seconds after you actually scoop the jackpot for this guide’s purpose, we will talk about playing in a land-based casino. While this will be nothing more than a pipedream for most of us, some get lucky. When we say a big win, we’re talking about a genuinely staggering, life-changing win. It’s every gambler’s dream to hit a big win when they’re playing.

Can you win money on slot machines