Hitting a royal on Let It Ride

11 Apr 2009

By John Robison

Actually this is a card game question. I love to play Let It Ride, even though I have heard all the reasons not to play, house edge etc. I normally bet $5-10 each hand plus bet the bonus.

I have two questions to ask. Assuming I am in Las Vegas at Harrah's, Bally's or MGM and I get lucky enough to hit a Royal Flush with normal amount bet plus the bonus, 1st question: Is this taxable? 2nd question is do they give you all in cash or a check?

Thanks for your help. I always enjoy reading letters in Casino City.

Sylvia

Dear Sylvia,

First answer to first question: Yes, it is taxable. The IRS site says, "Gambling winnings are fully taxable and must be reported on your tax return." But I think what you're really wondering is whether it will be reported to the IRS. According to the back of Form W-2G, the casino should issue one when you receive "$600 or more in gambling winnings (except winnings from bingo, keno, slot machines, and poker tournaments) and the payout is at least 300 times the amount of the wager." Winnings from bingo, keno, etc. are dealt with in other paragraphs. You should get a W-2G.

As for your second question, I have to admit that I have never had the pleasure of winning an amount that large, so I don't have any firsthand knowledge or experience with how a casino handles paying that amount.

My guess is that the casino is going to consider the hassle of cutting a check as compared with paying cash, the safety of a patron carrying a large amount of cash, and the requirement that the casino file a Currency Transaction Report when paying a patron $10,000 or more in cash. (I'm not sure the casino would have to file this report. They don't when the winnings are from slot machines or video lottery terminals because those winnings are random and difficult to influence. Table games, on the other hand, are more vulnerable to manipulation and cheating and thus are more likely to be involved in some sort of money laundering scheme. On the other hand, because there is a W-2G, the transaction has already been memorialized and there should be no need for the CTR.)

The bottom line is that I think the casino will give it to you however you want it, including putting it on deposit for you at the cage.

Let us know how things play out after you hit your royal.

Best of luck in and out of the casinos,
John

Send your slot and video poker questions to John Robison, Slot Expert, at slotexpert@comcast.net. Because of the volume of mail I receive, I regret that I can't reply to every question.

Send your slot and video poker questions to John Robison, Slot Expert™, at slotexpert@slotexpert.com. Because of the volume of mail I receive, I regret that I can't reply to every question.

Copyright © John Robison. Slot Expert and Ask the Slot Expert are trademarks of John Robison.

Hitting a royal on Let It Ride is republished from CasinoCityTimes.com.

Language: English Location: Currency: > edit my preferences Home Online Slots Live Dealer Games Online Casinos Online Poker Online Bingo Games Lotteries Sports & Racebooks Fantasy Sports Forex Betting Exchanges Spread Betting Binary Options Exclusive Bonuses Weekly Newsletter Online Gaming News Payment Methods Gaming Software Gaming Site Owners Gaming Jurisdictions		Bonuses! New games! Gossip! And all the player news you can handle. Sign up NOW! View the current issue John Robison John Robison is an expert on slot machines and how to play them. John is a slot and video poker columnist and has written for many of gaming's leading publications. Hear John on "The Good Times Radio Gaming Show," broadcast from Memphis on KXIQ 1180AM Friday afternoons. You can listen to archives of the show online anytime. More about John Robison More articles by John Robison Books by John Robison: The Slot Expert's Guide to Playing Slots More books by John Robison
	Hitting a royal on Let It Ride 11 Apr 2009 By John Robison <a href='https://ad.casinocity.com/adclick.php?n=a21efcd1'><img src='https://ad.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt='' /></a> Actually this is a card game question. I love to play Let It Ride, even though I have heard all the reasons not to play, house edge etc. I normally bet $5-10 each hand plus bet the bonus. I have two questions to ask. Assuming I am in Las Vegas at Harrah's, Bally's or MGM and I get lucky enough to hit a Royal Flush with normal amount bet plus the bonus, 1st question: Is this taxable? 2nd question is do they give you all in cash or a check? Thanks for your help. I always enjoy reading letters in Casino City. Sylvia Dear Sylvia, First answer to first question: Yes, it is taxable. The IRS site says, "Gambling winnings are fully taxable and must be reported on your tax return." But I think what you're really wondering is whether it will be reported to the IRS. According to the back of Form W-2G, the casino should issue one when you receive "$600 or more in gambling winnings (except winnings from bingo, keno, slot machines, and poker tournaments) and the payout is at least 300 times the amount of the wager." Winnings from bingo, keno, etc. are dealt with in other paragraphs. You should get a W-2G. As for your second question, I have to admit that I have never had the pleasure of winning an amount that large, so I don't have any firsthand knowledge or experience with how a casino handles paying that amount. My guess is that the casino is going to consider the hassle of cutting a check as compared with paying cash, the safety of a patron carrying a large amount of cash, and the requirement that the casino file a Currency Transaction Report when paying a patron $10,000 or more in cash. (I'm not sure the casino would have to file this report. They don't when the winnings are from slot machines or video lottery terminals because those winnings are random and difficult to influence. Table games, on the other hand, are more vulnerable to manipulation and cheating and thus are more likely to be involved in some sort of money laundering scheme. On the other hand, because there is a W-2G, the transaction has already been memorialized and there should be no need for the CTR.) The bottom line is that I think the casino will give it to you however you want it, including putting it on deposit for you at the cage. Let us know how things play out after you hit your royal. Best of luck in and out of the casinos, John Send your slot and video poker questions to John Robison, Slot Expert, at slotexpert@comcast.net. Because of the volume of mail I receive, I regret that I can't reply to every question. Send your slot and video poker questions to John Robison, Slot Expert™, at slotexpert@slotexpert.com. Because of the volume of mail I receive, I regret that I can't reply to every question. Copyright © John Robison. Slot Expert and Ask the Slot Expert are trademarks of John Robison. Hitting a royal on Let It Ride is republished from CasinoCityTimes.com.