Im going to Vegas next week and I am looking to bet big (at least 5-10k) per game and I am wondering if the books take 25% out for taxes on all winnings over a certain amount or if that is only for bets 300-1 as I have read. It seems it would be impossible to ever make a long term profit if they take out 25% on all bets over a certain amount on top of the juice/vig.
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Im going to Vegas next week and I am looking to bet big (at least 5-10k) per game and I am wondering if the books take 25% out for taxes on all winnings over a certain amount or if that is only for bets 300-1 as I have read. It seems it would be impossible to ever make a long term profit if they take out 25% on all bets over a certain amount on top of the juice/vig.
If you hit a 300-1 payout or a slot payout they give you full cash and a W-2 and you're required to file that come tax time.Canadians do have some $ withheld but get it back as they file taxes there.
If you hit a 300-1 payout or a slot payout they give you full cash and a W-2 and you're required to file that come tax time.Canadians do have some $ withheld but get it back as they file taxes there.