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    All Forums | Las Vegas

    How does vegas pay out huge winners?

    JR412
    bchadwick
    666LES
    VegasGourmet
    zanman822
    ...
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    Views: 2499
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    JR412
    JR412
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    Posted: Oct. 29, 2011 - 9:52 AM ET #1

    For example the guy who just won 500 grand on the Cardinals futures line to win the world series at the MGM. How does Vegas pay him out? Obviously not in cash?
    Reply
    To remove first post, remove entire topic.
    For example the guy who just won 500 grand on the Cardinals futures line to win the world series at the MGM. How does Vegas pay him out? Obviously not in cash?
     
    bchadwick
    bchadwick
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    Posted: Nov. 1, 2011 - 5:20 PM ET #2

    I'm sure cut a check, and I'm sure he's legally obligated to pay taxes on it. Whether they take taxes out up-front, IDK, not an accountant or a book manager haha
    Reply
    I'm sure cut a check, and I'm sure he's legally obligated to pay taxes on it. Whether they take taxes out up-front, IDK, not an accountant or a book manager haha
     
    666LES
    666LES
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    Posted: Nov. 2, 2011 - 4:22 PM ET #3

    If I bet $50 or I bet $50 grand I only expect "pay me like I payed ya" He should have been offered cash or chips and should have spit if they didn't offer either. What to f#%& are you going to do with a  check for 5ook that doesn't involve a lot of BS? If he wants a check they probablly give him one but NO taxes,NO IRS, NO withholding. This isn't a slot jackpot or the lottery.
    Reply
    If I bet $50 or I bet $50 grand I only expect "pay me like I payed ya" He should have been offered cash or chips and should have spit if they didn't offer either. What to f#%& are you going to do with a  check for 5ook that doesn't involve a lot of BS? If he wants a check they probablly give him one but NO taxes,NO IRS, NO withholding. This isn't a slot jackpot or the lottery.
     
    VegasGourmet
    VegasGourmet
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    Posted: Nov. 2, 2011 - 7:13 PM ET #4

    666....Federal law requires that taxes be deducted from any payout in excess of 300-1.....be it slots, races, or sports as long as the payout is in excess of $600.

    So, his payout on NL championship would not be subjected to taxes; but his world series payout would be.

    Reply

    666....Federal law requires that taxes be deducted from any payout in excess of 300-1.....be it slots, races, or sports as long as the payout is in excess of $600.

    So, his payout on NL championship would not be subjected to taxes; but his world series payout would be.

     
    666LES
    666LES
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    Posted: Nov. 4, 2011 - 3:29 PM ET #5

    St-Louis was > then 300-1 ?  I'm unaware
    Reply
    St-Louis was > then 300-1 ?  I'm unaware
     
    VegasGourmet
    VegasGourmet
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    Posted: Nov. 4, 2011 - 4:54 PM ET #6

    666.....

    My mistake; both bets had to be taxed....

    Pennant was 500-1 and series was 1000-1

    Reply

    666.....

    My mistake; both bets had to be taxed....

    Pennant was 500-1 and series was 1000-1

     
    JR412
    JR412
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    Posted: Nov. 11, 2011 - 11:12 AM ET #7

    Quote Originally Posted by 666LES:

    If I bet $50 or I bet $50 grand I only expect "pay me like I payed ya" He should have been offered cash or chips and should have spit if they didn't offer either. What to f#%& are you going to do with a  check for 5ook that doesn't involve a lot of BS? If he wants a check they probablly give him one but NO taxes,NO IRS, NO withholding. This isn't a slot jackpot or the lottery.
    You might have a lot of BS with a check but if you go through the airport with 500,000 dollars cash (he lived in Missouri) they are taking your money and calling drug enforcement
    Reply
    Quote Originally Posted by 666LES:

    If I bet $50 or I bet $50 grand I only expect "pay me like I payed ya" He should have been offered cash or chips and should have spit if they didn't offer either. What to f#%& are you going to do with a  check for 5ook that doesn't involve a lot of BS? If he wants a check they probablly give him one but NO taxes,NO IRS, NO withholding. This isn't a slot jackpot or the lottery.
    You might have a lot of BS with a check but if you go through the airport with 500,000 dollars cash (he lived in Missouri) they are taking your money and calling drug enforcement
     
    666LES
    666LES
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    Posted: Nov. 12, 2011 - 11:42 AM ET #8

    If he wanted a check,they would cut one but they are going to pay him in cash/chips.Its not illegal to win a bet and they aren't going to confiscate his money. Personally, take Amtrack.
    Reply
    If he wanted a check,they would cut one but they are going to pay him in cash/chips.Its not illegal to win a bet and they aren't going to confiscate his money. Personally, take Amtrack.
     
    zanman822
    zanman822
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    Posted: Nov. 19, 2011 - 12:18 PM ET #9

    What if you are not required to pay taxes and are not a taxable citizen like myself? What then?
    Reply
    What if you are not required to pay taxes and are not a taxable citizen like myself? What then?
     
     
    Vegas55
    Vegas55
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    Posted: Nov. 20, 2011 - 3:13 AM ET #10

    That will take him behind the cage and pay him out in cash if he wants it.

    They will copy his id and give him a tax form for sure.
    Reply
    That will take him behind the cage and pay him out in cash if he wants it.

    They will copy his id and give him a tax form for sure.
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