|Posted: March 30, 2013, 11:15 am - IP Logged|
Some table games offer a $1 bonus bet and even though it is paid off in casino chips, they issue a W-2G on the winnings. Whatever the player wins on the other bets does not.
"I'd guess that the IRS figures that the vast majority of people play for low stakes, and that very few people come out very far ahead, so it would take a lot of effort to track a relatively modest total amount of taxable income."
The dealers, floorman, and bit bosses are not IRS agents and they are the only ones who could guess how much any player won or lost. They ask for ID at the cage when someone cashes over $9000 in chips, but the whales probably just deposit the chips into their account.
It's called Regulation 6Alpha, 6A, and started in the mid 1980s at $10,000.
Here's come info on it now:
Regulation 6A - Nevada State Casinos
By Sean Toth
wagerweb.com Contributing Writer
Well, it took awhile, but the federal government has "invaded" Las Vegas and has intimidated all the casinos into repealing a regulation -- one that has made Vegas a great place for those who like to gamble relatively large sums of money -- in the name of fighting terrorism. I'm talking about Regulation 6A.
Under Regulation 6A, Nevada state casinos were required to track cash transactions of as little as $3,000 or more and report anyone whose cash transactions exceed $10,000 to the U.S. Department of Treasury.
With the federal change, however, casinos with $1 million and over in annual gross gaming revenue will be ubject to the same federal reporting requirements as casinos with $10 million and over in annual gaming revenue, the reporting threshold under Regulation 6A.
With the threshold lowered, that information could be accessed by many more people now than before and may even be accessed by the public. And this opens such information up for all types of potential abuse.
And what may be even more troubling is that the Nevada gaming officials didn't put up much of a fight at all, taking less than 10 minutes to eliminate the state's money laundering regulation and acknowledging that the feds had taken over the tracking of large cash transactions from the state.
When this started it was a royal pain. It took away the old "vegas advantage"- what you won in a casino was nobody's business, and players who had been playing for a loing time got very suspicious about making a score and having it reported to the IRS. It caused a lof of beefs at first.
Those who run the lotteries love it when players look for consistency in something that's designed not to have any.
There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.