How does vegas pay out huge winners?

Question

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?

JR412 · Answer

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 · Answer

I&#x27;m sure cut a check, and I&#x27;m sure he&#x27;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 · Answer

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&#x27;t offer either. What to f#%&amp; are you going to do with a  check for 5ook that doesn&#x27;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&#x27;t a slot jackpot or the lottery.

VegasGourmet · Answer

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 · Answer

St-Louis was &gt; then 300-1 ?  I&#x27;m unaware

VegasGourmet · Answer

666.....&#xD;&#xA;My mistake; both bets had to be taxed....&#xD;&#xA;Pennant was 500-1 and series was 1000-1

JR412 · Answer

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 · Answer

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&#x27;t going to confiscate his money. Personally, take Amtrack.

zanman822 · Answer

What if you are not required to pay taxes and are not a taxable citizen like myself? What then?

Vegas55 · Answer

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.

How does vegas pay out huge winners?

Hot Forum Topics