If I'm putting down $20k on a sports wager to win $8k and I win the bet, do I need to fill out a tax form when I'm collecting my money? Technically my profit is $8k which is under $10k but I am physically collecting $28k in cash.

Can anyone tell me how this situation would work? Thanks in advance!

You will have to provide your information (ID, SS#) but not for taxes.

Sports bet winnings aren't taxed unless the payoff is 300-1 and the total dollar amount is >$600.

wat

I'm going to give you the benefit of the doubt and assume that you meant that taxes aren't withheld unless they reach that threshold.* Because sports bet winnings, as with any gambling win, are considered taxable income from dollar one.



*And since I don't place large sports bets, I don't even know if that is the correct threshold.

If they are going to fill out a CTR if he collects in cash, don't they also have to fill out one if he bets $20K in cash?

You are correct that you are supposed to report your gambling winnings. A W2g will be issued to the player though if they cross the thresholds I mentioned above.

CTRs are filed both for cash in and cash out. All gaming activity is aggregated daily and used to file the CTR.

If a player made a 20k bet in the morning and cashed it out after the game later that night, it would all go on one CTR.

Why do sports betting winnings have such a high threshold? If I hit a much lower slot jackpot or a high hand in poker, I get something from the casino.

make 4 5k bets

Guessing CTR is some kind of cash transaction report system, doing the above would probably still trigger it and would lead to an investigation to see if someone was trying to evade the cash reporting requirements.

There are basically 2 categories - machines (slots, video poker, e-games, etc) and non-machines (table games, poker, sports, etc).

Machines - Any payout $1200 or higher triggers a w2g.

Non-machines - The 300-1 payout AND $600 applies. This is why you'll see many monte carlo bonuses in poker rooms capped at $599. The floor doesn't want the paperwork any more than you do.

^^^ The numbers above may vary somewhat by jurisdiction, but that is the gist of how it works.

There are two reports that fall under Title 31.

CTR - Currency Transaction Report. This is completed any time there is cash in or out >10k in one day.

SAR - Suspicious Activity Report. This is completed when suspicious activity occurs related to money laundering or trying to avoid the CTR requirements.

A CTR isn't a big deal. Tens of thousands are filed every day. SARs are a different story though. They are scrutinized in much more detail.

Cash out 10K and not $1 over until the next day. Rinse and repeat. It is considered ‘structuring’ and therefore illegal, but no one is there to enforce it.

Guys used to do it at my casino all the time. They’d walk with thousands of cheques only to return the next day and either cash out <10K amount or try and run it up.


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What makes you say that no one will enforce it?

And what are the ramifications of getting caught?

They give you an option. 10 years in prison OR they confine you to a chair, hold open your eyelids with a metal vice and force you to watch everyone one of the Trooper97’s vlogs he’s ever made with no break one after another.

Easy prison time for me

If you bet 20k to win 8k then you will get a CTR when you bet because its a cash transaction over 10k. When you collect 28k then it will be another CTR if on another day.

The books tracks at 3k in Vegas, so cash going in or out at 3k or more gets totaled up for the day to make sure they file the CTR if you go over 10k for the day in total.

If you do a bunch of weird transactions and it seems suspicious or they think you are structuring then you get a SAR.

Just because the people working at your casino are idiots* doesn’t mean that employees at other casinos are idiots too.

* “idiot” might be too nice for somebody risking their job and potentially a fine or even jail time by violating section 5324 of Title 31. If “guys used to do it all the time” you can’t even claim ignorance. You’re just complicit in a crime without a benefit for you. Not very smart.

Good guesses

Easy Option A

https://www.youtube.com/watch?v=SAIEIJHNFx4

So if someone goes and makes say 5 bets of 1k wagers, they will get one as well?



I always wondered about poker room cashiers. I mean at the bellagio where there are high stakes players, such as those that play 5/10 and higher, wouldn't they get a ctr many times then? For example buyin 5/10 for 1500. Say they bought 3k of chips in case they need to add. Then say they get the 1500 up to 6k. Then cashout. Aren't these players going to get CTR each time?



But if someone plays 10/20nl, aren't they almost always going to get one since they are buying in at least 2k to probably 10k everytime though? I know that if you have a box there, well you keep chips there. But those that don't have a box will have to get a CTR almost every time?

If they cashout 10k+ at the cage and take cash, they get one every single time yes.

So if they take chips, there isn't a CTR then?

No. CTR are only for cash payouts, the “C” stands for currency. Casino chips are not a currency, at least not in the US.

This is terrible advice. It's not their job to enforce anything, however it is their job to file SARs if they notice something like this.

Wait so if you are in the vegas books and bet sport only and bet cash, you can always request chips as oppose to cash? Example you bet like 2k worth of bets and say you broke even. You cash your tickets and can ask for 2k in chips?



So you are saying if you have like 15k of chips and bet them at the vegas books, there is no CTR for this? I find this a bit hard to believe. So if someone bets 15k worth of chips in say 7 bets of 2k etc... then say they down 1k or so and tickets total 14k. Now they ask for chips, there is no CTR?



Also if someone bets sports a lot, isn't it better to keep it in chips as oppose to cash because its easier to carry chips since its less bulky? But the big issue is its easier to lose etc.