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Jackpot! IRS Gambling Tax Threshold May Increase By A Lot

Author Shawn Tempesta
The older you get, the more the IRS gambling tax threshold stays the same. But that could be finally changing.

You sit down at a video poker machine, you hit a royal. Congrats. Wait for the tax form. Big Buffalo spin at the Airport? Tax form. Yes, the IRS gambling tax threshold, a mere $1200, is awfully low now that inflation has taken away the value of that number. Now there is a push for the IRS to increase the threshold from the IRS itself.

The dreaded W2G gets pulled out every time a decent jackpot over $1200 is hit. It slows down the speed of service, completely deflates your excitement about winning (if it wasn’t for a considerable amount) and quite literally can take an hour to get done. The Internal Revenue Service Advisory Council has chimed in and said they are suggesting the threshold increases nearly four fold to $5800.

The current threshold was set back in 1977. Back then, gas was $0.62 a gallon. Big Macs? Only around $0.65. Inflation has shot the price of everything up considerably, but that threshold remained the same.

Thankfully the IRS Commissioner Danny Werfel seems to be in support of the measure.

Just Because IRS Gambling Tax Threshold Increases Doesn’t Mean You Save On Taxes

One thing that remains the same is you do need to report your winnings. If you hit 20 jackpots worth $5000 each under the new rules, you’d have made $100,000 but never received a W2G form due to the increased IRS gambling tax threshold. But just because you didn’t get a form doesn’t mean you get away with tax free cash. You’ve gotta pay the piper.

Worth noting you can write off your losses to offset your winnings. Keep very close tabs on your winning and losses and it could save you come tax time. Because you definitely report all of your winnings on your taxes. Because you are a law abiding citizen. Right? Right.

Worth noting you can write off your losses to offset your winnings. Keep very close tabs on your winning and losses and it could save you come tax time. Because you definitely report all of your winnings on your taxes. Because you are a law abiding citizen. Right? Right.

Shawn Tempesta is the co-host of Aimee+Shawn on 102.7 VGS in Las Vegas, Nevada. He is also an Emmy award nominated television host. As a content creator for 102.7 VGS, Shawn writes about current events, education, funny and trending stories.

The 'Best' Slot Machines To Play In Las Vegas

There’s something comforting about the ringing sounds from slot machines in Las Vegas.

Lined across casino floors, slot machines are almost like the front-line soldiers when it comes to gambling.

For some, slot machines offer quintessential Sin City entertainment. These machines also may seem less intimating compared to other games with complex rules, etiquette and more.

If you’re a gambling rookie then the bright, flashy machines can be overwhelming. But, we’re here to help.

Other than the rare nickel slot machines (which only exists in old school Las Vegas casinos), the best payout comes from the $5 slot machine, according to the Las Vegas Review-Journal. Casinos had a 5.46% win percentage in 2022. In comparison, the $25 slot machines had a 5.86% average when it came to casinos winning. This figure was only higher for multi-denomination machines, which saw a 6.13% of casino winnings in 2022.

There’s also a term of “loose” slot machines. This is essentially a gambler’s myth that some machines pay out more than others.

Overall, your best chances of finding some “loose” slot machines will be located off The Strip and off Fremont Street. Casinos that are located in North Las Vegas or Henderson will probably have a better chance of getting a pay out per VegasFoodandFun.com‘s report.

Along with that, Nevada’s Gaming Control Board states that, “All gaming devices must: (a) Theoretically pay out a mathematically demonstrable percentage of all amounts wagered, which must not be less than 75 percent for each wager available for play on the device.”

This means that Nevada has a “Return to Player” of 75%.  This means that — in theory — the player should get their money back 75% of the time, and the casino would get 25%.

However, just because “75%” is the minimum doesn’t mean a casino will go that low. So, take this with a grain a salt. And the best rule of Las Vegas: The house always wins.

But despite the slim odds, sometimes slot machines can pay off. If you’re a Las Vegas local or a tourist then scroll down below for the best machines to play in Las Vegas! This list is compiled from local reviews and media sources that are Las Vegas-based.

  • Wheel of Fortune

    According to GamblingNews.com, the Wheel of Fortunate slot machine pays out jackpots “habitually.” There are tons of features and some multipliers to “keep you going in the base game.” And according to Casino.org, there are 720 ways to win.

    Wheel of Fortune

  • The Triple Red Hot 777

    Simple and no-nonsense. There are five pay lines. There are great bonus rounds with multipliers that help you win “big,” according to Casino.org.

    The Triple Red Hot 777

  • Buffalo Grand

    The Buffalo Grand is a fan-favorite among many slot players. With fun animations and an “all-ways winning system,” this machine has two bonus wheels and the big jackpot prizes right at the top of the machine. The retriggers are easy when it comes to free spins and multipliers, according to OnlinegamblingSites.com. Win-lines are not needed. However the symbols on consecutive reels from the left trigger wings. While most of the symbols require three in a row, the higher paying Buffalo and Elk symbols only need two.

  • Heidi's Bier Haus

    Joe Jonas once posted on Instagram about this slot machine, so it must be good right? Well, we’re not too sure that this machine being “Joe Jonas” approved means it’s a good one. However, it’s definitely a popular machine that’s favored among many. You can earn tons of free spins — up to 100! It’s a progressive jackpot with 50 paylines, according to JackpotParty.com.

  • Monte Carlo

    The Monte Carlo slot machine is another “reputable” or “well-known” game in Sin City. The multipliers, promotions and free spins makes this slot an encompassing experience. Along with that, the machine blends roulette with the foundational game of slots. The mixture of roulette, slots with other incentives makes this a popular machine for many tourists.

  • Diamond Queen

    The Diamond Queen is a five-reel machine with 20 paylines and scatter pays, free game bonuses  and multiple winning combinations. It’s another hit on the Vegas casino floor for many seasoned slot players. You can chose from different coin denominations for this machine as well. The theme is fun and it’s a great machine to start with.

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