Players dream of hitting a big jackpot when they play the slots. When that day comes for you, you'll have questions about the taxes you must pay on the winnings.
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Hand Pay Jackpots
When you hit the winning combination of symbols for a large jackpot, your slot machine locks up. Depending on the machine, the lights on top of the machine may come on and start flashing, music may play or bells ring. A slot attendant arrives promptly to see what you have won.
On jackpots smaller than $5,000, an attendant verifies that you hit the jackpot and then assists you in claiming your money at the cashier's cage. In the case of a large or progressive jackpot, the casino may have technicians come and check the machine to certify that it was functioning properly when the jackpot hit. If you hit one of the wide-area progressive machines such as MegaBucks, the slot company that operates the game comes out and verifies that machine before giving you a check.
When you hit a jackpot, you have the option of taking your winnings in cash or check. Usually, large amounts are paid by check. In the case of the MegaBucks or similar multi-million dollar jackpots, you receive a check for the partial amount, and then you have 90 days to decide if you want to be paid a lump sum or an annual annuity on the balance. If you select the lump sum option, you receive only a percentage of your actual winnings. For example, the full winnings of one multi-million slot jackpot is paid in 25 annual installments, or you can take a lump sum of 60 percent of the winnings.
IRS Withholding
All casino winnings are subject to federal taxes. However, the IRS only requires the casinos to report wins over $1,200 on slots and video poker machines or other games such as keno, lottery or horse racing. When you have a win equal to or greater than $1200, you are issued a W-2G form. This form lists your name, address and Social Security number. The casinos are not required to take out withholding tax on jackpots under $5,000 as long you supply your Social Security number. If you don’t provide your Social Security number, the casinos withhold 28 percent on small jackpots.
You can request a specific amount of withholding tax to be taken out of any jackpot you win. Some players like to do this to avoid a big tax payment in April when they file their income tax returns. The additional withholding may not be necessary if you keep a log book. The law allows you to deduct gambling losses up to the amount of your winnings. You can only do this if you have documentation of your losses. Keeping a diary or log book is the way to do this.
Proper Identification
Casinos can refuse to pay you until you produce proper identification—a photo ID such as a driver’s license, military ID or passport.
If you don’t produce an ID, you are photographed and the casino holds your winnings until you come back with proper ID. For this reason, you should always carry a valid form of identification with you when you visit the casino.
When the casino checks your identification, it also checks your age to make sure you are legally old enough to play. The minimum age for gambling varies from state to state, but under-age gamblers are not be paid if they hit a jackpot. This is the law in all jurisdictions, and it has been upheld in court.
Plan Ahead
Before you start playing your favorite slot machine you should have a plan for the day you hit a jackpot. Players become excited when they hit the big one, and this may affect the decisions you make about your winnings. It is helpful if you know ahead of time how much withholding you want taken out or whether you want a check for all or some of the amount.
Introduction to North Carolina Slot Machine Casino Gambling in 2020
North Carolina slot machine casino gambling consists of two tribal casinos in the Great Smoky Mountains in the western tip of the state.
Tribal-state gaming compacts in North Carolina have established theoretical minimum and maximum payout for their video gaming machines while return statistics are not publicly available.
This post continues my weekly State-By-State Slot Machine Casino Gambling Series, an online resource dedicated to guiding slot machine casino gambler to success. Now in its third year, each weekly post reviews slots gambling in a single U.S. state, territory, or federal district.
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Relevant Legal Statutes on Gambling in North Carolina*
The minimum legal gambling age in North Carolina depends upon the gambling activity:
- Land-Based Casinos: 21
- Poker Rooms: 21
- Bingo: 18
- Lottery: 18
- Pari-Mutuel Wagering: Not available
Video poker machines were once widespread in the state, but 2000’s state regulations limited video poker machines to three per site and banned the installation of new video gaming machines.
In 2007, after nearly a half dozen attempts, the state legislature fully banned commercially-owned video poker machines and video gaming machines.
North Carolina has a single federally-recognized American Indian tribe, the Eastern Band of Cherokee Indians. The tribe has built two casinos on its Qualla Boundary lands located in the Great Smoky Mountains.
The type of casino action found at these Indian casinos includes “skill or dexterity” based video slot machines. These tribal casinos offer a variety of table games.
Although owned by the tribe, operation of both casinos is by Harrah’s which, itself, is a brand for Caesars Entertainment. The tribe owns and operates a high-stakes bingo hall.
*The purpose of this section is to inform the public of state gambling laws and how the laws might apply to various forms of gaming. It is not legal advice.
Slot Machine Private Ownership in North Carolina
It is legal to own a slot machine privately in the state of North Carolina if it is 25 years old or older.
Gaming Control Board in North Carolina
Because North Carolina has no commercial casinos or other types of commercial gaming, the state does not have a gaming commission or control board.
Casinos in North Carolina
There are two American Indian tribal casinos in North Carolina. These two casinos are in the Great Smoky Mountains in the western part of the state.
The largest casino in North Carolina is Harrah’s Cherokee Casino Resort with 3,280 gaming machines.
The second-largest, and only other casino in North Carolina, is Harrah’s Cherokee Valley River Casino & Hotel with 1,000 gaming machines.
Commercial Casinos in North Carolina
There are no commercial casinos in North Carolina.
Tribal Casinos in North Carolina
The two tribal casinos in North Carolina are:
- Harrah’s Cherokee Casino Resort in Whittier found 50 miles west of Asheville.
- Harrah’s Cherokee Valley River Casino & Hotel in Murphy found 109 miles southwest of Asheville.
Other Gambling Establishments
As an alternative to enjoying North Carolina slot machine casino gambling, consider exploring casino options in a nearby state. Bordering North Carolina is:
- North: Virginia Slots
- East: The Atlantic Ocean
- South: Georgia Slots and South Carolina Slots
- West: Tennessee Slots
Big Wins At Slot Machines
Each of the links above will take you to my blog for that neighboring U.S. state to North Carolina.
How To Win At Slot Machines
Our North Carolina Slots Facebook Group
Are you interested in sharing and learning with other slots enthusiasts in North Carolina? If so, join our new North Carolina slots community on Facebook. All you’ll need is a Facebook profile to join this closed Facebook Group freely.
There, you’ll be able to privately share your slots experiences as well as chat with players about slots gambling in North Carolina. Join us!
Payout Returns in North Carolina
The theoretical minimum and maximum payouts set by the tribal-state gaming compact is 83% and 98%.
The tribal casinos in North Carolina, per the same compact, are not required to provide publicly available return statistics.
Summary of North Carolina Slot Machine Casino Gambling in 2020
North Carolina slot machine casino gambling consists of two tribal casinos in the western tip of the state. While owned by the Eastern Band of Cherokee Indians, Caesars Entertainment operates both tribal casinos.
Further, both tribal casinos have theoretical payout limits of 83% and 98% but do not offer return statistics. Finally, North Carolina’s slot machines must be video games of skill or dexterity.
Annual Progress in North Carolina Slot Machine Casino Gambling
In the last year, there has been no change in the slots gaming industry in North Carolina, excepting disruptions due to our ongoing national crisis.
Related Articles from Professor Slots
Other State-By-State Articles from Professor Slots
- Previous: New York Slot Machine Casino Gambling
- Next: North Dakota Slot Machine Casino Gambling
Huge Wins On Slot Machines
Have fun, be safe, and make good choices!
By Jon H. Friedl, Jr. Ph.D., President
Jon Friedl, LLC