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Jennifer Horikawa of Maui, Hawaii, plays on a slot machine at the Main Street Station hotel-casino in downtown Las Vegas on Tuesday, May 26, 2015. The Internal Revenue Service has proposed lowering the reporting level for gambling winnings from $1,200 to $600, a move that the casino industry and its patrons oppose. (Chase Stevens/Las Vegas Review-Journal) Follow Chase Stevens on Twitter @csstevensphoto.
The casino will apply a Regular withholding of 25% income tax at the Federal level if the net win (i.e., your winnings amount less the wager amount) is greater than $5,000 and are won from lotteries, sweepstakes, wagering pools, or âotherâ wagers when their winnings are 300 times or more than the wager amount.