Slot machine payoff is largest in casino’s history.
- LOCAL CONNECTIONS
- Ben Gross
-
Wednesday, January 2
A Maryland man surely has a different perspective on the tax changes the fiscal cliff may bring after winning the largest jackpot in the nine-year history of the Borgata Hotel Casino & Spa on Sunday, according to the Press of Atlantic City. The man, who asked not to be identified, was on vacation in Atlantic City, played a $5 “Wheel of Fortune” slot machine that offered a progressive jackpot, and won $3,843,951. How Stuff Works’ website states that the odds of hitting the jackpot on a three-wheel slot machine are 262,144 to 1. According to the IRS, gambling winnings are “fully taxable, and must be reported on your tax return.” In many cases, casinos will take 25 percent of your winnings for the IRS. While some smaller gambling winnings …
Elaine
2:48 pm on Wednesday, January 9, 2013
Yes, let the man enjoy his winnings....if it were you, you sure as hell would't be giving it back to the machine. I would pay off some bills, enjoy a nice vacation, help some folks in need. There is plenty to do with it in addition to saving. As one poster put it, he didn't rob, beg, borrow or steal it, so let him enjoy. Congrats! more ›