The one percent tax change for 2018 means the Canadian went home with an extra $13,227 than he would have, had he won in 2017. Under federal law, the Cosmopolitan kept $317,460.20 of the Wheel of Fortune jackpot for the IRS, and issued the player a check for $1,005,290.67. $5,000 or more in poker tournament earnings.$1,200 or more on a slot machine or bingo game.$600 or more at a horse racetrack (if that is 300 times your bet).That’s a one percent decrease from the previous 25 percent tax rate, which changed for the 2018 tax year.Ĭasinos are required to withhold 24 percent for the Internal Revenue Service (IRS) on winnings totaling: That means it doesn’t matter if you win $10,000 or $1 million, the federal rate remains the same flat 24 percent. Casino TaxesĪccording to TurboTax, gambling winnings, unlike income taxes, are not progressive. The Cosmopolitan nor IGT confirmed how much the lucky man had bet on the progressive. Wheel of Fortune is a licensed slot machine manufactured by IGT. “He knows how to celebrate Memorial Day Weekend right – congrats,” the casino resort said in a tweet. The three brothers are reportedly Canadian citizens, which might complicate just how much of that $1.3 million will actually go home with them. (Image: Cosmopolitan of Las Vegas)Īccording to the Strip casino, a man visiting Las Vegas for a birthday and bachelor party with his two brothers won the progressive jackpot roughly 30 minutes after sitting down at the slot machine.
One fortunate Canadian is leaving Las Vegas $1 million wealthier after hitting a Wheel of Fortune slot jackpot. Commercial Gaming, Entertainment, Novelty Betting, Politics.Ī progressive Wheel of Fortune slot machine jackpot was hit on Saturday at the Cosmopolitan of Las Vegas casino resort that paid a fortunate gambler $1,322,750.87.
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