Toledo man wins $100,000 at Hollywood Casino

2 cars, 1 pickup & a bobcat...thats stretching after taz winnings

Well the pickup and Bobcat were for his business, so not like he just went out and bought a bunch of toys for himself. I'm glad it went to somebody who runs their own business.

I do find it odd that he's already "bough"t all four of these items though, and not "going to buy" them. Was there even time for the check to clear?

*"bought"

I suppose it's possible that he may have purchased at least some of those items used.

That's pretty smart, win a hundred grand and then go spend all of it.

You don't own your own business do you Hunky. A lot of what I made went right back into my business. For example, if I got a 5,000 dollar check probably 2,500 to 3,000 went right back into my business.

exactly, spending on a business is very different than spending on yourself. It's basically like saying he spent half on himself and invested the other half

He may not have spent every last penny either.

Though I'd understand wanting to give the impression to the public that the money has already been spent...reduce the chance that some scammer or con artist would try to contact you thinking that you had the cash at hand. LOL

He didn't make this from his business. He got lucky. But yes, I do own my own business.

Or drug dealers wanting their money.....

Doesn't matter if he made it from his business or not. He invested some into his business by buying a truck (which can be used in his business) and a bobcat,which is a good investment.

He should thank all of the suckers that dumped that $100 grand there.
They have to push these stories to attract more suckers.

Since he didn't make the money through business, but rather by getting lucky, isn't it all the more commendable that he's putting half (probably more than half, since i'm guessing a bobcat and a pickup cost substantially more than a car and a motorcycle) toward the business?

After counting his other slot machine wins that night, he won just over $110,000.

The only gambling that I'm directly familiar with is illegal football betting with a bookie.

After winning $110,000 with legalized gambling, how much of that gets taxed, if any?

Mike grew up on the East Side...good for him.

Jr, the casino probably withheld about 30% of the winnings before they paid him that much money.

At the horse track, guys who have never worried about filing taxes, used to make their living cashing big winning tickets for players.

For a prize that large, there would be 31% withholding taken out immediately.

Then he'd receive a W-2G form showing what he won and what he paid in taxes.

The winnings would count as "income" and he'd use the W-2G form when he filed his taxes. Exactly what he would end up paying would depend on his other taxable income, deductions, etc.

I was once the recipent of a W-2G form, which is where my info comes from...I have been through the process.

(Though, unfortunately, not on the scale of this man's casino winnings. The automatic withholding and W-2G form apply to winnings $5K or greater.)

I think taxable winnings are actually $1200 or more, not $5k. Hence why you will see some lower denom machines only pay out $1199 at max.

This is a love hate story for me. First I'm happy to see it go to someone local and to a business owner who used it as an investment.

But the story is really worries me because of how many people will win ok, and despite them friends saying cash out they keep going only to lose it all and potentially a lot more. That's how addictions brew.

Saw this online, and it explained a little how he had managed to buy the Bobcat so quickly:

“I bought two brand new work trucks for his company plus a Bobcat and a Bobcat trailer,” he said. “I had been talking about taking out a loan to buy the Bobcat, so I just saved myself five years worth of payments of about $1,000 a month.

“Other than that, it hasn’t changed my life at all. I’ve been to work every day since I won,” he said.

http://www.presspublications.com/from-the-press/9503-cha-ching-lady-luck-smiles-on-oregon-man-at-hollywood-casino

Anything $600 or more has to be reported, that's why if you read a lotto ticket you have to fill out paperwork and either get a form to claim your money at a bank or wait for the lottery to mail you a check.

AC is correct--you must report over $600 in winnings to the IRS.

http://www.bankrate.com/finance/money-guides/reporting-gambling-winnings.aspx
When you pocket $600 or more (and that amount is 300 times your bet) at a horse track, win $1,200 at a slot machine or bingo game, or take $1,500-plus in keno winnings, the payer must get your Social Security number and let the IRS know you came into the extra income.

You also get to write off gambling losses...

If you are paid 600 or more they are supposed to issue you a 1099, contract labor as well.

thats if your working for someone under contract labor.

Went tonight, was going to try the five star restaurant but my girl insisted we try the buffet instead because it would be cheaper. $76!! for a buffet. Well $64 + $12. It was good but wow.

I refuse to gamble, but gave her a 20 and it was gone in 10 clicks and 40 seconds at the penny slots.

We left shortly after.

Wasn't that impressed with the aesthetics of the place either. It's like walking into a gold brick. Everything is a hue of yellow, even the paintings are like that. There was a bar/restaurant (?) in the center with glass walls and each pane is a TV display, that was cool for the geek in me.

TIL a lot of older generation Toledoans have a lot of disposable cash.

Man my luck must be better than I thought because I can gamble on 20 bucks for an hour or so.

I played blackjack for 15 hours, 600+ hands and wagered a total of $9000+. I followed the basic strategy charts very closely.

At the end of the experience I was.....up $5.00!

Statistically I beat the house :)

I am teaching a statistics class in the fall and thought I would use my experience as a teaching tool for probabilities.

Sadly, I came across person after person who had no idea about probabilities, had mystical ideas about luck, jinxes and streaks.
I encountered people losing thousands and thousands in a single day.

Sad.

Wow, 15 hours at the tables. That takes some endurance. Breaking even or winning $5 counts as a win in my book.

I was there last night for dinner
And HOLY SHIT the place was PACKED

INC, just for future reference, I think money lasts a lot lasts on the quarter machines. Find one where the max bet is 3 quarters, not 5.

The penny machines actually cost more per draw than the 3 quarter machines. (Assuming you're playing max credits each draw, which you should.)

I can stretch out $20 on 3 quarter slots for over an hour.

Um...not that I gamble or anything like that. ;)

(Ack...damn auto correct. Should say "lasts a lot longer")

The 15 hours went by fast :) It was actually a lot of fun. Got to meet a bunch of interesting people including the dealers. In fact, I came to really like the dealers. They were all new at this and did not try to hide that fact. Many of them made mistakes (not dealing cards to all the players, not paying off properly, adding up cards wrong, not asking for insurance, and even mishandling cards to the extent that one could get a flash of the hole card.)

I actually tried to do some high-low counting but that got old very fast.

Have not been back since. I am sure I will stop in for another marathon session at some point in the future. I need to get clearance from the wife for a long session and that is harder than actually winning money :)

I took statistics for engineers and scientists last Semester and our prof loved talking about the probability of craps and other casino games. Good times.

Statistics was a favorite of mine. It should be taught at the high school level, too. It gives one a good basis for evaluating all the claims that "studies" have "proven" this & that.

I haven't been yet, but am looking forward to checking it out. If you don't mind me asking Star, what's the most you were up / down during your session? Was it a $15 table, and did they change the table minimum at all while you played?

Yes I played a $15.00 table and the minimum was never changed.

The most I was up was $385, down $290.

They have poker there, right? A cousin of mine paid for his entire college education playing online poker. He's actually in Las Vegas right now...which is silly, we have our own damn casino now haha

What's the lowest table minimum they were running? That's still too rich for my blood...

Lowest table minimums:

Big Six: $2
Roulette: $10
Blackjack: $15
Let It Ride: $15/45
Mississippi Stud: $15
Mini Baccarat: $15
Ultimate Texas Hold Em': $15

I have been there 3 times already and that is the lowest I have seen those tables. I have been there various times. First time I went it was Sunday around 1:00am, Tuesday around 11:00pm, and Thursday at 9:00pm.

The tables have treated me well thus far. The slot machines on the other hand have been extremely tight.

Do the casinos send a form to IRS if you win in smaller amounts, say $900? Just curious because my sister won that and if she has to pay taxes on it she will be mad.

yes. anything over $599.

That's a bummer, eh. So now I get to call her and tell her that her cashed out ticket has to be claimed on her taxes. She will not be a happy camper for sure !! LOL

I thought it was $1,200 or more. That's what justareviewer posted earlier in the thread.

http://www.irs.gov/pub/irs-pdf/iw2g_11.pdf