Nevada Wants to Increase the Minimum Jackpot That Must Be Reported

Nevada Wants to Increase the Minimum Jackpot That Must Be Reported

Las Vegas, Nevada

Nevada Operators will no longer have to deal with a lot of paperwork, and players won’t have to wait around, which is a pain in the current situation.

If Nevada’s legislators follow the demand made by Representative Dina Titus, an outdated and ineffective rule related to the minimum amount of earnings that must be reported from slot machines may finally get revised.

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Titus, who the previous year proposed a bill to raise the reporting threshold but the bill did not find support to progress, is now determined to take it this time over the line and offload a significant amount of paperwork for casinos, as well as frustration for customers waiting for their winnings to be processed.

He is also determined to take it this time over the line and offload a significant amount of frustration for customers waiting for their winnings to be processed.

Titus was quoted by the Review-Journal as saying that the company will instead focus on pushing legislation because “there was a time when the company was trying to get the Treasury Department to do this through regulation, but they never moved, so they’re just going to push the legislation instead.”

The current rule, which was set up in 1977, says that any jackpot win of more than $1,200 must be reported to the Internal Revenue Service on a W-2G form by the operator. This is true whether the operator is a casino, bar, restaurant, convenience store, or even airport staff. This rule applies to all of these establishments.

Titus, who is a co-chair of the Congressional Gaming Caucus, is sure that this “archaic” threshold should be changed to take into account how much the world has changed in the 46 years since it was put in place and to reduce the amount of paperwork operators have to do. This would be done in order to reflect the dramatic changes in the landscape over the course of the 46 years since it was first implemented.

She believes that states that have some form of commercial or tribal gaming could provide support for her proposal, which aims to raise the reporting threshold to $5,000 and index it to the annual inflation rate.

She is calling for support from both sides of the political aisle for her initiative. Furthermore, she is determined to make it a cause in the caucus because not just Las Vegas (her legislative district includes the Strip), but everyone will benefit from it. Her legislative district includes Las Vegas.

At the moment, the procedure that must be followed when a player hits a jackpot on a slot machine requires the machine to be taken offline after the attendants have checked it and verified the winner’s identification.

This is the case because the procedure is currently in place. However, there are some establishments in which the process might not begin for a while because the casino staff or other personnel are busy with other responsibilities. As a result, customers are forced to wait, sometimes for hours at a time.

Alex Costello, vice president of government relations for the American Gaming Association (AGA), stated that the process “takes a little air out of the tires and “certainly is a compliance headache” for operators. Costello went on to say that “it certainly is a drain on the consumer,” adding that the process “takes a little air off the tires.”

There were more than 15 million W-2G forms sent to the IRS in 2020, according to the most recent numbers that are available, and now, as the industry is rebounding from the epidemic lows, it is expected that the number of jackpots that can be won will increase.

Titus stated that the proposal ought to pass the House of Representatives if the measure is a high enough priority for the majority of members of Congress. Titus thinks that senators from Nevada will take the lead and get approval from the Senate once the House votes for the plan. 

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About Lou De Aguila

Lou Aguila is a news and feature writer for Golden Casino News. For over a decade, Lou has published news and featured articles for some of the most reputable sports betting and online casino sites in the world, including BetNow.UK, VegasOdds, and BWin. Apart from being a hardcore live casino punter, he also covers sports stories in North American leagues from time to time.