LAS VEGAS (KLAS) — A significant win for gamblers raises the jackpot reporting threshold to $2,000 subsequent yr, officers confirmed this week.
For gamblers accustomed to the $1,200 threshold for slot machine jackpots, it is huge information. Slots that lock up whereas the participant waits for hand-paid winnings — together with a requirement to report winnings to the IRS — typically imply a 20-40 minute wait. It additionally brings numerous paperwork for the on line casino.
However now a change tucked away within the “One Big, Beautiful Bill” that handed on July 3 will replace the edge.
It is a battle that Democratic Nevada Rep. Dina Titus has fought for by means of the years, in search of the next restrict to maintain up with inflation. Her workplace confirmed the change this week, and Titus is searching for extra.
“While raising the slot reporting threshold to $2,000 is a step in the right direction, it is still inadequate. The IRS Advisory Council recommended this threshold be raised over $5,000 and indexed to inflation. The current threshold has not been updated since 1977. I will continue to advocate for the SLOT Act which adjusts the jackpot threshold accordingly to keep up with inflation and improve the gaming experience for the customer and operator,” Titus stated.
Titus and nationwide playing organizations have been pushing for the change, however the SLOT Act hasn’t handed into regulation.
Whereas $1,200 is a large jackpot for some gamblers, latest experiences from casinos present individuals are betting larger to win greater quantities. A latest million-dollar slot jackpot was gained on a $4 guess, however that’s uncommon.
Discuss surrounding the change began with a Monday report from SBC Americas, a playing information portal.
SBC Americas quoted an official with the American Gaming Affiliation, who known as it a hard-fought win for the trade. There are nonetheless regulatory hurdles for the change to completely take impact, Chris Cylke, AGA senior vice chairman of presidency relations, advised SBC Americas.
One other gaming information group, On line casino.org, sorted by means of tax questions raised on-line, confirming the change and reporting that it’ll take impact Jan. 1, 2026. IRS kinds will must be up to date, based on their most up-to-date report.
8 Information Now reached out to AGA officers on Thursday and Friday, however we’ve not obtained a response.
