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They’d rather the person keep playing until their luck ran out so the casino could get some or all of their money back. Seeing people win also encourages other players to join in and test their luck. At Casino Knights Inc. we’d never cut guests off during one of our casino parties in Central Texas. Since no one is really putting money on the line, everyone walks away a winner.
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Whether it be a casino, a race track, lottery or a contest, the payer of any winnings must provide a Form W-2G to the winner with an identical copy filed with the IRS. Step. Calculate the fair market value of the win. Some winnings will not be in cash. You may win a vehicle, a boat or another item of substantial value.
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