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And this here is the ultimate guide you will ever need on how to make money at the Casino Slot Machines. Winning at the Casino Slot Machines will take a combination of different strategies to. Gambling is not a good alternative for earning extra cash. Each game you play at a casino has a statistical probability against you winning. Slot machine odds are some of the worst, ranging from.
Do you like to gamble? If so, then you should know that the taxman beats the odds every time you do. The Internal Revenue Service and many states consider any money you win in the casino as taxable income. This applies to all types of casual gambling – from roulette and poker tournaments to slots, bingo and even fantasy football. In some cases, the casino will withhold a percentage of your winnings for taxes before it pays you at the rate of 24 percent.
Casino Winnings Are Not Tax-Free
Casino winnings count as gambling income and gambling income is always taxed at the federal level. That includes cash from slot machines, poker tournaments, baccarat, roulette, keno, bingo, raffles, lotteries and horse racing. If you win a non-cash prize like a car or a vacation, you pay taxes on the fair market value of the item you win.
By law, you must report all your winnings on your federal income tax return – and all means all. Whether you win five bucks on the slots or five million on the poker tables, you are technically required to report it. Job income plus gambling income plus other income equals the total income on your tax return. Subtract the deductions, and you'll pay taxes on the resulting figure at your standard income tax rate.
How Much You Win Matters
While you're required to report every last dollar of winnings, the casino will only get involved when your winnings hit certain thresholds for income reporting:
- $5,000 (reduced by the wager or buy-in) from a poker tournament, sweepstakes, jai alai, lotteries and wagering pools.
- $1,500 (reduced by the wager) in keno winnings.
- $1,200 (not reduced by the wager) from slot machines or bingo
- $600 (reduced by the wager at the casino's discretion) for all other types of winnings but only if the payout is at least 300 times your wager.
Win at or above these amounts, and the casino will send you IRS Form W2-G to report the full amount won and the amount of tax withholding if any. You will need this form to prepare your tax return.
Understand that you must report all gambling winnings to the IRS, not just those listed above. It just means that you don't have to fill out Form W2-G for other winnings. Income from table games, such as craps, roulette, blackjack and baccarat, do not require a WG-2, for example, regardless of the amount won. It's not clear why the IRS has differentiated it this way, but those are the rules. However, you still have to report the income from these games.
What is the Federal Gambling Tax Rate?
Standard federal tax withholding applies to winnings of $5,000 or more from:
- Wagering pools (this does not include poker tournaments).
- Lotteries.
- Sweepstakes.
- Other gambling transactions where the winnings are at least 300 times the amount wagered.
If you win above the threshold from these types of games, the casino automatically withholds 24 percent of your winnings for the IRS before it pays you. If you cannot provide a Social Security number, the casino will make a 'backup withholding.' A backup withholding is also applied at the rate of 24 percent, only now it includes all your gambling winnings from slot machines, keno, bingo, poker tournaments and more. This money gets passed directly to the IRS and credited against your final tax bill. Before December 31, 2017, the standard withholding rate was 25 percent and the backup rate was 28 percent.
The $5,000 threshold applies to net winnings, meaning you deduct the amount of your wager or buy-in. For example, if you won $5,500 on the poker tables but had to buy in to the game for $1,000, then you would not be subject to the minimum withholding threshold.
It's important to understand that withholding is an entirely separate requirement from reporting the winning on Form WG-2. Just because your gambling winning is reported on Form WG-2 does not automatically require a withholding for federal income taxes.
Can You Deduct Gambling Losses?
If you itemize your deductions on Schedule A, then you can also deduct gambling losses but only up to the amount of the winnings shown on your tax return. So, if you won $5,000 on the blackjack table, you could only deduct $5,000 worth of losing bets, not the $6,000 you actually lost on gambling wagers during the tax year. And you cannot carry your losses from year to year.
The IRS recommends that you keep a gambling log or spreadsheet showing all your wins and losses. The log should contain the date of the gambling activity, type of activity, name and address of the casino, amount of winnings and losses, and the names of other people there with you as part of the wagering pool. Be sure to keep all tickets, receipts and statements if you're going to claim gambling losses as the IRS may call for evidence in support of your claim.
What About State Withholding Tax on Gambling Winnings?
There are good states for gamblers and bad states for gamblers. If you're going to 'lose the shirt off your back,' you might as well do it in a 'good' gambling state like Nevada, which has no state tax on gambling winnings. The 'bad' states tax your gambling winnings either as a flat percentage of the amount won or by ramping up the percentage owed depending on how much you won.
Each state has different rules. In Maryland, for example, you must report winnings between $500 and $5,000 within 60 days and pay state income taxes within that time frame; you report winnings under $500 on your annual state tax return and winnings over $5,000 are subject to withholding by the casino due to state taxes. Personal tax rates begin at 2 percent and increase to a maximum of 5.75 percent in 2018. In Iowa, there's an automatic 5 percent withholding for state income tax purposes whenever federal taxes are withheld.
State taxes are due in the state you won the income and different rules may apply to players from out of state. The casino should be clued in on the state's withholding laws. Speak to them if you're not clear why the payout is less than you expect.
How to Report Taxes on Casino Winnings
You should receive all of your W2-Gs by January 31 and you'll need these forms to complete your federal and state tax returns. Boxes 1, 4 and 15 are the most important as these show your taxable gambling winnings, federal income taxes withheld and state income taxes withheld, respectively.
You must report the amount specified in Box 1, as well as other gambling income not reported on a W2-G, on the 'other income' line of your IRS Form 1040. This form is being replaced with a simpler form for the 2019 tax season but the reporting requirement remains the same. If your winnings are subject to withholding, you should report the amount in the 'payment' section of your return.
Different rules apply to professional gamblers who gamble full time to earn a livelihood. As a pro gambler, your winnings will be subject to self-employment tax after offsetting gambling losses and after other allowable expenses.
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Sweepstakes sites offer legal casino gaming in just about all US states (except Washington). Sweepstakes casinos allow players to play online sweepstakes games for cash prizes, with casino games that operate as mini-sweepstakes contests.
Sites like Chumba Casino, LuckyLand Slots, and Funzpoints present the opportunity to play slots and table games, with cash prizes rewarded. These sites don't operate like traditional real-money casinos.
Play money games and sweepstakes games are available at sweepstakes casinos. Play money packages can be purchased, and those purchases also award sweepstakes cash.
The sweepstakes cash can be used to play in the sweepstakes games. When players win sweepstakes games, they can redeem their winnings for cash prizes.
Best Sites To Play Sweepstakes Online Casinos For Money
- Chumba Casino – Our pick for best sweepstakes casino for table games and slots
- LuckyLand Slots – Our pick for the best sweepstakes casino for slots
- Global Poker – Our pick for best online sweepstakes casino for online poker players. Learn more about Sweepstakes Poker here.
- Funzpoints – Our pick as the best alternative to sites like Chumba Casino for players looking for variety
Best Sweepstakes Online Gambling Sites
| Site | Our Pick For | Bonus Offers | Number Of Games | Where To Play |
|---|---|---|---|---|
| ChumbaCasino | Good variety of slot and table games | $10 Bonus Package | 70 slots, 2 roulette games, plus blackjack | Play Now |
| LuckyLand Slots | Perfect for slot players | First Purchase $4.99 Package | 20 slots | Play Now |
| Global Poker | Option for online poker players | 20 Sweep Coin Sign Up Bonus | No-Limit Texas Hold'Em, Pot-Limit Omaha, Ring Games, Tournaments | Play Now |
| Funzpoints | Alternative to sites like Chumba Casino | $20 Deposit Match | 20+ slot games & Keno | Visit Site |
Most Popular Sweepstakes Casino: Chumba Casino
leads the pack as the most popular US-facing sweepstakes casino site. Players at Chumba Casino enjoy a variety of slots, as well as video poker, blackjack, and roulette.
The game selection at Chumba Casino presents the true casino experience to players across the US. Like most casinos, most of the games offered on the platform are slots.
Players enjoy more than 60 kinds of slots at Chumba Casino. These variants include five-reel, multiway win slots, as well as classic three-reel slots.
Progressive jackpot slots at Chumba Casino offer sweepstakes grand prizes that reach into seven figures.
Gold Coins And Sweeps Coins
The games at Chumba Casino include play-money games and sweepstakes games. For the play-money games, players purchase packages of 'Gold Coins' to use as currency for those games.
With Gold Coins package purchases, small amounts of 'Sweeps Coins' are awarded as a gift. Players use the Sweeps Coins to play in the Sweeps Coins games and earn cash prizes.
Players also acquire Sweeps Coins for free through various social media and mail-in promotions offered by Chumba Casino. With these special offers, players can play the Sweeps Coins games at Chumba Casino for free, with the chance to win cash prizes.
Why We Like Chumba Casino:
- It's a great US sweepstakes casino site for players living in states without legal online casinos for real money.
- Easy-t0-enter free sweeps cash casino with mail-in offers. Online purchases include Chumba Casino special offers like a $10 deal for 3M Gold Coins and 30 Sweeps Coins.
- Chumba Casino free sweeps and daily login bonuses mean there's always ways to play for free.
- 70 slot games, roulette, and blackjack
Other Top Sweepstakes Casino Sites for 2020
LuckyLand Slots
LuckyLand Slots operates in a similar way to Chumba Casino. Players sign up in just a couple of easy steps, either by creating a new account, or signing up through Facebook.
Upon signing up, LuckyLand gifts players with an amount of Gold Coins for use in the site's play money games. After account verification, new players are also gifted with SC 10, a $10 USD equivalent of Sweeps Coins.
Players can switch between the Gold Coins and Sweeps Coins games at any time. Prizes won in the Gold Coins games are redeemable for real US dollars.
Funzpoints
Operating under the sweepstakes casino model, Funzpoints offers play money casino games, as well as the 'Funzpoints Premium' playing experience. Sites like Funzpoints offer a variety of slot games for players in states that don't offer online casinos for real money.
Players use Funzpoints Premium points to play on the site's sweepstakes casino games. They redeem the Funzpoints Premium Points for real US dollars at a rate of 100 points to $1 USD.
New players get 250 premium points just for signing up at Funzpoints, with no purchase necessary.
Can I Win Real Money Playing At Sweepstakes Casinos?
How Does The Currency System Work At Sweepstakes Sites?
Players win cash prizes at sweepstakes sites like Chumba Casino. Directly depositing money at a sweepstakes casino site isn't possible, however.
Sweepstakes casinos offer two different sets of games; play money games and sweepstakes games. Upon registering for a new account at LuckyLand Slots, the site awards new players an amount of 'Gold Coins,' which are the currency used for the play money games.
Players purchase Gold Coins packages to increase the amount of currency a player has for the play money games. With Gold Coins purchases, an amount of Sweeps Coins is awarded.
The Sweeps Coins can then be used to play in the sweepstakes games, with prizes redeemable for cash prizes.
LuckyLand Slots Currency System
For example, when players at LuckyLand Slots click on the 'Buy' tab at the top of the screen, a menu for Gold Coins purchases appears. Various Gold Coins packages are available for purchase, with each package offering an amount of Gold Coins, as well as a Sweeps Coins gift.
One of the more generous packages offers players 80,000 Gold Coins, as well as a gift of SC 20.49, for a purchase of $19.99 USD. The SC 20.49 is used to play in the Sweeps Coins games.
After meeting the playthrough requirement, Sweeps Coins can be redeemed for real US dollars at a rate of SC 1.00 for $1 USD.
Aside from free social media and mail-in offers, Sweeps Coins can only be obtained by purchasing Gold Coins packages. Players cannot deposit an arbitrary amount of USD and receive an equivalent amount of Sweeps Coins.
How Do I Enter Without Depositing?
Sweepstakes casino sites always present ways to play the sweepstakes games without depositing any money. Platforms like Chumba Casino are required to offer free Sweeps Coins through various promotions to legally operate in the US.
Promotions offering free sweepstakes games credit can generally be redeemed through mail-in or social media offers.
Chumba Casino Free Sweeps Coins Offers
At Chumba Casino, for example, detailed instructions for obtaining free Sweeps Coins are available from a link in the main lobby.
At the top of the screen, under the Sweeps Coins/Gold Coins balance, players click on the 'Sweeps Rules' link. The link brings up the official rules in which Chumba Casino operates.
As outlined in these rules, the purchase of Gold Coins packages is one way to get Sweeps Coins. There are a couple of other methods to acquire Sweeps Coins for free.
Mail-In And Social Media Offers For Free Sweeps Coins
Players 18 and over with a valid Chumba Casino account can receive SC 5.00 at any time through a mail-in offer.
To redeem the offer, players must provide full name, address, and the phrase 'Sweepstakes Credits' on the front of a stamped #10 envelope. Players then send the envelope to Chumba Casino's Sweepstakes Department.
The address for US players to send the envelope to is listed in the 'Sweeps Rules' section. Upon receiving the envelope, Chumba Casino will credit the SC 5.00 to the player's balance.
In addition to mail-in offers, the Chumba Casino Facebook page also regularly offers free Sweeps Coins promotions.
Winning Cash Prizes Without Depositing: Step-By-Step Guide
With free Sweeps Coins offers in place, players win cash prizes at Chumba Casino without ever purchasing a Gold Coins package.
For example, after registering for an account at Chumba Casino, a player could then redeem the SC 5.00 mail-in offer. That SC 5.00 isn't withdrawable as real US dollars but is eligible for withdrawal after a player reaches the 1x playthrough requirement (wagering a total of SC 5.00).
A player could use that SC 5.00 to play the Western Gold progressive slot, for example. The Mini jackpot on that slot can pay SC 400 or more at times.
A new player could redeem the free mail-in Sweeps Coins offer, use the free SC 5.00 to play Western Gold, and win the SC 400 jackpot. That SC 400 is then redeemable as $400 in cash prizes, without the player ever spending any money on the site.
Purchases And Cashouts At Sweepstakes Casinos
Typical Purchase Methods
Players purchase play money packages at sweepstakes casinos using many of the same methods used to deposit at real-money casinos.
At Chumba Casino, for example, players click on the 'Buy Now' tab at the top of the screen, which opens a menu of various Gold Coins package offers. One such offer is a 35,000,000 Gold Coins package, which comes with a gift of SC 104.00, for a $100 USD purchase.
Clicking on that offer brings up a 'Payment Methods' menu. Purchase methods include online banking, debit/credit cards, Skrill eWallet, instant ACH, and Paysafecard.
Online Banking
Players purchase Gold Coins packages directly through a valid bank account. This option is available for bank account holders of virtually every bank in the US.
Debit/Credit Cards
Debit and credit cards issued by Visa, MasterCard, and American Express can be used to purchase Gold Coins packages. This method is usually instantly approved, with the Gold Coins and gifted Sweeps Coins immediately available for use.
Skrill, Instant ACH, And Paysafecard
Instant ACH and Paysafecard purchase methods are linked to the Skrill eWallet purchase option. To use any of these three methods, players must have a valid Skrill account.
How To Cash Out Cash Prizes
Chumba Casino allows players to redeem Sweeps Coins for cash prizes. Cash prizes go directly into a player's valid bank account or Skrill Wallet. Sweeps Coins redemptions can also be converted into a gift card. To cash out, a player's Sweeps Coins balance must be at least SC 100.
To redeem Sweeps Coins for cash prizes, players click on the 'Redeem' tab at the top of the screen. Clicking this button brings up the following requirements for redeeming Sweeps Coins:
Government Issued Photo ID
Acceptable ID includes a valid driver's license, passport, state-issued or national ID.
Proof Of Residential Address
Players use documents like utility bills and bank statements to meet the proof of address requirement.
Bank Statement
Players must provide a valid bank statement with account details for the bank account they wish to use for cashouts. The bank statement must include a current address and be issued no more than three months before the date of verification.
Chumba Casino uses NetVerify to confirm these documents. Once verified, the casino issues players a PIN for all future withdrawals from Chumba Casino.
Sweepstakes Casinos: Blocked And Allowed States
Chumba Casino, LuckyLand Slots, and Funzpoints are all legally accessible to players in virtually every US state, as well as Washington DC. Sweepstakes sites are a good option in states like California, Florida and Texas, where online gambling is more restrictive.
The only exception is Washington state, which deems sweepstakes casino sites illegal. Players in Washington state are restricted from making any purchases, based on IP address location.
In all other US states, however, sweepstakes casino sites operate legally. Players in any of these states can purchase Gold Coins packages, play the sweepstakes games, and redeem sweepstakes credits for cash prizes.
Comparing Sweepstakes Casino Sites To Traditional Online Casinos
What's The Same?
Sweepstakes casino sites offer many of the same games enjoyed by players at legal, real-money online casinos. Like their real-money counterparts, the virtual landscape of a sweepstakes casino looks a lot like the floor of a land-based retail casino.
As with most casinos, slots are the most popular and widely offered game at sweepstakes casinos. Table games like roulette and blackjack, as well as video poker, are found at sweepstakes casino sites as well.
Chumba Casino Game Selection
Chumba Casino, the most popular US-facing sweepstakes casino platform, offers more than 60 different slot variants. The menu includes progressive jackpot slots, with grand prizes that can be redeemed for seven-figure cash prizes.
The platform's slot selection includes multiway five-reel slots, as well as classic three-reel slots. All of Chumba Casino's slots can be played at denominations as low as SC 0.01, up to high limit, big jackpot games that allow for SC 25 or more to be wagered on a single spin.
Other games at Chumba Casino include Blackjack and American Roulette. Video poker players are also in luck, as Jacks or Better video poker is also on the menu at Chumba Casino.
What Sets Sweepstakes Casinos Apart?
Casino gamers can find just about all of their favorite games on sweepstakes sites like Chumba Casino. With many different slot variants, table games, and video poker available, the experience of playing at a sweepstakes casino is a lot like playing on a real-money online casino platform.
For ease of access and scope of availability, however, sweepstakes casinos are in a category of their own.
Ease Of Access And Scope Of Availability
Sites like Chumba Casino and LuckyLand Slots can be played directly from a desktop browser, with no download required. The amount of time required to set up an account is minimal. New players can go from discovering a sweepstakes site to playing in less than a minute.
New players 18 and over with an existing Facebook account can simply log into a sweepstakes casino site through their Facebook account, and start playing immediately.
Legal, real-money online casinos currently operate in only a handful of US states. For most of the US, sweepstakes sites are the go-to option for legal casino gaming.
With both play-money and sweepstakes games available to virtually all of the US, sweepstakes sites offer the easiest and most accessible way to enjoy legal casino gaming.
Five Minute Guide To Sweepstakes Casinos
Playing Sweepstakes Slots
With numerous slot variants on the menu, sweepstakes sites offer an authentic casino experience.
Fans of the world's most popular casino games find progressive jackpot slots, as well as numerous versions of five-reel, multiway slots, at sweepstakes sites like LuckyLand Slots. Classic three-reel slots can also be found.
Stampede Fury At Chumba Casino
The Stampede Fury progressive slot is linked to the biggest progressive jackpot at Chumba Casino. Playing Stampede Fury (or its sister slot, Reelin n' Rockin) offers the chance to win a Grand Jackpot that sometimes reaches over seven figures in Sweeps Coins prizes.
Stampede Fury is a five-reel, multiway slot offering 243 ways to win. To hit the Grand Jackpot, players must spin and land on six or more coin icons.
Lining up six or more of the coin icons activates the Fireshot Jackpot, which holds the coin symbols in place. Players then must spin coin symbols into all 15 positions on the slot to hit the progressive jackpot.
Neon Valley At LuckyLand Slots
The largest progressive jackpot found at LuckyLand Slots comes via the Neon Valley slot.
This five-reel game is played with a wild west poker theme, with players trying to line up three bull icons for a shot at the Grand Jackpot.
If three bulls are spun, players then try for the Grand Jackpot, which can go into the five-figure territory or bigger.
Crude Tycoon At Funzpointz
The Crude Tycoon slot is one of the featured games at Funzpointz. This five-reel, multiway slot allows players to bet on up to 20 lines.
Full of multipliers and wild symbols, Crude Tycoon offers numerous ways to win. With all of the different winning possibilities, this slot never gets boring.
Blackjack At Sweepstakes Casinos
Slots may rule the virtual floors of sweepstakes casinos, but classic games such as blackjack are at the disposal of players as well.
At Chumba Casino, Las Vegas-style blackjack is one of the games available away from the virtual slot floor.
Blackjack At Chumba Casino
Chumba Casino Blackjack offers the same rules and payouts seen in classic blackjack at retail casinos.
Blackjack pays 3-to-2 at Chumba Casino, with wagering available from SC 1 up to a max of SC 100. The dealer must stand on all 17s.
The blackjack experience at Chumba Casino offers the thrill of one of the most popular casino games in the world, with the ease of playing at a sweepstakes site.
Other Casino Games At Sweepstakes Casinos
Paintball Keno at Funzpoints
Funzpoints' version of Keno takes the vintage casino game and presents it with a new spin. Players choose up to 10 numbers in four different colors, for a maximum amount of 40 numbers.
Payouts are based on how many numbers of each color are drawn. Bonus flag icons are also placed randomly on the board, multiplying payouts.
Win Money Everyday At Casinos
American Roulette At Chumba Casino
American Roulette is another classic casino table game on the menu at Chumba Casino. This game plays much like it would at a land-based casino. This includes zero and double zero on the board and multiple ways to wager.
Jacks Or Better Video Poker At Chumba Casino
Players looking for video poker at Chumba Casino will find one of the most popular versions of the game on the menu. Jacks or Better plays like a virtual, single-player five-card draw game, with the Royal Flush offering the ultimate payout.
How Do Bonuses Work At Sweepstakes Casinos?
Chumba Casino New Player Bonuses
New players signing up at Chumba Casino start with SC 2 to use in the sweepstakes games on the site.
New players receive 2,000,000 Gold Coins and Bonus 2 Sweeps Coins free along with a $30 Gold Coin package, including 3,000,000 Gold Coins and Bonus 30 Sweeps Coins, for just $10 on your First Purchase.
LuckyLand Slots New Player Bonuses
Upon signing up at LuckyLand Slots, new players get an SC 10 balance for play on the site's Sweeps Coins Games.
The platform's first purchase bonus offers SC 10 for a $4.99 USD purchase.
Sweepstakes Casinos FAQ
Three major sweepstakes casinos are available to US players. Chumba Casino, LuckyLand Slots, and Funzpoints are all US-facing sweepstakes casino platforms.
Casinos like Chumba and the others are available in virtually all of the US, with 49 states and Washington DC allowing players to legally access sweepstakes casinos. The only exception is Washington state, which outlaws sweepstakes casinos.
How To Win More At Slots: Secrets To Pick A Winning Slot Machine
The minimum legal age to play at US-facing sweepstakes casinos is 18. This age applies no matter where a player is located.
How Do Online Casinos Make Their Money? - Quora
Online sweeps casinos don't require players to provide identification to play. But to cash out from a sweepstakes casino, players must be able to provide documentation of age, identity, and location.
Yes. The selection of slots at the three major sweepstakes casinos includes five-reel, multiway win games, as well as vintage-style three-reel slots.
These online sweepstakes slots are much like the slots found on the floor of a land-based casino. Sweepstakes casinos offer progressive jackpot slots that pay up to seven-figure grand prizes.
Slots are the main attraction at sweepstakes casinos, much like real-money retail and online casinos. Most of the games found at sweepstakes casinos are slot machines.
Players also find games like blackjack, roulette, and video poker at Chumba Casino. Funzpoints offers Keno and LuckyLand Slots offers instant win scratch-off games.
No. None of the US-facing sweepstakes casinos offer live dealer games yet. Live dealer games, for now, are only found at legal real-money online casinos.
Yes. Sweepstakes casinos legally operate in California. California players can play in sweepstakes casino games and redeem prizes for real US dollars.
There are no legally operating, state-regulated real money online casinos in California, making sweepstakes casinos the best options for California players.
Yes. Texas is one of 49 US states that allow sweepstakes casinos to operate legally.
Casino Real Money
Much like in California, sweepstakes casinos offer the best solution for Texas players looking for legal online casino gaming.
