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Taxes on Keno Winnings

 

Since there is the possibility of a huge payoff resulting from a relatively small initial wager, the IRS has demanded that a11 casinos record the social security numbers of certain winners.

The following is the schedule that is generally posted some where near the keno lounge of most casinos. If not posted, then let the following rules guide you.

Total Price of Ticket Payoffs Reportable
From Through
$0 $ .59 $600 or more
.60 .89 1,200 or more
.90 1.19 1,800 or more
1.20 1.79 2,400 or more
1.80 2.39 3,000 or more
2.40 2.99 3,600 or more
3.00 3.59 4,200 or more
3.60 9.99 6,000 or more
10.00 and over 10,000 or more

Gambling losses may be deducted from gambling wins, so it's important to save losing tickets if you've won enough to have a reportable win. This places an uncomfortable and unfair burden upon the player, who may have lost a great deal of money in other games during the year. Suddenly he or she makes a big win at keno, which is completely taxable, while all previous losses at online blackjack games and craps are next to impossible to verify.

Opener Raised from Late Position
 
Players who open from late position often have weak hands. This tends to be particularly true of players who limp from late position. With only a few players left to act, it's very unusual for a late position opener to limp with a big hand. Most players will raise with a wide range of hands from late position, but the range of hands they'll limp with is restricted to weak hands. You should raise most late position limpers with a wide range of hands with both big card strength and drawing strength.
 
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