If similar to present gambling tax laws in U.S. Your win loss statement is decided as per year. My wife and myself in the past accumulated over 30k one year from W2's issued from slot machine winnings. After receiving all my win lose statements from the different casinos
we played at, it showed that with my professional assorted table play, (Baccarat, Blackjack
, Craps) I actually lost over 45k. Making us a negative 15k. Although we weren't allowed to claim the additional loses, we didn't have to pay any taxes on the winnings. In addition I can't say for sure if this is the law, but my accountant does my returns and I would assume this is correct. By the way not one year did I ever have to pay taxes from W-2 winnings. These facts are why I became a poker player around the year "2000"
When at casinos now my wife of course can do what she wants at the slots
, and if I take a break from the poker tables, I always draw my limits with lady luck at the tables to a grand. Should I win over 10k at the tables, or poker I never cash out more then 9k at a time. If you cash out 10k or more regardless even if you already lost 8k you still would have to fill a form out. Not sure if its a W-2 you fill out or not, cause I never would cash out over 9k to find out. This slick move by the way only came into play maybe 3 times in the years I spent in casinos.
When we consider regulation in the U.S. with online gaming, you would have to agree with when weighing the benefits of safety to tax dollars from winnings, (which by the way is a good problem to have) I for sure am all for it. Knowing if you struck gold and hit for a few hundred grand, you for sure would get paid and have legal jurisdiction if there was a problem is certainly comforting to me. Plus the ease of moving money around again to online sites would be a pleasure.
If the tax laws were similar in the form of not being an issue till you won over 10k at the tables, and if you played slots with that $1200.00 winning limit before it's recorded, I would assume that for the majority of online players, tax laws wouldn't really be an issue. Only problem I do see is every penny would accurately be recorded, so the slick less then 10k cash out wouldn't work. Still when having to pay taxes in most cases will usually mean a good thing.