Taxes
The Feds and the casino cities want their cut of your winnings. Columbus became the latest city to impose an income tax on any winnings from games of chance, including church raffles, the Ohio Lottery and other drawings. Even bingo and March Madness winnings are included.
The tax is applicable to any resident of the city who wins, no matter where the resident wins the game. Winnings from blackjack in Vegas, craps in Atlantic City, and slots in Mississippi are all taxable.
In addition, any non-resident of Columbus who wins in Columbus will be subject to the tax.
Threshold winnings:
- $1,500 – Keno
- $1,200 – Slots, VLTs, bingo, table games such as blackjack, roulette, craps, poker, other card games
- $600 – Betting pools, sweepstakes, lotteries, raffles, horse or dog racing, drawings, other promotions.
The other casino cities have the same tax, but Columbus and Cincinnati, at 2.5%, are the highest.
For the Feds, if your winnings are subject to withholding tax, you should receive a W-2G form.
Threshold winnings:
- $1,200 – Bingo or slot machines
- $1,500 – Keno (amount of winnings minus amount of wager)
- Greater than $5,000 – Poker (less the wager)
- Greater than $600 – any game except bingo, slots, keno or poker, where payout is at least 300 times amount of the wager.