.

Maryland Man Wins Nearly $4 Million in Atlantic City

Slot machine payoff is largest in casino’s history.

 

A Maryland man surely has a different perspective on the tax changes the fiscal cliff may bring after winning the largest jackpot in the nine-year history of the Borgata Hotel Casino & Spa on Sunday, according to the Press of Atlantic City.

The man, who asked not to be identified, was on vacation in Atlantic City, played a $5 “Wheel of Fortune” slot machine that offered a progressive jackpot, and won $3,843,951.

How Stuff Works’ website states that the odds of hitting the jackpot on a three-wheel slot machine are 262,144 to 1.

According to the IRS, gambling winnings are “fully taxable, and must be reported on your tax return.” In many cases, casinos will take 25 percent of your winnings for the IRS. While some smaller gambling winnings can be offset by itemizing and gambling losses, winnings in the amount of $1,200 or more from a slot machine must be reported, details Bankrate on its website.

It is unclear whether tax rates on gambling winnings will be affected by the results of the fiscal cliff deal in Washington.

neda miller January 07, 2013 at 08:09 PM
An every minite one of those suckers hit da jackpot....jus sayin
Leroy January 08, 2013 at 08:34 AM
everyday has it on way and every dog have it day
toyon January 08, 2013 at 06:10 PM
Get yo paper homeboy....aint like he was robbing,killing,or pimpin right!!!! No one complains when mega hits!!!lol
Lisa January 08, 2013 at 07:15 PM
No one breaks ur arm to walk n a casino to gamble. It's a choice. Some people r just plain lucky @ times. Wish we had casinos n Texas. Congratulations!
Elaine January 09, 2013 at 07:48 PM
Yes, let the man enjoy his winnings....if it were you, you sure as hell would't be giving it back to the machine. I would pay off some bills, enjoy a nice vacation, help some folks in need. There is plenty to do with it in addition to saving. As one poster put it, he didn't rob, beg, borrow or steal it, so let him enjoy. Congrats!

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »