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Do casinos track your players card?

So, ultimately, it should be no secret casinos are tracking everything you do when your player's card is inserted. This includes if you're on a hot or cold streak. But there's no nefarious purpose or attempt to change your payback, but rather is simply a way to make sure you get the proper credit for your play.

knowyourslots.com - Do Casinos Track Hot/Cold Players? – Know Your Slots

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Some players believe that casinos track hot/cold players in an effort to see who may be winning or losing, including perhaps those winning or losing too much. STATUS: They do track every player, and how they’re doing, but the reasons are generally more benign than some players believe. Players have many superstitions when it comes to the player tracking systems. I’ve previously covered that the tracking systems are separate from slot machines and can’t control the game’s outcome.

But casinos of course track the win/loss information, amount bet, etc., for various purposes. One is of course to calculate your offers, but another is to spot players who might be worth approaching. What could trigger this?

Players who are betting a lot; hosts may get out on the floor to introduce themselves as a way of building their book of business. Players who are really hot – a casino might want to throw out a room comp or something to keep the player around longer to try to get that additional play time and hopefully win some of the money back. Greeting players who are important to the casino. Once in Atlantic City I had a host approach me mere minutes after inserting my card the first time to say hello and share some new things about the casino’s app. Niceties like this can build affinity for a property. Hosts and players desks (such as Mlife in Las Vegas) can access this information when reviewing play for players at the end of a casino visit as well, which allows them to issue back-end comps for players who put in a solid amount of play. So, ultimately, it should be no secret casinos are tracking everything you do when your player’s card is inserted. This includes if you’re on a hot or cold streak. But there’s no nefarious purpose or attempt to change your payback, but rather is simply a way to make sure you get the proper credit for your play.

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What if I forgot to report gambling winnings?

If you receive a W-2G and do not report the income on your tax return, the IRS will likely send you a CP2000, Underreported Income notice. This IRS notice will propose additional tax, penalties and interest on the unreported gambling winnings and any other unreported income.

hrblock.com - Tax Dictionary - Form W-2G, Certain Gambling Winnings - H&R Block

IRS Definition

File this form to report gambling winnings and any federal income tax withheld on those winnings. The requirements for reporting and withholding depend on:

the type of gambling,

the amount of the gambling winnings, and

generally, the ratio of the winnings to the wager.

More from H&R Block

If you receive a Form W-2G for gambling winnings, you must report the full amount of income shown on the W-2G on your tax return. The W-2G will also show any federal and state income tax withheld from your winnings. You cannot report your actual net winnings (winnings less buy in). However, you can deduct losses up to the amount of your winnings. You can itemize losses on your Schedule A, if you have receipts or other documentation to prove your losses. You cannot show a net loss on your tax return from gambling. If you receive a W-2G and do not report the income on your tax return, the IRS will likely send you a CP2000, Underreported Income notice. This IRS notice will propose additional tax, penalties and interest on the unreported gambling winnings and any other unreported income.

Learn how to handle an underreporter inquiry (CP2000).

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