Taxes On Casino Winnings Missouri

4/13/2022by admin

Gambling losses are indeed tax deductible, but only to the extent of your winnings and requires you to report all the money you win as taxable income on your return. The deduction is only available if you itemize your deductions. If you claim the standard deduction, then you can't reduce your tax by your gambling losses. In some cases, the tax (25%) is already deducted by the casino before you are paid your winning. However, if you fail to give your tax ID number to the payer, 28% of the winnings will be withheld instead of the usual 25%. Withholding is effected if your winnings minus your wager are above $5,000 or at least 300 times your wager. Image: Casino.org American Tax Season Is Here. The US uses a flat 25% tax rate on all gambling winnings. Taxes are applied to all gambling, including sweepstakes and other prizes. Casino winnings count as gambling income and gambling income is always taxed at the federal level. That includes cash from slot machines, poker tournaments, baccarat, roulette, keno, bingo. Your gambling winnings are generally subject to a flat 24% tax. However, for the following sources listed below, gambling winnings over $5,000 will be subject to income tax withholding: Any sweepstakes, lottery, or wagering pool (this can include payments made to the winner (s) of poker tournaments).

How Gaming Tax Revenue Benefits Missouri

When gaming began here in 1994, the casino industry promised to bring jobs, capital investments, funding for education and other economic benefits to Missouri. We have delivered!

Missouri is one of the highest-taxed casino jurisdictions in the country, paying a net effective tax rate of 25.5% off the top, in addition to other business taxes. That effective rate includes a 21% gaming tax (10% goes to the home dock community), $2 per patron admission fees paid by casinos, and reimbursements to the state.

In fact, Casino taxes are the State of Missouri’s fifth largest source of revenue. The state’s 13 casinos contribute more to the state in gaming tax revenue alone than all 156,000 Missouri businesses combined, plus casinos generate millions of dollars a year in property and sales taxes.

Jobs

More than 8,590 employees of Missouri casinos have secure jobs with good benefits, opportunities for advancement, and competitive salaries. In 2019:

$314.3 million in wages and tips
48% female, 45% percent minority workers
Healthcare, vacation and retirement benefits for full-time workers

Gaming Tax Revenue

Tax revenue from Missouri casinos funds education, veterans programs and other statewide worthy causes.

Since 1994, Missouri gaming has funded:

$7.26 billion for educational programs (elementary, secondary and early childhood)
$3.24 billion in capital investments in Missouri
$955.2 million to all causes supported by admission fees, including $342.8 million for veterans programs

Host Communities

Two percent of the gaming tax revenue from each casino plus half of every per patron admission fee paid by the casino goes to the local communities, for a total of more than $74 million in 2019.

Each community decides how to spend those funds. Road and bridge upgrades, police and fire protection, park, trails and community centers are just a few examples of local gaming tax revenue at work.

Capital Investments

Casinos have invested $3.24 billion right here in Missouri, building state-of-the-art casinos, entertainment complexes and hotels.

Missouri casinos never stop making themselves new again. Most have expanded or renovated at least once, devoting new space to non-gaming facilities, creating more jobs and generating extra tax revenue for education and local communities.

Buy Local, Buy Diverse

From local farmers, ice cream vendors and janitorial suppliers to printers and construction companies, businesses throughout Missouri experience first-hand the economic impact of casinos.

Missouri casinos also purchase from minority-owned, women-owned and small disadvantaged businesses, and help them explore procurement opportunities.

Introduction to Missouri Slot Machine Casino Gambling in 2020

Missouri slot machine casino gambling consists of thirteen riverboat casinos across the state.

A theoretical payout minimum limit exists per state gaming regulations. Further, return statistics are publicly available.

This post continues my weekly State-By-State Slot Machine Casino Gambling Series, an online resource dedicated to guiding slot machine casino gambler to success. Now in its third year, each weekly post reviews slots gambling in a single U.S. state, territory, or federal district.

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Relevant Legal Statutes on Gambling in Missouri*

The minimum legal gambling age in Missouri depends upon the gambling activity:

Land-Based Casinos: 21
Poker Rooms: 21
Bingo: 18
Lottery: 18
Pari-Mutuel Wagering: 18

Missouri was the fifth U.S. state to approve riverboat casinos. Gaming regulations for these casinos have evolved over time including eliminating cruising, closing boarding for two-hour-long gaming sessions, and removal of the original $500 loss limit on each gaming session.

The state of Missouri withholds 4% of winnings on $1,200 or more jackpots or cash prizes. Filing a tax return with Missouri can potentially return some of this withheld state income tax.

*The purpose of this section is to inform the public of state gambling laws and how the laws might apply to various forms of gaming. It is not legal advice.

Slot Machine Private Ownership in Missouri

Private ownership of a slot machine is legal in this state if it is at least 30 years old.

Gaming Control Board in Missouri

The Missouri Gaming Commission is responsible for establishing state gaming regulations for riverboat casinos, fantasy sports, bingo, and charitable games. This state gaming control board also hosts the interesting Missouri Gaming Commission News and Information blog with gaming news and information as well as photos.

Casinos in Missouri

There are thirteen riverboat casinos in Missouri.

The largest casino in Missouri is Ameristar Casino Hotel Kansas City with 2,578 gaming machines.

The second-largest casino is Ameristar Casino Resort Spa St. Charles with 2,567 gaming machines.

Commercial Casinos in Missouri

The 13 riverboat casinos in Missouri are:

Ameristar Casino Resort Spa St. Charles located 23 miles northwest of St. Louis.
Argosy Casino Hotel & Spa in Riverside located 7 miles northwest of Kansas City.
Century Casino Cape Girardeau located 116 miles southeast of St. Louis.
Century Casino Caruthersville located 98 miles north of Memphis, Tennessee.
Harrah’s Kansas City in North Kansas City located 7 miles northeast of Kansas City.
Isle of Capri Casino Hotel – Boonville located 103 miles east of Kansas City.
Lumiére Place Casino & Hotels in St. Louis.
Mark Twain Casino in La Grange located 145 miles northwest of St. Louis.
River City Casino & Hotel in St. Louis.
St. Jo Frontier Casino in St. Joseph located 55 miles north of Kansas City.

Tribal Casinos in Missouri

Missouri is home to two American Indian tribes. Without federal-recognition, neither tribe can offer a tribal casino. Further, no tribal gaming compacts exist with the state.

Other Gambling Establishments

As an alternative to enjoying Missouri slot machine casino gambling, consider exploring casino options in a nearby state. Bordering Missouri is:

Taxes On Winnings Calculator

North: Iowa Slots
East: Illinois Slots
Southeast: Kentucky Slots
South: Arkansas Slots and Tennessee Slots
Northwest: Nebraska Slots
West: Kansas Slots and Oklahoma Slots

Each of the links above will take you to my blog for that neighboring U.S. state to Missouri.

Our Missouri Slots Facebook Group

Are you interested in sharing and learning with other slots enthusiasts in Missouri? If so, join our new Missouri slots community on Facebook. All you’ll need is a Facebook profile to join this closed Facebook Group freely.

There, you’ll be able to privately share your slots experiences as well as chat with players about slots gambling in Missouri. Join us!

Payout Returns in Missouri

Missouri state law has established an 80% lower limit for the theoretical payout on all gambling devices.

Actual return statistics are combined results from all electronic games including video poker, video keno, and slot machines. Monthly reports are under the gaming control board’s I Want To… section called View Slot Payout Percentages by Location.

The most recent monthly report at the time of this writing is from January 2020.

This extensive monthly return reports statistics by casino and slot machine denomination. In January 2020, the overall slots return percentage for all thirteen Missouri riverboat casinos was 90.4%.

Further, for January 2020, the individual monthly return for each riverboat casino was:

Ameristar Kansas City: 90.5%
Ameristar St. Charles: 91.0%
Argosy: 90.5%
Century Cape Girardeau: 89.8%
Century Caruthersville: 89.5%
Harrah’s Kansas City: 90.0%
Hollywood St. Louis: 90.8%
Isle of Capri – Boonville: 90.0%
Isle of Capri – Kansas City: 88.6%
Lumiére Place: 90.2%
Mark Twain: 89.2%
River City: 90.8%
St. Jo Frontier: 88.7%

For January 2020, the highest returns went to Ameristar Casino Resort Spa St. Charles at 91.0% closely followed by River City at 90.8%. The lowest returns for the month went to the Isle of Capri Casino Hotel – Kansas City at 88.6% closely followed by Mark Twain Casino at 88.7%.

By slot machine denominations, the highest returns went to Ameristar Kansas City with 107.9% payout on their $100 machines followed by 100.9% for $25 machines at Lumiére Place. Both high returns were no doubt due to a single large jackpot win during January.

The lowest returns by slot machine denomination went to Hollywood with a 76.4% for their $100 machines followed by 81.7% at River City. And, yes, 76.4% is less than the state’s minimum theoretical payout of 80%.

It would be best to avoid these slot machine denominations at these casinos as well as any other low-return slot machine denominations in Missouri. Be sure to check the most recent return statistics prior to visiting casinos in Missouri!

Summary of Missouri Slot Machine Casino Gambling in 2020

Missouri slot machine casino gambling consists of thirteen riverboat casinos having a total of 16,293 slot machines. Missouri’s tribes are unable to offer tribal casinos.

State gaming regulations established an 80% minimum theoretical payout for all gaming devices including slot machines, video poker, and video keno. Detailed return statistics are publicly available by month, casino, and slot machine denomination.

Annual Progress in Missouri Slot Machine Casino Gambling

Over the last year, the two Ameristar casinos in Missouri have each increased their number of slots by either over 300 or nearly 600 machines.

Otherwise, the Isle of Capri Casino Hotel – Cape Girardeau has become the Century Casino Cape Girardeau. Further, Century Casino also purchased Lady Luck Caruthersville and subsequently renamed it Century Casino Caruthersville.

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