Hello SLEEPY J,
I have never been to Las Vegas, and never placed a wager at a sports book there, although it is at the top of my list of things I WANT TO DO. I was just wondering, and maybe you can help answer this, when you go to the counter do you have to do the following:
1. Show ID
2. Show any type of income statement, tax return, etc.
3. Do they pay out your wager right on the spot?
4. Are there limits of how much they will pay out on the spot?
5. Is there a maximum limit of how much they will report to the IRS?
6. Do you need to fill out any forms if there is a amount of money won over a certain limit?
For example, I go to a sports book in Las Vegas. I can walk up to the counter, place a wager on an NFL game at -110 juice, lets say its just $110 to win $100. The wager wins, and I go the counter to cash it. Will they just give me the $110 back and the $100 that I won on the game, and there is nothing else that needs to be done? I am from Canada, will that matter at all.
I apologize if any of this baffles you, just wanted to approach this from a first time perspective.