All the casinos give you cards with magnetic strip that you stick in the machine while you’re playing.
You bring in cash and play the machines and your winnings are recorded on the card. When you leave you bring the card to the cashier and they pay you and issue a 1099 for anything over $600.
Does that mean you could win less than $600 at one casino and then move on to the next one? Do the casinos track regular gamblers and start giving them 1099’s once they clear $600 for the year? It seems like if you do it right, you could launder big bucks if you are careful about how you play.
You bring in cash and play the machines and your winnings are recorded on the card. When you leave you bring the card to the cashier and they pay you and issue a 1099 for anything over $600.
Perfect way to launder money. Take $1M in dirty money, bet it all in Vegas and “win” $400,000. Now you’ve got a 1099 form to make the money “legitimate”. The $600,000 loss is the casino’s win.