Does Mississippi Tax Gambling Winnings

  

Does Mississippi Tax Gambling Winnings

  1. Oklahoma Income Tax Gambling Winnings
  2. State Tax Gambling Winnings
    • Casinos (1990), Bingo (1992)
    • $140 million
    • $2.1 billion
    • 18 for bingo, 21 for casinos
  • Mississippi does not have a statewide smoking ban
  • All forms of online gambling are illegal in Mississippi.

Despite being a conservative state in the South, there are plenty of Mississippi casinos and gambling for players to enjoy. It has a history of being the main spot for gamblers in the region. This dates back to 1800’s when riverboat casinos would venture into the Mississippi River full of players. As the state developed, anti-gambling interests put an end to these types of excursions. Mississippi gambling went underground until the state legalized casino resorts in the 1990’s.

A taxpayer with gambling winnings in Kansas will have to pay the State personal income tax on gross winnings, and cannot even partially offset the winnings via a gambling loss deduction. The result is paying taxes on “phantom” income. The article mentions that no one came forward in opposition to defend the gambling loss deduction. This product is intended for mississippi state tax on gambling winnings use by those 21 or older for amusement purposes only. Practice or success at social casino gaming does not imply future success at real money gambling. All Gambling Winnings Are Taxable Income All gambling winnings are taxable income—that is, income subject to both federal and state income taxes (except for the seven states that have no income taxes).

The only other form of legalized gambling beyond Mississippi casinos is charity bingo. There is no racing industry in the state. Mississippi is one of just six states in the country without a state lottery.

Paying Gambling Taxes in Mississippi

Have you won any money from gambling in the past year? Remember you have to report your winnings to the IRS. Learn how to pay your gambling taxes with our exclusive Gambling Taxes Guide.

Mississippi Casinos Map & Guide

  • Beau Rivage
  • IP Casino
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Types of Mississippi Online Gambling Allowed

No forms of legal Mississippi online gambling in the state. The state does not have a racing industry so any off-track betting apps are illegal. There is no lottery to sell tickets over the Internet.

Mississippi Attorney General Jim Hood declared daily fantasy sports sites to be illegal gambling. Sites like DraftKings and FanDuel remained in the state for a few weeks but left the market in February 2016.

Oklahoma Income Tax Gambling Winnings

Mississippi Rep. Bobby Moak introduced a bill that would have legalized online gambling in the state. His first attempt was in 2012. The bill is called the Mississippi Lawful Internet Gaming Act. The bill would have allowed online casinos and poker games to be offered by licensed Mississippi casinos. The bill failed in 2012, as well as the following three years.

Types of Live Mississippi Gambling

  • Slots: Yes
  • Blackjack: Yes
  • Poker: Yes
  • Craps/Roulette: Yes
  • Horses: No
  • Lottery: No

There are only two types of legal Mississippi gambling. Charities may hold bingo games, sell raffle tickets and pull-tabs. This is as close to a lottery as it gets in Mississippi.

Mississippi casinos are legal in jurisdictions that vote to approve them through local referendums. Casinos in Mississippi must be on riverboats in the water with the exception of the Gulf Coast. Hurricane Katrina changed how boats on the ocean operate after the entire industry was wiped out. Casinos on the Gulf Coast of Mississippi may be located within 800 feet of the water.

Mississippi casinos offer all the popular casino games one would find in a typical gaming jurisdiction. Craps, roulette, slots, video poker, live poker rooms, and house-banked card games are the common forms of gambling found in Mississippi casinos. Proprietary games like Three Card Poker, Four Card Poker, Ultimate Texas Hold’em, Mississippi Stud, and Caribbean Stud Poker are among the favorites of locals.

Mississippi Gambling Laws

Mississippi gambling laws prohibit almost all forms of gambling. If there is an element of chance, the game is likely illegal. Sports pools are not permitted, neither are many skill games that involve paying to play, unless exempted under the Mississippi casino or charity laws. Most gambling offenses are a misdemeanor with a fine of up to $500 for the first offense. Subsequent offenses may become felonies.

Mississippi gambling laws void all gambling contracts. Losers, or their families, are permitted to sue the winner if money is lost through an illegal gambling scheme. This is called a qui tam law.

The minimum gambling age in Mississippi is 21 years casino players, while the minimum age for charity gambling is 18 years.

List of Mississippi Casinos

There are charities throughout the state that offers bingo and raffles. Any serious gambling must take place at any of the 28 Mississippi casinos located throughout the state. Use our interactive Mississippi casinos map, or the table below, to get the Mississippi casino locations.

CasinoSizeAddressWebsite
Ameristar Casino – Vicksburg1,650 Slot Machines4116 Washington Streetwww.ameristar.com
Bally’s – Tunica1,267 Slot Machines1450 Bally’s Boulevardwww.ballystunica.com
Beau Rivage – Biloxi2,300 Slot Machines875 Beach Boulevardwww.beaurivage.com
Bok Homa Casino – Heidelberg700 Slot Machines1 Choctaw Roadwww.bokhomacasino.com
Boomtown Casino – Biloxi1,350 Slot Machines676 Bayview Avenuewww.boomtownbiloxi.com
Diamond Jacks Casino – Vicksburg700 Slot Machines3990 Washington Streetwww.diamondjacksvicksburg.com
Fitzgeralds Casino – Tunica1,282 Slot Machines711 Lucky Lanewww.fitzgeraldstunica.com
Gold Strike Casino – Tunica2,400 Slot Machines13615 Old Highway 61 Northwww.goldstrike.com
Golden Moon Casino – Choctaw1,150 Slot Machines13541 Highway 16 Westwww.pearlriverresort.com
Golden Nugget – Biloxi1,200 Slot Machines151 Beach Boulevardwww.goldennugget.com
Hard Rock Casino – Biloxi1,445 Slot Machines777 Beach Boulevardwww.hrhcbiloxi.com
Harlow’s Casino – Greenville912 Slot Machines4280 Harlows Boulevardwww.harlowscasino.com
Harrah’s Gulf Coast – Biloxi775 Slot Machines280 Beach Boulevardwww.caesars.com
Hollywood Casino – Bay St. Louis1,200 Slot Machines711 Hollywood Boulevardwww.hollywoodgulfcoast.com
Hollywood Casino – Tunica1,289 Slot Machines1150 Casino Strip Resorts Boulevardwww.hollywoodcasinotunica.com
Horseshoe Casino – Tunica1,700 Slot Machines1021 Casino Center Drivewww.caesars.com
IP Casino – Biloxi1,700 Slot Machines850 Bayview Avenuewww.ipbiloxi.com
Island View Casino – Gulfport2,000 Slot Machines3300 West Beach Boulevardwww.islandviewcasino.com
Isle of Capri – Lula900 Slot Machines777 Isle of Capri Parkwaywww.isleofcapricasinos.com
Lady Luck Casino – Vicksburg700 Slot Machines1380 Warrenton Roadwww.isleofcapricasinos.com
Magnolia Bluffs Casino – Natchez400 Slot Machines7 Roth Hill Roadwww.magnoliabluffscasinos.com
Palace Casino – Biloxi1,000 Slot Machines154 East Howard Avenuewww.palacecasinoresort.com
Resorts Casino – Tunica1,200 Slot Machines1100 Casino Strip Resort Boulevardwww.resortstunica.com
Riverwalk Casino – Vicksburg800 Slot Machines1046 Warrenton Roadwww.riverwalkvicksburg.com
Sam’s Town – Tunica1,500 Slot Machines1477 Casino Strip Resort Boulevardwww.samstowntunica.com
Scarlet Pearl Casino – D’Iberville1,350 Slot Machines9380 Central Avenuewww.scarletpearlcasino.com
Silver Slipper Casino – Bay St. Louis1,000 Slot Machines5000 South Beach Boulevardwww.silverslipper-ms.com
Silver Star Casino – Choctaw1,200 Slot MachinesHighway 16 Westwww.pearlriverresort.com
Treasure Bay Casino – Biloxi803 Slot Machines1980 Beach Boulevardwww.treasurebay.com
Trop Casino – Greenville500 Slot Machines199 North Lakefront Roadwww.tropgreenville.com
Tunica Roadhouse – Tunica1,411 Slot Machines1107 Casino Center Drivewww.caesars.com

History of Mississippi Gambling

While there is little in the way of gambling these days, that was not always the case. Horse racing was once legal in Mississippi before it became a state. The Fleetfield Race Track opened in Natchez in 1795. Gulf Coast and Mississippi River resorts offered gambling options in the 1800’s. This included riverboat excursions that today’s casinos attempt to mimic in some capacity.

Hurricanes and Riverboat Casinos

This continued through the early and mid-1900’s. Broadwater Resort opened in 1938 as a legal casino along the Biloxi/Gulfport border. It catered to high rollers. Broadwater would later become President Casino when casinos became legal again before it went bankrupt. The boat and hotel were destroyed by Hurricane Katrina in 2005.

Casinos were outlawed in the 1950’s after a movement from conservatives and representatives of Keesler Air Force Base lobbied to put an end to it. All that did was make gambling go underground. In 1969, Hurricane Camille destroyed the Gulf Coast and with it the illegal gambling industry.

Casino gambling was approved by voters in 1990 to help stimulate the depressed economies of the Gulf Coast and Tunica. Hancock and HamiltonCounty voters were the first to approve casinos at a local level. The first casinos returned to the Gulf Coast in 1992 after a 23-year absence. This time, they were fully licensed and legal.

The Gulf Coast is prone to hurricanes. Several storms battered the ships along U.S. 90 in Biloxi, Gulfport, and Bay St. Louis, causing damage to the properties. Some decided that insurance was no longer an option and took the chance a storm would not destroy the resorts.

In August 2005, Hurricane Katrina destroyed every oceanside casino except for the Imperial Palace, which was docked in the Back Bay. Lawmakers decided to permit ships to move to land for reconstruction. Casinos today must be within 800 feet of the shoreline. This does not apply to lakes and rivers in Mississippi. Those gaming establishments must remain on boats but are not required to leave the dock.

Mississippi does not have a statewide smoking ban. Mississippi casinos may allow smoking anywhere they wish. Palace Casino decided to break from this tradition in 2011 when it banned smoking in the entire casino. It was the first nonsmoking casino in the region to do so at the time. It was thought to be the only casino in the country that banned smoking when not forced to do so by state law. Palace Casino remains the only casino in Mississippi that bans smoking. Harrah’s New Orleans no longer permits smoking in its casino. This was not voluntary. It was forced to do so by the New Orleans City Council.

Tax

DFS Issues

Mississippi Attorney General Jim Hood announced in January 2016 that daily fantasy sports are illegal in the state. Hood noted at the time that “any person shall encourage promote or play at any game, play or amusement … for money or another valuable thing…” Skill is an irrelevant matter as it pertains to Mississippi law, according to Hood. Daily fantasy sports sites remained on the market for weeks after this decision. DraftKings and FanDuel, the two largest companies in the industry, quietly left the state in February 2016.

Mississippi Casinos & Gambling FAQ

Mississippi is one of just six states that do not have a state lottery.

Horseracing is not legal in the state.

Are daily fantasy sports sites legal in Mississippi?

No, according to the state attorney general. Many sites ignored this opinion and continue to accept players from Mississippi. DraftKings and FanDuel left the market.

There is no statewide smoking ban in Mississippi for any business. Palace Casino voluntarily banned smoking in 2011.

Yes, there are currently 28 casinos in Mississippi.

State Tax Gambling Winnings

The minimum Mississippi gambling age is 21 years for casino players and 18 years for charity gambling.

Slots, video poker, live poker, craps, roulette, blackjack, Mississippi Stud, Caribbean Stud, Three Card Poker, Four Card Poker, Ultimate Texas Hold’em, Texas Hold’em Bonus, baccarat, and Pai Gow Poker are among the many games that are permitted in Mississippi casinos.