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Here are the guidelines

Here is the rule: By law, any wager that results in proceeds of $600.00 or more must be reported to the Internal Revenue Service (IRS), if the amount of such proceeds is at least 300 times as large as the amount wagered. Any wager that results in proceeds of more than $5,000.00, is subject to reporting and withholding if the amount of such proceeds is at least 300 times as large as the amount wagered.

*Arizona Residents Only: By law, any wager which results in proceeds of more than $5,000.00 is subject to state withholding tax of 5% if the amount of such proceeds is at least 300 times as large as the amount wagered.

*Illinois Residents Only: By law, any wager which results in proceeds of more than $5,000.00 is subject to state withholding tax of 3.75% if the amount of such proceeds is at least 300 times as large as the amount wagered.

*Massachusetts Residents Only: By law, any wager that results in proceeds of $5,000.00 or more is subject to state withholding tax of 5% if the amount of such proceeds including the cost of the wager is at least 300 times as large as the wager amount.

Bada...if your friend hit the Pik 6 at Gulfstream, it all comes down to how much he spent on that winning ticket. Sounds like he didn’t bet enough on the ration of return to not be taxable, in this case.

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