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Frequently Asked Questions Related to Gambling

Question: If a casino discharges a gaming debt, is this a reportable transaction?

Answer: No, since a casino does not meet the meaning of "applicable financial entity" per Internal Revenue Code section 6050P(a), there is no reporting requirement in the discharge of a gaming debt.

Question: Where can I purchase lottery tickets?

Answer: Tickets can be purchased at lottery contracted retail outlets. Convenience stores (with and without gasoline), supermarkets and grocery stores comprise the lion's share of the retail network. The Lottery continues to add new retailers on a regular basis.

Question: I've heard of terms such as Muck, what does it mean?

Answer: When you lose a hand, you can choose to show the cards to other players, or "muck" them. This means you do not wish to show your cards. This can have advantages or disadvantages, depending on your strategy.

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