From Race Horse to Online Casino Keno

Keno History

The game of casino goes back to China where it originated in 200 B.C and was later brought to the U.S by Chinese immigrants. As the legend goes, it is believed that the game was invented and played to raise funds for building The Great Wall of China. The game was also called "The White Pigeon Game" because the winners were intimated through messages carried by white pigeons. The game initially has Chinese characters but numbers took the place as Americans started playing and the game was called ‘Race Horse ‘which was eventually changed to Keno.

Keno Rules

Keno rules are very simple. To play, you choose a minimum of 4 but no more than 10 figures between 1 and 80. Each selection is called a 'Keno Spot', so if you choose 10 figures you are playing a 10 keno Spot game. Using the 'Keno crayon' simply mark a blank Keno ticket with the figures of your selection. Then present your ticket to the Keno desk with your wager and the teller will provide you a duplicate Keno ticket. In a couple of minutes, 20 numbered balls will be drawn at random from a barrel holding 80 numbered balls, and if enough of your chosen keno numbers are drawn, you are a the Keno winner.

So Keno is a game where the player has to choose some numbers and match them with the numbers selected by the random number generator, it is one of the simplest gambling games online and to play you have to select a bet and get as many hits as possible. The selected numbers are matched with 20 random numbers and if get minimum number of hits, you win money as per the payout table. The bet amounts you can choose can be 1¢, 25¢, $1, $5and $10.

Keno Odds

Keno is among the few favorites on most casino players and its thrilling features are attracting more attention in the industry. Generally it should be played with limited numbers and more money to get the maximum of online keno gambling. Some of the finest casinos offer Keno in the most entertaining forms ever.

The most favorable strategy or Keno odd that can help you beat the house in the game of Keno comes when the player needs to select the numbers from among the 80 numbers; it is wise to pick less numbers. But if you are looking for one huge hit select 10 or more numbers in one go.

Sometimes you can get a bonus for making off a lot of numbers (such as 15) if you hit a certain number. In most casinos, that winning bonus number is the number 0. If you happen to be in a casino and there are keno games offering a bonus, then your best winning strategy is to play the bonus number (or numbers) as often as you can.

Casino Winnings and US Taxes

If you are lucky enough to be one of the people who win a jackpot prize at an online casino there are definitely a few things you should know. First of all unlike a regular casino you won't receive a W-2G Form and they won't directly report your winnings. Part of the reason for this is that the vast majority of online casinos are located overseas and do not report directly to the US government. This does not however mean that just because you receive the money from an international source that you are not required to file your winnings on your taxes. They do provide a source of income and should be reported in full to the IRS along with all other forms of income. Should you fail to report them and be caught you could face serious penalties if not jail time for your indiscretion so take the safe route right away and be sure to take all the necessary precautions to keep yourself out of hot water.

While you are not required to file for smaller winnings any large ones such as a jackpot definitely need to be reported. What constitutes a large winning? Well that varies according to the type of gambling you are engaging in. For horse track betting the minimum is $600, slot machines and bingo winnings are to be reported after $1,200 and keno winnings are to be reported when they are in the excess of $1,500. In a regular casino they will typically withhold a portion or all of the taxes ahead of time and provide you with financial proof to make things easy when it comes time for filling your taxes. Online casinos do not provide this luxury so you will be responsible for making sure that all applicable taxes are paid in full. Taxes will usually run around 25-28% though a player should check with a local tax professional in the off chance that state taxes will also be applicable. U.S. players should keep in mind that online gambling is expressly banned or restricted in a number of U.S. states so you should check the legality of your game play prior to playing for high stakes. If it is banned and you make a killing you could potentially face losing your winnings.

There is good news though. The U.S. government allows you to deduct some of your losses on your taxes when you itemize. For this reason it may a good idea to track your gaming wins and losses consistently and accurately over time. While this may not be enough to equalize things for big jackpot winners when it comes to taxes it can help. For smaller winners it is important to keep in mind that you are only allowed to deduct as much in losses as you have made in winnings so any loses made in the excess of winnings is just the cost of playing the game.

Just remember players when dealing with an online casino you need to make sure that you record and report everything yourself. You are the one who is responsible of keeping track of your money. Better to give Uncle Sam a little bit now then lose it all later.

For international players the rules on taxes will vary. Please check with directly with your country's government and tax professionals.