Check out the infographic and if you want to know more about
John Daly Slots Losses Are Just the Beginning. During the Bensinger interview, Daly admitted that the legendary slots session only accounts for a small portion of his losses. He's always had a major affinity for gambling and estimates to have lost somewhere between $50 million and $60 million on the activity.
- After Daly first revealed in 2014 that he had lost an estimated $55 million between the years of 1991 and 2007, he told Golf Channel he's no longer playing for such high stakes. Daly said he used to regularly take up entire blackjack tables, where he'd play seven hands at a time for up to $15,000 each.
- John Daly Gambling Losses. Pro Golfer John Daly Says He Had Gambling Losses Of Over 55 million dollars. $5.00 Package: Includes 2 Books & 24 Videos On 1 DVD (Price Includes Shipping) BUY FOR $5.00. MHFM's E-mail Newsletter. FREE SIGN-UP 'Coronavirus' ('Covid-19') Hoax - Video Evidence And Ground Reports - Must-See.
Celebrity Gamblers and Celebrity gambling addicts
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Floyd Mayweather
Floyd Mayweather is probably the best-known and best boxer of the last couple of decades. Beatunes 4 5 4 – organize your music collection. He can boast a total of 50 wins and not a single defeat. He also managed to defeat the world-famous MMA fighter, Connor McGregor. But according to the media, he does not seem to be able to win over his gambling addiction. Between 2012 and 2015, he regularly exhibited photos on social media of betting worth hundreds of thousands of dollars.
According to the latest news, the famous boxer owes around $50 million to Las Vegas casinos. This information began to spread shortly after he announced that he would refight Manny Pacquiao, even though he had announced several times that he had quit boxing.
Matt Damon
Hollywood star Matt Damon, whom you could have seen, for example, trying to survive alone in the movie 'Martian', also enjoys a visit to the casino in addition to the movie's space visits. For example, he often participates in the biggest World Series of Poker event, where he likes to play with his good friend Ben Affleck. However, according to some media, Matt Damon, although he is a good actor, is not a good poker player.
At least he has not yet won any of the official tournaments yet, despite being actively interested in playing poker. Once he even played a poker character in the movie 'Rounders'. While doing research for this role, Matt went to the World Series of Poker in 1998, where he quickly dropped out after losing $20 000.
Michael Jordan
Rapid wins and adrenaline rushes from gambling have even lured one of most famous ever American basketball players. The winner of a number of sporting awards, including two Olympic Gold medals, he was well known in casinos at the time, and has been involved in a number of wild stories.
In 2007, for example, during the NBA All-Star weekend, he played craps so passionately that he did not want anyone else to go to the thrower post. Which was obviously a mistake because he had allegedly lost more than $5 million that night. After this giant loss, Jordan went on to 'celebrate' at a nearby strip bar, where he and his friends got involved in a fight that even ended up in a shooting.
Pamela Anderson
Another celebrity that we present today is the famous American actress, most well-known for her amateur sex recording and subsequent role in the profiled series 'Baywatch'. According to our information, Pamela Anderson likes to play the slot machines, but her favorite game is poker. Sadly, she is not a good player.
According to the information provided by the actress during the Ellen Degeneres show, she lost at least $250,000 one evening in a Las Vegas casino. However, this debt was never paid off. Apparently, she was 'forgiven' by Antonis Esfandiari in exchange for unspecified sexual services. Interestingly, after this affair, according to Pamela, they fell in love and, after a few months, announced their engagement.
Allen Iverson
The higher he jumped, the harder he fell. This is how you could sum up the life of Allen Iverson. This sporting legend, who grew up literally in the ghetto, and, before the end of high school was imprisoned for four months for assault, eventually got things together and started an incredible career. Iverson is considered one of the top five basketball players in history and is estimated to have earned over $200 million in his career.
All this money, however, is gone. And all this, largely because of his alcohol and gambling addiction. 'Iverson will either drink himself into oblivion or lose the rest of his life in the casino,' wrote journalist Stephen A. Smith, who worked on his life story.
The final straw was the divorce from his long-term wife, Tawanna, which happened in 2012. According to witness testimonies, Iverson even literally turned his pockets inside out in court to show that he had no more money.
Jaromir Jagr – gambling like a pro?
The famous hockey player Jaromir Jagr #68, in addition to the legend of a hockey god, also has the reputation for not being a good gambler (celebrity gamblers).
According to the US online magazine, Complex, Jagr is even among the top ten biggest gamblers in sporting history. The Golden Olympian from Nagano once lost $950 000 in a year in an online casino. Jagr also likes to spend time in brick-and-mortar casinos. In his words, that is the only place where he really feels at peace.
Tiger Woods
Tiger Woods is one of the most famous golfers. Besides that, he became famous in the gambling world as a high roller at blackjack tables. He is renowned for playing blackjack with the highest limits, which can be up to $200 000 per hand. However, he mostly does not win.
According to a British daily, he could have lost over $50 million. And this is just in the first seven years when Woods entered professional sports. The figure will actually be much higher, because Woods has played blackjack longer than he has played golf professionally. When he was 20 years old, he got caught in a casino with a fake ID.
Tobey Maguire
Hollywood actor Tobey Maguire is best known as the superhero in Spiderman's first trilogy. In private, however, Maguire does not behave like a hero and role model for the next generation. Among his colleagues and in the tabloids, he is known for his passion for poker and bad behavior. Zipline downtown las vegas. According to Molly Bloom, the famous organizer of poker tournaments, Maguire was one of the best players, but one of the worst people she had ever worked with.
John Daly Gambling Losses
In her book, for example, Maguire offered her a $1 000 chip if she barked like a seal that wanted to fish. Bloom refused to bark, to which the famous actor said, 'I'm not kidding. Are you so rich that you do not bark for a thousand dollars? '
Another scandal figuring that popular comic character happened in 2011 when the court ordered him to pay an $80 000 fine for participating in an illegal poker tournament.
Jennifer Tilly
Jennifer Tilly is a Canadian-American actress and poker player. As one of the few on our list, she is successful in both of these fields. As an actress, Tilly is best known as Olive in 'Bullets over Broadway', for which she was nominated for an Oscar. You can also see her together with the unbelievable Jim Carrey in the movie 'Liar Liar'.
In addition to glory on the silver screen, Jennifer Tilly was named as a top poker player. In 2005 she won $158 000 at the Ladies Night No Limit World Series. She won third place at the World Poker Tour Ladies' Invitational Tournament in the same year. Tilly has won several tournaments and in 2008 announced the end of her poker career.
But she apparently missed poker more than she thought, because two years later she returned to the gaming tables. It is estimated that she has earned about $900 000 in her poker career.
Charlie Sheen's gambling addiction
One of the most famous celebrity gamblers – surely none of you will be surprised that controversial Charlie Sheen has also emerged amongst the gambling celebrities. His gambling only complements the collection of addictions that this famous actor suffers from. Charlie can definitely afford to bet. In the days of his greatest glory, when he starred in the 'Two and a Half Man' series, Sheen was earning $1.8 million per episode.
Charlie did not save on his gambling addiction. According to his former wife, he regularly lost up to $ 200 000 a day in casinos and sports betting.
Ben Affleck
Like Jennifer Tilly, another Hollywood star on our list is among the players who hold the reins of the bet tightly in their hands. The star of movies such as 'Good Will Hunting', 'Argo' and 'Justice League', says he has no problem with gambling. One could say that gambling has a problem with him. Literally.In 2014, he was banned from the Hard Rock Hotel & Casino in Las Vegas, where he was caught counting cards at blackjack. Affleck doesn't deny that he can play blackjack on a professional level: 'I took some time and learned to play pretty well. Once I became good, the casino asked me not to play blackjack. I think the fact that being good in something is against the rules tells more about casinos than about me, ' Affleck commented on the affair.
In addition to blackjack, Ben Affleck also plays poker. In 2004, he managed to win $356 000 in a $9 900 + 100 No Limit Hold'em Championship.
Shannon Elizabeth
Shannon Elizabeth is a renowned American actress, poker player and former model that you will remember from her most famous role in the 1999 comedy 'American Pie'.
Jack casino online. Beautiful and talented Elizabeth is also one of the regular poker tournament visitors. She even claims that poker is her second job. Several times a month, she can be seen in Las Vegas and other casinos all over America.
Although Elizabeth has not won any big tournament yet, her earnings from playing poker are estimated to exceed $200 000.
50 Cent
50 Cent, with his civilian name of James Jackson, is a well-known American rapper who has led a rather controversial life. He was shot once, stabbed and jailed several times. For part of his life, he also made money as a drug dealer. Although it would not be known that he was also gambling, he would bet on some rare occasions. The biggest bet he ever made was half a million dollars for the match between the New York Giants and San Francisco.
Ray Romano
Ray Romano is an American actor, known above all as the main character in the TV show 'Men of a Certain Age'. He also played the role of Joe Tranelli, a pathological gambler and addicted player. Interestingly, Ray Romano himself is a passionate player. Since 2007, he has been regularly participating in the World Series of Poker, in which he finished third in 2013.
In addition to poker, Romano also plays craps or online betting. In the past, his problem was so great that Romano decided to seek help from Gamblers Anonymous.
George Clooney
Danny's representative in the 'Ocean's Eleven' film series, as well as the main movie character, has a very close relationship with casinos. Clooney is a regular visitor to top poker events and likes to play blackjack or craps. He himself attempted to open his own casino and invested more than 200 million dollars in that venture. This plan, however, did not work out.
John Daly
John Patrick Daly, his full name, is an American professional player and multiple golf champion. In his autobiography, he admits that he had a very serious gambling problem in the past. He said he could have lost $50-60 million in 15 years. His biggest loss was apparently in October 2005, when he lost $1.5 million in one month.
Charles Barkley
Charles Barkley was a leading American basketball player. From 1984 until the end of his active sporting career in 2000, he played for the Philadelphia 76ers, Phoenix Suns and Houston Rocket. After he left basketball, Barkley was particularly passionate about gambling.
In an interview with ESPN, Barkley said he could have lost about $10 million in his lifetime. He also admitted that he had lost 2.5 million dollars in a 6-hour blackjack session. He ended up in court in 2008, when he was sued by Winn Casino for $400 000 in unpaid losses. Barkley acknowledged the amount and immediately paid up. After this trial, he said on several occasions that he had stopped gambling.
Pete Rose
Club Manager and player for the MLB Reds and enthusiastic baseball gambler is not exactly the most uncomfortable combination. Pete Rose was in the club as a player and as Manager after his retirement. His career, however, ended the allegations of sports betting that he had long vehemently denied. However, according to the commission of inquiry, he would have made at least 52 bets on the Reds and in some cases, bet away about $10 000 a day.
Rose admitted in 2004 that those allegations were true. He adds in one breath that he has never bet against his own team.
Antonie Walker
One of the greatest talents of the American NBA has managed to spend more than most people earn in their whole lifetime. By the end of his professional career in 2008, he could have made about $110 million. Two years later, Walker announced personal bankruptcy. The former player himself admitted that he spent most of his fortune on expensive cars, luxury houses and jewelry for himself and his friends.
He famously gambled away much of his wealth, even with another former baseball player, Michael Jordan. Walker was certainly a better basketball player than a gambler. He ended up with a total debt of $880 000 to three Las Vegas casinos and three lawsuits for listing bad checks.
Celebrity Gamblers – Gilbert Arenas and Javaris Crittenton
This pair of basketball players is behind one of NBA's biggest scandals when these players pulled out weapons against each other in the locker room. It all concerned a dispute about winnings from a card game that both players had played in a few days before this incident. Neither of them eventually shot, but even so, this event made big news at the time.
Both Areas and Crittenton were immediately suspended, and they also were put on probation after pleading guilty to misdemeanor weapons charges. Arenas returned to basketball later and played until 2012. Critterton never played basketball professionally again and in 2015 was sentenced to 25 years in prison for manslaughter.
According to the latest news, the famous boxer owes around $50 million to Las Vegas casinos. This information began to spread shortly after he announced that he would refight Manny Pacquiao, even though he had announced several times that he had quit boxing.
Matt Damon
Hollywood star Matt Damon, whom you could have seen, for example, trying to survive alone in the movie 'Martian', also enjoys a visit to the casino in addition to the movie's space visits. For example, he often participates in the biggest World Series of Poker event, where he likes to play with his good friend Ben Affleck. However, according to some media, Matt Damon, although he is a good actor, is not a good poker player.
At least he has not yet won any of the official tournaments yet, despite being actively interested in playing poker. Once he even played a poker character in the movie 'Rounders'. While doing research for this role, Matt went to the World Series of Poker in 1998, where he quickly dropped out after losing $20 000.
Michael Jordan
Rapid wins and adrenaline rushes from gambling have even lured one of most famous ever American basketball players. The winner of a number of sporting awards, including two Olympic Gold medals, he was well known in casinos at the time, and has been involved in a number of wild stories.
In 2007, for example, during the NBA All-Star weekend, he played craps so passionately that he did not want anyone else to go to the thrower post. Which was obviously a mistake because he had allegedly lost more than $5 million that night. After this giant loss, Jordan went on to 'celebrate' at a nearby strip bar, where he and his friends got involved in a fight that even ended up in a shooting.
Pamela Anderson
Another celebrity that we present today is the famous American actress, most well-known for her amateur sex recording and subsequent role in the profiled series 'Baywatch'. According to our information, Pamela Anderson likes to play the slot machines, but her favorite game is poker. Sadly, she is not a good player.
According to the information provided by the actress during the Ellen Degeneres show, she lost at least $250,000 one evening in a Las Vegas casino. However, this debt was never paid off. Apparently, she was 'forgiven' by Antonis Esfandiari in exchange for unspecified sexual services. Interestingly, after this affair, according to Pamela, they fell in love and, after a few months, announced their engagement.
Allen Iverson
The higher he jumped, the harder he fell. This is how you could sum up the life of Allen Iverson. This sporting legend, who grew up literally in the ghetto, and, before the end of high school was imprisoned for four months for assault, eventually got things together and started an incredible career. Iverson is considered one of the top five basketball players in history and is estimated to have earned over $200 million in his career.
All this money, however, is gone. And all this, largely because of his alcohol and gambling addiction. 'Iverson will either drink himself into oblivion or lose the rest of his life in the casino,' wrote journalist Stephen A. Smith, who worked on his life story.
The final straw was the divorce from his long-term wife, Tawanna, which happened in 2012. According to witness testimonies, Iverson even literally turned his pockets inside out in court to show that he had no more money.
Jaromir Jagr – gambling like a pro?
The famous hockey player Jaromir Jagr #68, in addition to the legend of a hockey god, also has the reputation for not being a good gambler (celebrity gamblers).
According to the US online magazine, Complex, Jagr is even among the top ten biggest gamblers in sporting history. The Golden Olympian from Nagano once lost $950 000 in a year in an online casino. Jagr also likes to spend time in brick-and-mortar casinos. In his words, that is the only place where he really feels at peace.
Tiger Woods
Tiger Woods is one of the most famous golfers. Besides that, he became famous in the gambling world as a high roller at blackjack tables. He is renowned for playing blackjack with the highest limits, which can be up to $200 000 per hand. However, he mostly does not win.
According to a British daily, he could have lost over $50 million. And this is just in the first seven years when Woods entered professional sports. The figure will actually be much higher, because Woods has played blackjack longer than he has played golf professionally. When he was 20 years old, he got caught in a casino with a fake ID.
Tobey Maguire
Hollywood actor Tobey Maguire is best known as the superhero in Spiderman's first trilogy. In private, however, Maguire does not behave like a hero and role model for the next generation. Among his colleagues and in the tabloids, he is known for his passion for poker and bad behavior. Zipline downtown las vegas. According to Molly Bloom, the famous organizer of poker tournaments, Maguire was one of the best players, but one of the worst people she had ever worked with.
John Daly Gambling Losses
In her book, for example, Maguire offered her a $1 000 chip if she barked like a seal that wanted to fish. Bloom refused to bark, to which the famous actor said, 'I'm not kidding. Are you so rich that you do not bark for a thousand dollars? '
Another scandal figuring that popular comic character happened in 2011 when the court ordered him to pay an $80 000 fine for participating in an illegal poker tournament.
Jennifer Tilly
Jennifer Tilly is a Canadian-American actress and poker player. As one of the few on our list, she is successful in both of these fields. As an actress, Tilly is best known as Olive in 'Bullets over Broadway', for which she was nominated for an Oscar. You can also see her together with the unbelievable Jim Carrey in the movie 'Liar Liar'.
In addition to glory on the silver screen, Jennifer Tilly was named as a top poker player. In 2005 she won $158 000 at the Ladies Night No Limit World Series. She won third place at the World Poker Tour Ladies' Invitational Tournament in the same year. Tilly has won several tournaments and in 2008 announced the end of her poker career.
But she apparently missed poker more than she thought, because two years later she returned to the gaming tables. It is estimated that she has earned about $900 000 in her poker career.
Charlie Sheen's gambling addiction
One of the most famous celebrity gamblers – surely none of you will be surprised that controversial Charlie Sheen has also emerged amongst the gambling celebrities. His gambling only complements the collection of addictions that this famous actor suffers from. Charlie can definitely afford to bet. In the days of his greatest glory, when he starred in the 'Two and a Half Man' series, Sheen was earning $1.8 million per episode.
Charlie did not save on his gambling addiction. According to his former wife, he regularly lost up to $ 200 000 a day in casinos and sports betting.
Ben Affleck
Like Jennifer Tilly, another Hollywood star on our list is among the players who hold the reins of the bet tightly in their hands. The star of movies such as 'Good Will Hunting', 'Argo' and 'Justice League', says he has no problem with gambling. One could say that gambling has a problem with him. Literally.In 2014, he was banned from the Hard Rock Hotel & Casino in Las Vegas, where he was caught counting cards at blackjack. Affleck doesn't deny that he can play blackjack on a professional level: 'I took some time and learned to play pretty well. Once I became good, the casino asked me not to play blackjack. I think the fact that being good in something is against the rules tells more about casinos than about me, ' Affleck commented on the affair.
In addition to blackjack, Ben Affleck also plays poker. In 2004, he managed to win $356 000 in a $9 900 + 100 No Limit Hold'em Championship.
Shannon Elizabeth
Shannon Elizabeth is a renowned American actress, poker player and former model that you will remember from her most famous role in the 1999 comedy 'American Pie'.
Jack casino online. Beautiful and talented Elizabeth is also one of the regular poker tournament visitors. She even claims that poker is her second job. Several times a month, she can be seen in Las Vegas and other casinos all over America.
Although Elizabeth has not won any big tournament yet, her earnings from playing poker are estimated to exceed $200 000.
50 Cent
50 Cent, with his civilian name of James Jackson, is a well-known American rapper who has led a rather controversial life. He was shot once, stabbed and jailed several times. For part of his life, he also made money as a drug dealer. Although it would not be known that he was also gambling, he would bet on some rare occasions. The biggest bet he ever made was half a million dollars for the match between the New York Giants and San Francisco.
Ray Romano
Ray Romano is an American actor, known above all as the main character in the TV show 'Men of a Certain Age'. He also played the role of Joe Tranelli, a pathological gambler and addicted player. Interestingly, Ray Romano himself is a passionate player. Since 2007, he has been regularly participating in the World Series of Poker, in which he finished third in 2013.
In addition to poker, Romano also plays craps or online betting. In the past, his problem was so great that Romano decided to seek help from Gamblers Anonymous.
George Clooney
Danny's representative in the 'Ocean's Eleven' film series, as well as the main movie character, has a very close relationship with casinos. Clooney is a regular visitor to top poker events and likes to play blackjack or craps. He himself attempted to open his own casino and invested more than 200 million dollars in that venture. This plan, however, did not work out.
John Daly
John Patrick Daly, his full name, is an American professional player and multiple golf champion. In his autobiography, he admits that he had a very serious gambling problem in the past. He said he could have lost $50-60 million in 15 years. His biggest loss was apparently in October 2005, when he lost $1.5 million in one month.
Charles Barkley
Charles Barkley was a leading American basketball player. From 1984 until the end of his active sporting career in 2000, he played for the Philadelphia 76ers, Phoenix Suns and Houston Rocket. After he left basketball, Barkley was particularly passionate about gambling.
In an interview with ESPN, Barkley said he could have lost about $10 million in his lifetime. He also admitted that he had lost 2.5 million dollars in a 6-hour blackjack session. He ended up in court in 2008, when he was sued by Winn Casino for $400 000 in unpaid losses. Barkley acknowledged the amount and immediately paid up. After this trial, he said on several occasions that he had stopped gambling.
Pete Rose
Club Manager and player for the MLB Reds and enthusiastic baseball gambler is not exactly the most uncomfortable combination. Pete Rose was in the club as a player and as Manager after his retirement. His career, however, ended the allegations of sports betting that he had long vehemently denied. However, according to the commission of inquiry, he would have made at least 52 bets on the Reds and in some cases, bet away about $10 000 a day.
Rose admitted in 2004 that those allegations were true. He adds in one breath that he has never bet against his own team.
Antonie Walker
One of the greatest talents of the American NBA has managed to spend more than most people earn in their whole lifetime. By the end of his professional career in 2008, he could have made about $110 million. Two years later, Walker announced personal bankruptcy. The former player himself admitted that he spent most of his fortune on expensive cars, luxury houses and jewelry for himself and his friends.
He famously gambled away much of his wealth, even with another former baseball player, Michael Jordan. Walker was certainly a better basketball player than a gambler. He ended up with a total debt of $880 000 to three Las Vegas casinos and three lawsuits for listing bad checks.
Celebrity Gamblers – Gilbert Arenas and Javaris Crittenton
This pair of basketball players is behind one of NBA's biggest scandals when these players pulled out weapons against each other in the locker room. It all concerned a dispute about winnings from a card game that both players had played in a few days before this incident. Neither of them eventually shot, but even so, this event made big news at the time.
Both Areas and Crittenton were immediately suspended, and they also were put on probation after pleading guilty to misdemeanor weapons charges. Arenas returned to basketball later and played until 2012. Critterton never played basketball professionally again and in 2015 was sentenced to 25 years in prison for manslaughter.
Who is the worlds most famous gambling addict? Probably John Daly. A sporting legend with a personality bigger than his gambling debts. There has been a hell of a lot written about him over the years so we have grabbed one of the most interesting perspectives into his gambling addiction that we could find. We hope you enjoy the read too!
John Daly Relied On Tax Records To Figure $90 Million Gambling Losses
You don't think tax returns are handy?
Tell that to John Daly. Daly recently revealed that he ran the numbers and determined that his actual gambling losses were $90 million compared to $35 million in gambling wins. The numbers are so staggering that it shocked even him: he had only estimated the figures in prior conversation before deciding to review his tax records.
Daly's net gambling losses over the period 1991-2007 totaled about $55 million. The famous golfer thought it was about half that, saying:
John Daly Gambling Losses
'We went through all my tax records to find out, because I really didn't know, and it just came to that. I was shocked. I thought it might have been $20-25 (million), but I had no idea that it was $55-57 million. It's crazy.'
Daly burst onto the scene in a big way in 1991 when the then relatively unknown 25 year old golfer managed a 'zero to hero' win at the 1991 PGA Championship. He wasn't even supposed to be at the tournament: he was the ninth alternate in the tournament, replacing Nick Price whose wife was having a baby.
As a college golfer, Daly had never won a tournament. As a kid, he taught himself to play, using golf balls he fished out of a pond in his native Dardanelle, Arkansas. And yet, he dominated the course, startling his competition – and perhaps himself.
His paycheck for that performance was $230,000 – nearly 40% more than he earned in total the year before. He didn't keep his good fortune to himself, donating $30,000 of his winnings to the surviving children of a tourney spectator who had been struck by lightning and killed.
Daly's generosity was perhaps only matched by his appetite for obsessive behaviors – like gambling and drinking – that would add to Daly's colorful legacy. His drinking interfered with his play and his endorsements over the next several years. Crazy luck casino mobile. In 1995, he won the British Open, keeping him on the golf leaderboards. He became the only American golfer to win two major golf championships and numerous PGA championships but never participate in the invitation only Ryder Cup, prompting Daly to remark to a Canadian radio station, 'I feel like I'm the Babe Ruth of golf… He always wanted to be a manager and he never got that chance. But it's not something that breaks my heart or anything. As long as we hopefully win, that's all that matters.'
Daly might have liked winning on the course but off the course, he just wanted the rush, win or lose. He said about gambling, 'It was more about the adrenaline than the money … I loved the action.'
Sometimes, he lost more than a million dollars at a time. In 2006, he admitted that after losing a playoff to Tiger Woods, he drove to Las Vegas and gambled away $1.65 million in five hours. Over a nearly 15 year period, he threw away $90 million in losses on just $10,116,306 million in PGA tour winnings (and $35 million in gambling winnings).
Daly recognized, however, that those losses weren't completely useless: he says that he kept detailed records of all of his big gambling sprees. That came in useful on those tax returns: while gambling winnings are fully taxable, you can also claim your losses.
Winnings are reported on your federal form 1040 as 'Other Income' on line 21, including winnings that are not subject to withholding. Federal income tax generally is withheld at a flat 25% rate on gambling winnings of more than $5,000 from any sweepstakes, betting pool (including payments made to winners of poker tournaments) or lottery, or if the proceeds are at least 300 times the amount of the bet. However, gambling winnings from bingo, keno, and slot machines generally are not subject to income tax withholding: slot machines were one of Daly's favorite targets. He admitted playing the $5,000 slots at the Wynn Casinos in Vegas quite often but says, 'Now if I gamble, I play the $25 slots. If I hit something, I might move up to $100. But I don't do what I used to do anymore.'
John Daly Gambling Losses Slot Machine
If you aren't subject to withholding, you may need to pay estimated tax. If you don't pay enough in taxes on your winnings through a combination of withholding or estimated tax, you may be subject to a penalty. That likely wasn't an issue for Daly, who lost more than he won.
You may deduct gambling losses only if you itemize deductions on a schedule A. You claim gambling losses as 'Other Miscellaneous Deductions' on line 28: they are not subject to the 2% limit. Unfortunately for Daly, you can't report more in losses than you claim in winnings. You can't use the net loss to offset other income or carry the loss forward or backwards to offset winnings in other years.
These are the rules for casual gamblers. You might think that Daly would qualify as a not-so-casual gambler but the burden to prove that you're a professional gambler for tax purposes is pretty steep. Daly's activities are less likely 'pursued full time, in good faith, and with regularity, to the production of income for a livelihood' as outlined in Commissioner v. Groetzinger, 480 U.S. 23 (1987), and more believably, as a hobby. Just ask Daly. Despite tens of millions of dollars in gambling losses, Daly doesn't seem to regret his behavior, saying, 'I had a lot of fun doing it.'
