so...if I wagered $80 on a pik 4 ticket and it paid 5500.
would I owe any $$$ 
?
approx a 75-1 return
As I understand it you wouldn't get a w-2. For many gamblers that is the impt issue.
Gambling winnings may still be taxable, but some (read most) don't evaluate paying taxes unless a w-2 is issued. The w-2 reports the winnings to the fed gvt.
Technically, my limited appreciation of Byzantine tax rules is that even a $100 win ticket needs to be reported. The variables are complicated, professional gambler status, whether you itemize etc. The bottom line is if a typical gambler doesn't get a w-2 none of the winnings are ever evaluated for tax status since the gvt doesn't know.
I don't professional to be an expert on this so others can correct me if I'm errantly understanding this.
