Collecting over $600 on a bet that pays over 300-1 requires an IRS form.  Collecting over $5,000 on same requires withholding.

Thus, hitting a $653 triple for $2 triggers a reporting requirement, but hitting it for $1 twice does not.  Makes no sense but that\'s the way it is.  

Betting $1,000 to win on a 6-1 shot and collecting $7,000 does not trigger a reporting requirement because it\'s not over 300-1.