Wizardofnothing
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April 3rd, 2017 at 1:05:42 AM permalink
Guy just hit this and thought he won 1600
Pictures to come
No longer hiring, don’t ask because I won’t hire you either
RisingDough
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April 3rd, 2017 at 3:01:43 AM permalink
Quote: Wizardofnothing

Guy just hit this and thought he won 1600
Pictures to come




Sick I just left there a few hours ago, what was he playing?
What is life if not a gamble?
Wizardofnothing
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April 3rd, 2017 at 5:58:18 AM permalink
https://imgur.com/gallery/Y6keR
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FleaStiff
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April 3rd, 2017 at 7:09:35 AM permalink
I just looked at the imjur image .... I'd not have known it was some super prize at all.
djatc
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RS
April 3rd, 2017 at 7:39:36 AM permalink
that's nathan compared to megabucks
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MaxPen
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April 3rd, 2017 at 7:49:33 AM permalink
Was in Binions last year when lady hit on quarters for 550k. She didn't realize what she hit either. They actually pull the chips and shut the machine down. Guess they have to send something off for verification purposes when this happens.
MrV
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April 3rd, 2017 at 7:59:36 AM permalink
Quote: MaxPen

Was in Binions last year when lady hit on quarters for 550k. She didn't realize what she hit either. They actually pull the chips and shut the machine down. Guess they have to send something off for verification purposes when this happens.



Do they delay making the jackpot payout until the lab has the opportunity to examine the chip(s)?

Who funds the payout: the casino, the mfr. or some form of insurance policy?
"What, me worry?"
SiegfriedRoy
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April 3rd, 2017 at 8:28:23 AM permalink
Quote: MrV

Do they delay making the jackpot payout until the lab has the opportunity to examine the chip(s)?

Who funds the payout: the casino, the mfr. or some form of insurance policy?



It really depends. Maybe some of the older machines may require chip(s) to be sent off to get verified, but new machines can be verified within 1-2 hours of a slot company technician showing up.

When it's just a normal jackpot, the casino pays the winner. If it's a giant progressive in 6-digits to 8-digits, the offices of the slot machine gets an immediate trigger notification. Then they deploy a technician to the slot. They open it up and do their verification. Once all the steps and process have been verified and it's not a malfunction, they will make the winner sign various forms of payments. You then have an option to go 20 year annual payments or a discounted lump sump. Progressives are payed by a the slot company and all the taxes and forms will not have anything to do with the casino. I heard when you win a progressive at a casino, it won't even show up on your win/loss record of the casino because it has nothing to do with it. However, it will show up on a W-9 from the slot company. I hope this answers your questions Mr. V.
FleaStiff
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April 3rd, 2017 at 8:39:34 AM permalink
There is a log book inside each slot machine that is filled out everytime the innards are opened.
The technician can usually determine instantly if there was a NON-jackpot event such as a mis-configured reel or something.
The Jackpot Money has to be paid FROM the jackpot fund, not the casino's general revenues. That is why a casino that went out of business was forced to first disgorge its accumulated Jackpot Totals. That is money owned by members of the public who are as yet unidentified, not the casino.
MrV
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April 3rd, 2017 at 8:39:39 AM permalink
Thanks for the info.

It seems deceptive not to offer the option of the immediate payout of the full amount won.

Oh, I understand why they wouldn't want to, and I get the game they're playing, but I don't like it.
"What, me worry?"
Ibeatyouraces
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April 3rd, 2017 at 8:42:29 AM permalink
IGT pays these big jackpots like WoF, not the casino.
DUHHIIIIIIIII HEARD THAT!
TigerWu
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April 3rd, 2017 at 8:42:42 AM permalink
Dang... that's instant retirement money right there.
100xOdds
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April 3rd, 2017 at 8:43:27 AM permalink
Quote: SiegfriedRoy

It really depends. Maybe some of the older machines may require chip(s) to be sent off to get verified, but new machines can be verified within 1-2 hours of a slot company technician showing up.

When it's just a normal jackpot, the casino pays the winner. If it's a giant progressive in 6-digits to 8-digits, the offices of the slot machine gets an immediate trigger notification. Then they deploy a technician to the slot. They open it up and do their verification. Once all the steps and process have been verified and it's not a malfunction, they will make the winner sign various forms of payments. You then have an option to go 20 year annual payments or a discounted lump sump.

Progressives are payed by the slot company and all the taxes and forms will not have anything to do with the casino.

I heard when you win a progressive at a casino, it won't even show up on your win/loss record of the casino because it has nothing to do with it. However, it will show up on a W-9 from the slot company. I hope this answers your questions Mr. V.


wait.. that $1.7M progressive is a 20yr payment?! :(

I never knew that.
Same with Megabucks?

is it ALL 6+ figure progressives?
(my local casino has a progressive advertised as $155k on one bank of their slot machines.)

if not, How can I tell which is lump sum for the advertised jackpot?
Craps is paradise (Pair of dice). Lets hear it for the SpeedCount Mathletes :)
Ibeatyouraces
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April 3rd, 2017 at 8:44:56 AM permalink
Quote: 100xOdds

How can I tell?
(my local casino has a progressive advertised as $155k on one bank of their slot machines.)


It'll say on the machine.
DUHHIIIIIIIII HEARD THAT!
100xOdds
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April 3rd, 2017 at 8:48:31 AM permalink
Quote: Ibeatyouraces

It'll say on the machine.


is this disclaimer easy to see on the main screen or do I have to scroll thru pages of info in their HELP menu?
Craps is paradise (Pair of dice). Lets hear it for the SpeedCount Mathletes :)
Ibeatyouraces
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April 3rd, 2017 at 9:04:17 AM permalink
Quote: 100xOdds

is this disclaimer easy to see on the main screen or do I have to scroll thru pages of info in their HELP menu?


It's usually in small print next to the top award on the pay table. I'll see if I can get a picture of one.
DUHHIIIIIIIII HEARD THAT!
Boz
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April 3rd, 2017 at 9:15:31 AM permalink
Quote: TigerWu

Dang... that's instant retirement money right there.



Not even close depending on age, income level and expectation of quality of life.

Unless you are saying it is nice money to put away for retirement.
MrV
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April 3rd, 2017 at 9:17:56 AM permalink
I know a guy that retired in his late thirties after getting a 2M payday.

He loves it.
"What, me worry?"
TigerWu
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April 3rd, 2017 at 10:19:08 AM permalink
Quote: Boz

Not even close depending on age, income level and expectation of quality of life.

Unless you are saying it is nice money to put away for retirement.



Based on historical market returns, an 18 year old with $1.7 million could pull out about $55,000 a year at a 3.25% withdrawal rate and never run out of money for his entire life. You COULD retire instantly with $1.7 million no matter your age, but you would have some restrictions, like not living in San Francisco or NYC or some other crazy expensive places, but $1.7 mil is definitely doable retirement money for many places in the U.S. and even the world.
Paradigm
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April 3rd, 2017 at 10:46:38 AM permalink
Except for those pesky taxes that will whack it down to at most just over $1.0M, less if you live in a high tax state like CA or NY.

$1.0M would provide $65K per year (maybe $58-$60K after taxes on investment income) for 30 years assuming a 5% annual rate of return, which is very realistic. At the end of 30 years, you have nothing left.

I don't think a 30-40 year old should retire on that hit...work another 10 years and let that $1.0M grow over that time frame....gives you more principle and less lifetime to fund and that has a dramatic impact on what you can withdraw.
Mission146
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April 3rd, 2017 at 11:01:40 AM permalink
Quote: TigerWu

Based on historical market returns, an 18 year old with $1.7 million could pull out about $55,000 a year at a 3.25% withdrawal rate and never run out of money for his entire life. You COULD retire instantly with $1.7 million no matter your age, but you would have some restrictions, like not living in San Francisco or NYC or some other crazy expensive places, but $1.7 mil is definitely doable retirement money for many places in the U.S. and even the world.



$55,000 annually might not look so great thirty years from now, probably barely even minimally livable by then.
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
rxwine
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April 3rd, 2017 at 11:10:03 AM permalink
Quote: Wizardofnothing

https://imgur.com/gallery/Y6keR



Looks like he won free games as well. : )
There's no secret. Just know what you're talking about before you open your mouth.
mrsuit31
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April 3rd, 2017 at 11:16:58 AM permalink
Quote: Mission146

$55,000 annually might not look so great thirty years from now, probably barely even minimally livable by then.



$55,000.00 a year in NY isn't so hot now....
.
Ayecarumba
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April 3rd, 2017 at 11:50:55 AM permalink
I thought it interesting that the pop-up message still says "Handpay". My understanding is that on these statewide networked progressives (like WoF or MegaBucks), the player does get the option to receive a chunk of cash immediately after verification, and the balance in the form of a check, or the balance in annual payments if they take the annuity. However, if the progressive award is only based on machines in the same casino, the player gets the whole thing at once. I recall that smaller casinos have agreements to lend each other cash if they need to cover these types of events. Remember MGM's "Lion's Share"? That was a lump sum payment in excess of $2.4 million (before pre-tax witholding).
Last edited by: Ayecarumba on Apr 3, 2017
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MaxPen
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April 3rd, 2017 at 11:54:43 AM permalink
Quote: MrV

Do they delay making the jackpot payout until the lab has the opportunity to examine the chip(s)?

Who funds the payout: the casino, the mfr. or some form of insurance policy?



I think they have to send the chip containing the logs to be verified. Casino has to pay a small percent or something like that immediately. A representative the contacts the player to offer lump sum amount or annuity. The licensor makes the payout and reimburses casino.
DiscreteMaths2
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April 3rd, 2017 at 12:10:54 PM permalink
I have often wondered if I hit something like this if I would just end my gambling activities for good or if I would use it (at least partially) for future bankroll. The risk being you sink a large amount of money into a players club just to have it revoked or towards or good promotion just to get kicked out before you complete it.
Assume the worst, believe no one, and make your move only when you are certain that you are unbeatable or have, at worst, exceptionally good odds in your favor.
AxelWolf
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April 3rd, 2017 at 12:41:30 PM permalink
Quote: DiscreteMaths2

I have often wondered if I hit something like this if I would just end my gambling activities for good or if I would use it (at least partially) for future bankroll. The risk being you sink a large amount of money into a players club just to have it revoked or towards or good promotion just to get kicked out before you complete it.

Are we talking AP stuff? Why would you risk a large amount into a players Club? Are you talking about stuff like 7 star status? If so, if you are playing correctly, achieving something like that should not even put a dent into that kind of money.

If you are playing good stuff, I can't see any reason not to add more money to your Bankroll.

I don't separate BR money from regular money because I'm probably never going to stop playing no matter how much or little I have. I will change what and how I play according to My BR. Even if that meant playing $5 match plays, hustling bonus games etc.

I do set limits on how much im willing to lose on certain plays. The better the play the more im willing to risk.
You mentioned sinking money into a promotion and getting kicked out before you complete it. I always factor that into my thinking when assessing how much im willing to risk on something.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
Rigondeaux
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April 3rd, 2017 at 12:46:40 PM permalink
If you take the 20 year option, are you betting that some slot company stays in business for 20 years, or is it set aside and managed by an insurance company or something?

I would at least semi-retire in the U.S. or fully retire somewhere else.
TigerWu
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April 3rd, 2017 at 12:47:48 PM permalink
Quote: Mission146

$55,000 annually might not look so great thirty years from now, probably barely even minimally livable by then.



Okay, so maybe I wouldn't instantly retire if I was handed $1.7 million (especially after taxes are taken out)... but it would definitely set me up for a very nice semi-early retirement....
AxelWolf
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April 3rd, 2017 at 12:54:56 PM permalink
Quote: FleaStiff

There is a log book inside each slot machine that is filled out everytime the innards are opened.
The technician can usually determine instantly if there was a NON-jackpot event such as a mis-configured reel or something.
The Jackpot Money has to be paid FROM the jackpot fund, not the casino's general revenues. That is why a casino that went out of business was forced to first disgorge its accumulated Jackpot Totals. That is money owned by members of the public who are as yet unidentified, not the casino.

It used to mainly be called the fill Log. The main reason it was there was to protect the casino from overpaying machines. If the casino did too many hopper fills during a shift(that varied from casino to casino, but it was usually 3), the casino did what they called a fill check. During the key mode there was a fill check setting that forced 10 coins out. The floor-person would catch and count the coins to make sure it was accurate.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
AxelWolf
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April 3rd, 2017 at 12:56:57 PM permalink
Quote: Rigondeaux



I would at least semi-retire in the U.S. or fully retire somewhere else.

Lies.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
DiscreteMaths2
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April 3rd, 2017 at 1:17:28 PM permalink
Quote: AxelWolf

Are we talking AP stuff? Why would you risk a large amount into a players Club? Are you talking about stuff like 7 star status? If so, if you are playing correctly, achieving something like that should not even put a dent into that kind of money.

If you are playing good stuff, I can't see any reason not to add more money to your Bankroll.

I don't separate BR money from regular money because I'm probably never going to stop playing no matter how much or little I have. I will change what and how I play according to My BR. Even if that meant playing $5 match plays, hustling bonus games etc.

I do set limits on how much im willing to lose on certain plays. The better the play the more im willing to risk.
You mentioned sinking money into a promotion and getting kicked out before you complete it. I always factor that into my thinking when assessing how much im willing to risk on something.



Yeah talking true hard cash +EV and just good comps. Like if you got that much you can now play pretty much any game you want on the floor (outside the absurdly high roller stuff) and I would imagine the sweat factor goes up for the casino if you are sessioning hard on that stuff. Like lets go with the 7 stars example, on a good VP machine you can reach that at a $14,000 loss to yourself (no promos or mailers or anything considered just straight up play). So even then its still a small portion risked of a say a million dollar prize you won but I would still be quite sour getting the boot considering how much other stuff I could used that capital towards.
Assume the worst, believe no one, and make your move only when you are certain that you are unbeatable or have, at worst, exceptionally good odds in your favor.
djatc
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RisingDough
April 3rd, 2017 at 1:20:54 PM permalink
Ask for lump sum

Try to hit it again

+EV

EZ game
"Man Babes" #AxelFabulous
100xOdds
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April 3rd, 2017 at 1:39:10 PM permalink
Quote: DiscreteMaths2

Like lets go with the 7 stars example, on a good VP machine you can reach that at a $14,000 loss to yourself (no promos or mailers or anything considered just straight up play).


huh DM2?
9/6 JoB = 99.5%
$500k for 150k tier credits (if doing 5k TC per day to get 10k TC bonus) x .5% = $2500

hell, even 9/6 ddb (99%) = $5k loss

either you have a MUCH different idea of what constitutes 'good' VP than most people in this forum, or someone else is using your acct?
Last edited by: 100xOdds on Apr 3, 2017
Craps is paradise (Pair of dice). Lets hear it for the SpeedCount Mathletes :)
DiscreteMaths2
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April 3rd, 2017 at 1:53:45 PM permalink
Quote: 100xOdds

What DM2?
9/6 JoB = 99.5%
$500k for 150k tier credits (if doing 5k TC per day to get 10k TC bonus) x .5% = $2500

hell, even 9/6 ddb (99%) = $5k loss

either you have a MUCH different idea of what constitutes 'good' VP than most people in this forum, or someone else is using your acct?



Like I said. Not taking anything else into consideration. Was going off a $20 tier credit 99.54% machine. It's 150,000 points for 7 star , so equivalently 3 million dollar coin in. 99.54% expected loss on 3 million coin is $13,800. Also not every casino is a total rewards property so perhaps you wanted the perks from somewhere else that had a worse players club. Was just going for a rough estimate of the kind of loss you might take for such perks.
Assume the worst, believe no one, and make your move only when you are certain that you are unbeatable or have, at worst, exceptionally good odds in your favor.
Romes
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April 3rd, 2017 at 2:00:53 PM permalink
DM2, I'm still a bit confused... If you're just playing a good game of VP, that they offer to the public, straight up, how exactly would you get the boot? If you're not doing anything extra and basically accepting the Expected Loss, then aren't you just a typical whale?
Playing it correctly means you've already won.
100xOdds
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April 3rd, 2017 at 2:02:00 PM permalink
Quote: DiscreteMaths2

Like I said. Not taking anything else into consideration.

Was going off a $20 tier credit 99.54% machine. It's 150,000 points for 7 star , so equivalently 3 million dollar coin in. 99.54% expected loss on 3 million coin is $13,800. Also not every casino is a total rewards property so perhaps you wanted the perks from somewhere else that had a worse players club. Was just going for a rough estimate of the kind of loss you might take for such perks.


ahh.. when you said promos, thought you meant the +X% TC bonus promo that caesars sometimes run since you cant count on that.
didn't know that included the +5k tc for every 2.5k tc earned since it runs everyday.

and im pretty sure the $1.7M winner can afford to fly to a caesars that has $10 per TC instead of $20 for their best VP.
ie: 9/6 JoB @ Lake Tahoe
Craps is paradise (Pair of dice). Lets hear it for the SpeedCount Mathletes :)
DiscreteMaths2
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April 3rd, 2017 at 2:43:12 PM permalink
Quote: Romes

DM2, I'm still a bit confused... If you're just playing a good game of VP, that they offer to the public, straight up, how exactly would you get the boot? If you're not doing anything extra and basically accepting the Expected Loss, then aren't you just a typical whale?



Because casino management is not that competent. Just like how you know people have gotten 86'd at the blackjack table despite playing a losing game, casinos from time to time do the same thing for vp players. Which becomes a more relevant topic as you are at the higher or highest tier of a players club as they scrutinize you as a player more. Now I am not an expert on the likely hood of this happening or what tends to be the trigger for management to get pissed but the fact that it is an actual risk that you have no recourse for is something to take into consideration before you start dumping coin in into a place.

And that's all I really meant, is that it is a risk compared to what else you could be spending your money on. (especially when you have a million dollars plus in spendable funds). If you really like casinos and gambling, yeah it will probably be worth it to continue to play to at least to some degree but if you have a lot of other interests perhaps you could stop and pursue something else for better value.
Assume the worst, believe no one, and make your move only when you are certain that you are unbeatable or have, at worst, exceptionally good odds in your favor.
billryan
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April 3rd, 2017 at 3:14:36 PM permalink
Going back about twenty years, I had two friends who hit big jackpots in AC. One was just under 100K, the other about $250K.
They were given a couple thousand dollars in walking around money, and driven home to NY in a limo. About a month later, they were picked up and taken back for a banquet where they posed with giant sized checks. The money itself was deposited into their bank by someone. Not sure if cash was an option.
do they still do this? One won on a slot. The other one got a huge straight flush in a carnival game, maybe a six card Royal or something.
The difference between fiction and reality is that fiction is supposed to make sense.
Boz
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FleaStiff
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April 3rd, 2017 at 4:20:36 PM permalink
Quote: TigerWu

Dang... that's instant retirement money right there.

Not necessarily. A lump sum amount can be advertised but if often turns out to be deferred payments.
Anyway, all gambling is based on the 'winners' not quitting when they are ahead and "carrying their own bags" when they leave the casino.
The M used to impose a one hour moratorium on a jackpot winner but all they can really do is impose the moratorium on his Player Card.
rsactuary
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April 3rd, 2017 at 4:27:31 PM permalink
Quote: FleaStiff

The M used to impose a one hour moratorium on a jackpot winner but all they can really do is impose the moratorium on his Player Card.



Sorry, i don't understand this. What does this mean?
Wizardofnothing
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April 3rd, 2017 at 4:33:10 PM permalink
Manager told me he took 66 percent of the amount or was told it was 66 percent if he took the lump sum, Then taxes comeout of that
No longer hiring, don’t ask because I won’t hire you either
DRich
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April 3rd, 2017 at 4:40:58 PM permalink
Quote: Wizardofnothing

Manager told me he took 66 percent of the amount or was told it was 66 percent if he took the lump sum, Then taxes comeout of that



The Powerball annuity is currently about 60%.
At my age, a "Life In Prison" sentence is not much of a deterrent.
DRich
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April 3rd, 2017 at 4:43:35 PM permalink
Quote: Rigondeaux

If you take the 20 year option, are you betting that some slot company stays in business for 20 years, or is it set aside and managed by an insurance company or something?

I would at least semi-retire in the U.S. or fully retire somewhere else.



No, the slot company is required to purchase the annuity from a large financial corporation.
At my age, a "Life In Prison" sentence is not much of a deterrent.
DRich
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April 3rd, 2017 at 4:53:02 PM permalink
Quote: MaxPen

I think they have to send the chip containing the logs to be verified. Casino has to pay a small percent or something like that immediately. A representative the contacts the player to offer lump sum amount or annuity. The licensor makes the payout and reimburses casino.



I worked on the back end software for wide area progressives many years ago and actually had the last say if a a patron got paid after reviewing all of the logs. Our logs were all online in the software we developed and everything was relayed in real time as far as slot machine access. We did send a tech to the site to pull the chip and run them through a Kobetron machine (just an early version HASH and CRC machine that today is all done in software). I would say the whole verification process was done in about two hours for most sites.
At my age, a "Life In Prison" sentence is not much of a deterrent.
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