I'm betting you get a tax form whichever way the casino gives you the $50k.
If you're not getting taxed on the free play then this is a no brainer, take the free play...
I'm with the previous poster and agree that you're probably getting a W2G for the free play. It was my understanding you get one for any drawing or prize received that is valued over $600 I think? You win a $1,000 new flat screen tv, or win a car, win a cruise, etc and you'll be getting a w2g for all of that. With all of that being said why do you think you would not get a w2g for the free play?
Yes 1099 is what I meant to say. Thanks pokerface
I have won contests or drawings at casinos and some of them agreed to give me free play instead of cash and did not issue a 1099.
Another issue to consider is if you earn points and comps on Free Play. Caesars finally changed it where you do not earn anything on free play. At Cosmo they still give comp dollars on Free Play which would make the decision even easier.