If you'd already won $1k, how would you treat this bonus situation?

I was playing a slot machine at Mystic Lake (Prior Lake, MN) this evening. The person next to me was playing a 5 line $1/line machine (3x5 dimension). The machine has a bonus for 4 or 5 scattered symbols, and wilds can substitute for the scatter symbol. The guy hit 4 wilds in a row (a $1000 hit!) and a scatter symbol.

In the scatter bonus, the player can choose whether to take $250 guaranteed or take a chance on $5-495 or $50-$450. I believe that the second two choices are truly random and offer fair odds with a mean payout of $250. If you had already won $1000, how would you treat this game? Would you take the $250? Or would you gamble and take a chance at an even bigger win?

I would take the $250, even if I was a billionaire. You don't know how the machine decides the amount you win. Risking $245 on something you have no idea of the mechanics of just seems dumb. But I guess with that logic, you wouldn't be playing slot machines in the first place.

I would take the guranteed $250 plus the $1,000 and cash out winning the bigger one can trigger tax issues.

Quote: cardcounter

I would take the guranteed $250 plus the $1,000 and cash out winning the bigger one can trigger tax issues.

That threshold is at $1199, isn't it? so $250 + $1000 is already over the taxability threshold.

Quote: rdw4potus

That threshold is at $1199, isn't it? so $250 + $1000 is already over the taxability threshold.

I would take the risk and hope for $199 or less, because I would rather not fill out the W-2G. It would stink winning $200-$250.

By the way, you should technically report the gambling income regardless of the amount, but the casino is required to report it to the IRS if it is greater than or equal to $1200. Yet another reason to play table games.

I would take the $250 without question. I don't know for sure about the fairness of the other choices, but I would be confident that they would be lopsided in my favor of the casino, if at all. Ignoring tax consequences.

Fair odds? I'd shoot the moon and chance it.

Personally, I never did well on "bonus rounds" when I played slots.

Today, I would never risk the double-up feature on video poker, and I don't think many players do... EXCEPT:

Playing VP one night a new, first time VP player sits down at a $5 DDB machine and hits quad aces for $4,000.

The double up? question comes on the screen. The next thing I know he's pushing the double up lit button on the keyboard and Im thinking OMG!!!

He turns to me and in broken English (a foreigner) says "What is this?" That's when I said it's time to call a floor person.

To make a long story short, the player was dealt a 9. He thought pushing the button would give him info about what "double up meant" and he didn't know he should have pushed "no."

Luckily he doubled -- got $8K. THAT is luck.

Quote: AlanMendelson

Luckily he doubled -- got $8K. THAT is luck.

Awesome! Do you recall what the other card was?