jagreenm
jagreenm
Joined: Feb 7, 2014
  • Threads: 1
  • Posts: 3
February 7th, 2014 at 7:54:11 AM permalink
Last night at the Seminole Hard Rock Casino in Ft. Lauderdale, FL, I was playing Organic's Craps/Sic-Bo machine. The machine has an idiosyncrasy in the way it calculates winnings. If you bet $10 on the pass-line, an even money bet, when the bet wins, the machine says that you won $20. In actuality, you won $10 and received your original $10 bet back. I always figured this was just a semantic thing and didn't pay any attention to it until last night.

I had a $75 pass-line bet on the 8 with $375 odds. I also had $40 on the hard 8. The 8 came hard. Total win: $885. Of course, the machine says I won $1375 ($885 in ACTUAL winnings PLUS $75+$375+$40 in my original bets). The machine then froze and wouldn't let me do anything until an attendant came 10 minutes later (after a come out, 2 numbers and then a 7 out... i'm not sure what happened to the money I had on the table during this time but it saved me from losing a 100/500 bet on the next point). The attendant came and gave me a W2G that says I won $1,375.

I didn't win $1375. I won $885 and was returned my $490 in original bets.
sabre
sabre
Joined: Aug 16, 2010
  • Threads: 2
  • Posts: 1078
February 7th, 2014 at 8:00:34 AM permalink
That's how all gaming machines work. There is no error. If you don't like it, take it up with the federal government.
CrystalMath
CrystalMath
Joined: May 10, 2011
  • Threads: 8
  • Posts: 1892
February 7th, 2014 at 3:08:57 PM permalink
Unfortunately, you cannot subtract your wager from wins on electronic games. You can for certain gambling, such as sports bets and live keno.
I heart Crystal Math.
tringlomane
tringlomane
Joined: Aug 25, 2012
  • Threads: 8
  • Posts: 6270
February 7th, 2014 at 3:32:56 PM permalink
Quote: sabre

That's how all gaming machines work. There is no error. If you don't like it, take it up with the federal government.



This.
100xOdds
100xOdds
Joined: Feb 5, 2012
  • Threads: 526
  • Posts: 3135
February 7th, 2014 at 5:06:16 PM permalink
Quote: jagreenm

Last night at the Seminole Hard Rock Casino in Ft. Lauderdale, FL, I was playing Organic's Craps/Sic-Bo machine. The machine has an idiosyncrasy in the way it calculates winnings. If you bet $10 on the pass-line, an even money bet, when the bet wins, the machine says that you won $20. In actuality, you won $10 and received your original $10 bet back. I always figured this was just a semantic thing and didn't pay any attention to it until last night.

I had a $75 pass-line bet on the 8 with $375 odds. I also had $40 on the hard 8. The 8 came hard. Total win: $885. Of course, the machine says I won $1375 ($885 in ACTUAL winnings PLUS $75+$375+$40 in my original bets). The machine then froze and wouldn't let me do anything until an attendant came 10 minutes later (after a come out, 2 numbers and then a 7 out... i'm not sure what happened to the money I had on the table during this time but it saved me from losing a 100/500 bet on the next point). The attendant came and gave me a W2G that says I won $1,375.

I didn't win $1375. I won $885 and was returned my $490 in original bets.



search my threads, I said the exact same thing.

found out e-Craps is considered a slot machine. anything returned to you over $1200 gets you a w2-g
Craps is paradise (Pair of dice). Lets hear it for the SpeedCount Mathletes :)
jagreenm
jagreenm
Joined: Feb 7, 2014
  • Threads: 1
  • Posts: 3
February 8th, 2014 at 5:32:53 AM permalink
Thanks... so frustrating... need them to legalize actual craps in Florida...
DeMango
DeMango
Joined: Feb 2, 2010
  • Threads: 28
  • Posts: 2716
February 8th, 2014 at 6:14:30 AM permalink
Quote: jagreenm

Thanks... so frustrating... need them to legalize actual craps in Florida...



I come within 5 miles of the Hard Rock and drive the additional 7 hours to Biloxi. You can't beat the games in MS.
When a rock is thrown into a pack of dogs, the one that yells the loudest is the one who got hit.
darkoz
darkoz
Joined: Dec 22, 2009
  • Threads: 255
  • Posts: 8105
February 8th, 2014 at 7:08:41 AM permalink
There is something wrong with the way this is working where you guys are. This does not happen in New York.

You only get a w2-g after you take the voucher to the cashier who scans it at which time the scan reveals the actual amount of the win. You don't get taxed on your own wager.

Imagine making a don't come bet for $2000(the max at my casino) and a twelve rolls. You push and now have to pay 36% of your own money in taxes?

Or bet $2000 at baccarat and every time there is a tie, they remove 36% of your bet?

It would be impossible for any high roller to ever win at a casino.

Least, I can guarantee that doesn't happen here in New York. I've had plenty of wins over $1400 without a w2g. Any win of over $600 net only gets you a w2g in NYC.
For Whom the bus tolls; The bus tolls for thee
MathExtremist
MathExtremist
Joined: Aug 31, 2010
  • Threads: 88
  • Posts: 6526
February 8th, 2014 at 8:33:17 AM permalink
Quote: CrystalMath

Unfortunately, you cannot subtract your wager from wins on electronic games. You can for certain gambling, such as sports bets and live keno.


I've read the W-2G instructions:
Quote:

Report gambling winnings on Form W-2G if:
1. The winnings (not reduced by the wager) are $1,200 or more from a bingo game or slot machine,


but that seems to indicate that a $1500 bet that pushed would result in a W-2G. Or a better example a $100-coin 50 line slot game, costing $5000 per spin, where one line yielded a 20-coin award. The play lost $3000 but you'd still get a W-2G because "taxable winnings" were $2000?

I can't imagine that Congress intended for "putting many thousands of dollars into a gaming machine, then getting more than $1200 back out" to be a taxable event.
"In my own case, when it seemed to me after a long illness that death was close at hand, I found no little solace in playing constantly at dice." -- Girolamo Cardano, 1563
darkoz
darkoz
Joined: Dec 22, 2009
  • Threads: 255
  • Posts: 8105
February 8th, 2014 at 9:04:24 AM permalink
Yeah, there would be no point in playing a high denom machine. Not even a person who could afford $100 credit machines would play
For Whom the bus tolls; The bus tolls for thee

  • Jump to: