Won my 1st slot tournament

1st paid $7500. I won because I had earned 5 extra entries in a 2 day tournament. In addition it's an interactive machine which requires some skill, but also luck. Everyone receives 1 entry each day but Its a huge advantage if you have extra entries. I lost $600 playing the machines this morning getting the extra entries, but it paid off.

Great win, VegasRider, congratulations! I sure wish that was the First Place prize on any of the slot tournaments that I won!

What was the skill component on your machine? On a few of the tournaments that I played, it was that you had to hit different balloons that would appear on the screen for extra points in addition to your spin results. My strategy was to do that with my left hand as I kept hitting the spin button with my right.

So you still have to pay for the coin-in? I saw a scene from one of these tourneys on YouTube where people were furiously mashing the spin button as fast as they could and I thought man that seems like a great scheme to get as much money out of people as possible, but assumed that they had set the machines to some kind of tournament mode where you spin for free and perhaps just pay an entry fee.

The ones I’ve participated in were in tournament mode and were invitation, so no entry fee.

I believe one of the manufacturers of these systems describes the modes as "in-revenue" for regular, funded play, and "out-of-revenue" for tournament play.

One of their proud advertising points is how quickly and conveniently a tournament bank can be restored to in-revenue operation at the conclusion of an event.

Quote: Dieter

I believe one of the manufacturers of these systems describes the modes as "in-revenue" for regular, funded play, and "out-of-revenue" for tournament play.

One of their proud advertising points is how quickly and conveniently a tournament bank can be restored to in-revenue operation at the conclusion of an event.
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That's correct and would be Everi. Although, other manufacturers might also use the terminology; not sure.

Congrats !

I won a couple hundred dollars playing some of those in Vegas. Never the big prize. You went to a random machine and played. But I played one at the Seminole Casino down in Tampa, and I did not like the way they had it set up. You got a personal code you put in the machine, so it essentially ID;s the player no matter what machine you went to.

Not saying they'd fudged the results towards favored customers, but just knowing that made it possible didn't sit well with me.

Congrats!

Quote: Mission146

What was the skill component on your machine? On a few of the tournaments that I played, it was that you had to hit different balloons that would appear on the screen for extra points in addition to your spin results. My strategy was to do that with my left hand as I kept hitting the spin button with my right.
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Correct, there is still a reel button but in order to get bonus points, you must touch the screen and pop the bells and coins which only appears for a couple of seconds as they constantly move around the screen. A person who has large hands and fast reaction times will do better as long as they know how the machine works. But you still need to get lucky on the reels. But hitting a high percentage of the bonuses can be the difference between payouts, which I believe it came into play. The machines are made by IGT, they can be switched for tournament play or revenue slot machines.

When I went to the cage, I requested to be paid in chips, but they only gave me the option of cash or freeplay. No 1099 ir W2G's, which I found odd.

Quote: Vegasrider

When I went to the cage, I requested to be paid in chips, but they only gave me the option of cash or freeplay. No 1099 ir W2G's, which I found odd.

Seems like a no-brainer IF IN FACT there would not be a W2G for a cash payout.

But if there was a W2G for Cash and NOT for Free-play, I think Free-play then makes more sense.

Anyhows, once again Congrats to ya.

Quote: Vegasrider

Correct, there is still a reel button but in order to get bonus points, you must touch the screen and pop the bells and coins which only appears for a couple of seconds as they constantly move around the screen. A person who has large hands and fast reaction times will do better as long as they know how the machine works. But you still need to get lucky on the reels. But hitting a high percentage of the bonuses can be the difference between payouts, which I believe it came into play. The machines are made by IGT, they can be switched for tournament play or revenue slot machines.

When I went to the cage, I requested to be paid in chips, but they only gave me the option of cash or freeplay. No 1099 ir W2G's, which I found odd.
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I love having large hands and fast reaction times! I'm just glad it's a tap as opposed to something that would require more complicated hand motions...arthritis and all...you know how it is. Or, maybe you don't. I have no idea how old you are.

No tax forms whatsoever? I take it you chose the Free Play? There really should have been paperwork if you went the cash route.

I had to fill out a form, but it was not a misc 1099 or W2G. States on the tournament flyer that all prizes are the players responsibility to report to the IRS.