Hand Pay for Slot Machines
February 27th, 2011 at 8:16:29 AM
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Now that most Las Vegas casinos have gone coinless for their slot machines, at what point do they give out hand pays? Or do you just have to redeem your jackpot ticket at the casino cage?
February 27th, 2011 at 8:20:44 AM
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$1200 and up, and only as a "jackpot". You can hit $600 and $700 and you're OK.
A falling knife has no handle.
February 27th, 2011 at 8:25:40 AM
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Usually it's when you've won a jackpot high enough high enough to trigger a W2-G (or is that 1099-G?).
I invented a few casino games. Info:
http://www.DaveMillerGaming.com/ —————————————————————————————————————
Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁
February 27th, 2011 at 8:30:37 AM
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But if I am playing a $25 slot machine, getting to $1200 will happen every few minutes. This doesn't seem to make a lot of sense.
February 27th, 2011 at 10:42:22 AM
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Aria is advertising self service W2G's, another way to put someone out of a job...
February 27th, 2011 at 12:01:18 PM
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W2-G is triggered by odds as well as dollar amount.Quote: gamblerBut if I am playing a $25 slot machine, getting to $1200 will happen every few minutes. This doesn't seem to make a lot of sense.
I.E. It's a dollar amount when the machine is less than $1 units.
Yeah, it's a higher threshold for the $25 machine.
I invented a few casino games. Info:
http://www.DaveMillerGaming.com/ —————————————————————————————————————
Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁
February 27th, 2011 at 12:58:45 PM
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Quote: gamblerBut if I am playing a $25 slot machine, getting to $1200 will happen every few minutes. This doesn't seem to make a lot of sense.
Yup. In that situation you will probably get a dedicated attendant, who will write down every win, get you to initial, turn the key, and give you all the paperwork later, after you're done.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
February 27th, 2011 at 2:06:19 PM
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Quote: WizardYup. In that situation you will probably get a dedicated attendant, who will write down every win, get you to initial, turn the key, and give you all the paperwork later, after you're done.
So, are high stakes poker players getting a better deal tax wise? They pass amounts larger than 1200 quite a bit.
Sanitized for Your Protection
February 27th, 2011 at 4:04:44 PM
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Quote: rxwineSo, are high stakes poker players getting a better deal tax wise? They pass amounts larger than 1200 quite a bit.
Slot players can always deduct losses against their W2G wins. However, the IRS can always audit the slot players and demand evidence for the deductions. Meanwhile, poker players are pretty much on the honor system, except for big cash tournament wins.
So both are subject to taxes on their net win, however I think I could say slot players have a greater chance of being audited, and the burden of proof is on them to prove their losses.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
February 27th, 2011 at 5:22:41 PM
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Quote: rxwineSo, are high stakes poker players getting a better deal tax wise? They pass amounts larger than 1200 quite a bit.
It's not just the amount, it's the multiple of the wager. Poker players never get more than 9-1 on their money -- there are never more than 9 other players at the table. The only games where the straight amount is reportable on W-2G are slots, keno, and poker tournaments. Everything else, including cash poker games, has to be both $600 *and* 300x the wager.
http://www.irs.gov/pub/irs-pdf/iw2g.pdf
"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
