$100 slots
April 20th, 2012 at 5:40:56 PM
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SO i have heard, but want to know from all of you experts. When playing slot machines you should play the highest level of slot you can afford because the house take is much lower because of the higher limit. Now I have done well on the $5 slots, for instance drove to LV, walked into the high limit slots room, played $5 a spin ond on my second spin hit for $1600. I continue to play the $5 and occasionally $10 slots on my trips, a hundred or two, as I usually am just killing time and drinking. BUT I was thinking of taking a grand and trying the $100 slots. Am I crazy or is it true, there is a greater chance of hitting this than a $.01 slot?
April 20th, 2012 at 6:03:48 PM
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CAREFUL. The reliable information from the Gaming Authority is only available in certain denominations. The very large slot machines might indicate the identity of the licensee therefore only limited information is available and data is therefore unreliable.
April 20th, 2012 at 6:39:13 PM
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Available information indicates there's no or almost no gain in extreme slot denominations. I don't remember the source, but it goes like 89%, 91%, 94%, 95% for penny to dollar slots, then 96-98% for multi-dollar slots, and actually drops a little at the very top.
Also, however high the return is, it's still under 100%, so it remains a losing proposition.
Also, however high the return is, it's still under 100%, so it remains a losing proposition.
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April 20th, 2012 at 7:38:42 PM
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Yeah, the casino owner sort of likes it that way.Quote: P90Also, however high the return is, it's still under 100%, so it remains a losing proposition.
April 20th, 2012 at 7:43:25 PM
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Also remember that $1200 on a single spin requires tax declaration, so unless you have losses to offset these you will owe money to the IRS. On a $100 machine a 12x win isn't even very big but will require a hand pay. Just keep this in mind.
April 21st, 2012 at 1:20:46 PM
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Quote: JW17Am I crazy or is it true, there is a greater chance of hitting this than a $.01 slot?
Of course it is true. Manufacturers always reward higher bets with better odds.
Do the math! If you improve the player advantage by a few percentage points, but you get them to bet twenty times as much, do you think that the machine makes more or less money per hour?
April 21st, 2012 at 2:04:50 PM
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Quote:Also remember that $1200 on a single spin requires tax declaration, so unless you have losses to offset these you will owe money to the IRS.
I was just wondering about this myself the other day, thinking that you'd be filling out forms every 5 minutes on the high-dollar slots, which didn't make any sense to me. So I did a little research and the way I understand it from what I've read, and I could be mistaken, the $1,200 tax thing applies only if the odds on the win were greater than 100-to-1, which would mean that on $100 slots you would have to hit a single win of $10,000 before they slapped you with a W2G.
April 21st, 2012 at 2:33:36 PM
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Quote: tsmithQuote:... the way I understand it from what I've read, and I could be mistaken, the $1,200 tax thing applies only if the odds on the win were greater than 100-to-1
You most certainly are WRONG there."What, me worry?"
April 21st, 2012 at 2:36:07 PM
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Okay.
April 21st, 2012 at 2:39:27 PM
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Anytime you win over $1200 on a single spin you get the W-2G. If you get really curious about higher denomination slots you could try the $1000 per spin at the Bellagio. They are 3 reel and 2 coin max I believe. A single cherry will get you the W-2G there. I have yet to see anyone playing them. I think they have two of them.
April 21st, 2012 at 2:47:15 PM
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I see now where I misunderstood the W2G requirements. I was going by what someone on another site said, but according to the IRS website:
Reportable Gambling Winnings
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,
2. The winnings (reduced by the wager) are $1,500 or more from a keno game,
3. The winnings (reduced by the wager or buy-in) are more than $5,000 from a poker tournament,
4. The winnings (except winnings from bingo, slot machines, keno, and poker tournaments) reduced, at the option of the payer, by the wager are:
a. $600 or more, and
b. At least 300 times the amount of the wager, or
5.The winnings are subject to federal income tax withholding (either regular gambling withholding or backup withholding).
When you don't have those kinds of wins you tend to forget the rules. :)
Reportable Gambling Winnings
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,
2. The winnings (reduced by the wager) are $1,500 or more from a keno game,
3. The winnings (reduced by the wager or buy-in) are more than $5,000 from a poker tournament,
4. The winnings (except winnings from bingo, slot machines, keno, and poker tournaments) reduced, at the option of the payer, by the wager are:
a. $600 or more, and
b. At least 300 times the amount of the wager, or
5.The winnings are subject to federal income tax withholding (either regular gambling withholding or backup withholding).
When you don't have those kinds of wins you tend to forget the rules. :)
April 21st, 2012 at 3:04:49 PM
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Quote: MrRalphAnytime you win over $1200 on a single spin you get the W-2G. If you get really curious about higher denomination slots you could try the $1000 per spin at the Bellagio. They are 3 reel and 2 coin max I believe. A single cherry will get you the W-2G there. I have yet to see anyone playing them. I think they have two of them.
Is that to say they do a W2-G for every such spin, or only when you try to cash out? I would never play a $100 per coin machine, but that seems terribly inefficient to do it that way.
April 21st, 2012 at 3:11:39 PM
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Quote: silversonic2006I would never play a $100 per coin machine, but that seems terribly inefficient to do it that way.
If you were willing to keep shoving $1,000 credits into a slot machine (or maybe even the $100 credits), the casino would probably be willing to assign a staff member to stand next to you and fill out a form for each spin with a payout. They could probably pre-print a stack of forms with all of the personal info and just fill in the amount of the payout each time.
April 21st, 2012 at 3:30:06 PM
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Quote: MrRalphIf you get really curious about higher denomination slots you could try the $1000 per spin at the Bellagio. They are 3 reel and 2 coin max I believe. I have yet to see anyone playing them.
Or this one on the Red White and Blue machine in the high limit room at Aria ...
Zounds!
"What, me worry?"
April 21st, 2012 at 6:11:18 PM
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Ask already mentioned that is not correct. Next time you have a chance and see someone settled in at the $100 (or higher) slots you will usually see someone ready to fill out the forms nearbye. If they are a real high roller you will see a form filler, host, waitress and security all standing and watching, ready to meet all the needs instantly so they don't have an excuse to leave the area.
Be careful when you follow the masses, the M is sometimes silent.
April 22nd, 2012 at 7:37:54 AM
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I personally do not really play slots let alone that denomination, but yes, there is a person right there with the proper forms so you can keep right on spinning. I have a freind who likes to play in the high limit slot area and I have watched him play and there are lots of W-2G's being written. I was at the high limit in Ceasars and I watched these three women play three coin $25 machines all weekend. They even brought them food. They had plenty of W-2G's at $75 per pull. On one occasion she hit for $12,000 and got up and started screaming at the machine " I got you you bastard" my best geuss is she was still down.
April 22nd, 2012 at 7:47:34 AM
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I wonder how a player on a $500 or higher denomination feeds his bet into the machine?
Handling $100 bills would seem cumbersome: my guess is they pre-pay at a cashier and use a ticket (?).
FWIW, I like to play high limit slots, as a break from craps, but my losing streak is beginning to disabuse me of the notion.
It's one thing to be able to afford it, it's another to actually experience the sinking feeling of losses.
Bah.
Handling $100 bills would seem cumbersome: my guess is they pre-pay at a cashier and use a ticket (?).
FWIW, I like to play high limit slots, as a break from craps, but my losing streak is beginning to disabuse me of the notion.
It's one thing to be able to afford it, it's another to actually experience the sinking feeling of losses.
Bah.
"What, me worry?"
April 22nd, 2012 at 7:53:41 AM
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Yes pre purchase ticket.
April 22nd, 2012 at 8:27:15 AM
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Quote: MrVI wonder how a player on a $500 or higher denomination feeds his bet into the machine?
A friend of mine gets $200,000 in $10,000 tickets and puts them in the machine. He plays anything up to $5,000 a spin so is constantly filling out forms and waiting for the machine to be reset. Yes, he does have a host and person filling the forms for him.
April 22nd, 2012 at 9:11:41 AM
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Do you prepuchase these tickets at the casino cage? I am guessing you can use a line of credit for this puchase?
How bad is the paperwork going to be with the IRS at the end of the year. Does the casino send you one summary statement with your total win/loss for these high limit players?
How bad is the paperwork going to be with the IRS at the end of the year. Does the casino send you one summary statement with your total win/loss for these high limit players?
Lottery: A tax on people who are bad at math.
April 22nd, 2012 at 9:32:41 AM
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Quote: JW17I continue to play the $5 and occasionally $10 slots on my trips, a hundred or two, as I usually am just killing time and drinking. BUT I was thinking of taking a grand and trying the $100 slots. Am I crazy or is it true, there is a greater chance of hitting this than a $.01 slot?
If you play the $100 you are really taking a chance when your bankroll only allows a few spins. If you always wanted to play a $100 my advice is try it. But to play $100s with <$10K bankroll is a recipe for a short trip.
All animals are equal, but some are more equal than others
April 22nd, 2012 at 10:40:53 AM
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Quote: JuyemuraDoes the casino send you one summary statement with your total win/loss for these high limit players?
Most (all?) of the casinos will provide a year-end statement for any of their players via their web site, even for fleas like me. There do not even need to be any W2-G forms issued at all for there to be a report available. Caesars breaks it down by casino but not in any more detail. My experience has been that their reports show significant similarity to my records but do not match exactly. Probably the difference is in how closely they pay attention to the win/loss of a low-level table games player. If you stick to slots and VP and always use your card, then they should have a very good record for you.
