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DRich
DRich
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July 30th, 2020 at 5:56:09 PM permalink
Quote: darkoz

That's not correct in my experience.

Not sure how it works everywhere but in NY you get a voucher only good at the cashier but she can tell if you actually won over $1200.

For example if you wagered $1400 on Banker in Baccarat and got a tie you would receive a jackpot voucher for $1400 but not a W2G when cashing it



Are you saying you don't get a W2G when you cash in the jackpot voucher? That would be news to me.

Is that a lottery location as opposed to a casino location? Maybe they are different.
Living longer does not always infer +EV
ChumpChange
ChumpChange
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July 30th, 2020 at 6:47:47 PM permalink
Lottery location would have a $600 threshold, and a regular casino location would have a $1200 threshold. There's confusion over whether your original bet when it's paid back to you counts as a taxable win. Your machine would note you won your bet plus your 1:1 winnings and give you a tax form on your bet itself. I'm sure if I was nearby somebody arguing this at a casino with casino management I might be backed off just for opening my mouth into the conversation.

Example 1: $500 bet and subtracted from your balance, win $500, $1000 added to your balance. No tax form in either casino because the bet itself doesn't count towards the tax form.

Example 2: $1000 bet and subtracted from your balance, win $1000, $2000 added to your balance. No tax form in regular casino because the bet itself doesn't count towards the tax form. In the lottery location you won more than $600 but the bet itself doesn't count so your tax form mentions $1000 instead of $2000.

Example 3: $1500 bet and subtracted from your balance, win $1500, $3000 added to your balance. There is a tax form in regular casino but the bet itself doesn't count so your tax form mentions $1500 instead of $3000.

Example 4: No lottery location would have stadium table games because there's no network bingo card involved.
darkoz
darkoz
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July 30th, 2020 at 6:59:58 PM permalink
Quote: ChumpChange

Lottery location would have a $600 threshold, and a regular casino location would have a $1200 threshold. There's confusion over whether your original bet when it's paid back to you counts as a taxable win. Your machine would note you won your bet plus your 1:1 winnings and give you a tax form on your bet itself. I'm sure if I was nearby somebody arguing this at a casino with casino management I might be backed off just for opening my mouth into the conversation.

Example 1: $500 bet and subtracted from your balance, win $500, $1000 added to your balance. No tax form in either casino because the bet itself doesn't count towards the tax form.

Example 2: $1000 bet and subtracted from your balance, win $1000, $2000 added to your balance. No tax form in regular casino because the bet itself doesn't count towards the tax form. In the lottery location you won more than $600 but the bet itself doesn't count so your tax form mentions $1000 instead of $2000.

Example 3: $1500 bet and subtracted from your balance, win $1500, $3000 added to your balance. There is a tax form in regular casino but the bet itself doesn't count so your tax form mentions $1500 instead of $3000.

Example 4: No lottery location would have stadium table games because there's no network bingo card involved.



So chump change that's pretty much what I find.

So bet $1400 on Banker, that's$1400 deducted,

Tie outcome, $1400 is added back but you should receive no tax form.

It's clear there was no win and if they taxed you on that no one would play over a certain amount
For Whom the bus tolls; The bus tolls for thee
ChumpChange
ChumpChange
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July 30th, 2020 at 7:15:28 PM permalink
Maybe some high limit slot player doesn't mind getting hundreds of tax forms a day, or they get consolidated when they cash out their TITO at the cage. It's just a cacophony of data that just mounts up. But I never see if these high limit slot players lose 24% of their cash-out to a tax withholding at the cage. Maybe they have to cash-out more than $5,000 to get a tax withholding at the cage.
Last edited by: ChumpChange on Jul 30, 2020
DRich
DRich
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Thanks for this post from:
tringlomane
July 30th, 2020 at 8:04:27 PM permalink
Quote: darkoz



It's clear there was no win and if they taxed you on that no one would play over a certain amount



In Nevada and most states there does not need to be a net profit to get a W2G. If you bet $1200 and get your money back a W2G is issued (on machines).
Living longer does not always infer +EV
billryan
billryan
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July 30th, 2020 at 9:08:36 PM permalink
Quote: DRich

In Nevada and most states there does not need to be a net profit to get a W2G. If you bet $1200 and get your money back a W2G is issued (on machines).




If I bet $2,000 on a horse and the horse scratched, does my $2,000 refund generate a W2G?
ChumpChange
ChumpChange
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July 30th, 2020 at 9:24:12 PM permalink
Not paying attention to horse racing, but don't people bet $2 on the horses?

The Beginners Guide for Betting Horse Racing | Betting Guide
https://www.twinspires.com/betting-guides/beginners-guide-betting-horse-racing
darkoz
darkoz
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July 30th, 2020 at 9:31:00 PM permalink
Quote: DRich

In Nevada and most states there does not need to be a net profit to get a W2G. If you bet $1200 and get your money back a W2G is issued (on machines).



Perhaps.

I have noticed in AC E-games have extremely low max bets. Some as low as $100.

And that's on the congregate of all bets.

That might be to avoid any W2G hassles
For Whom the bus tolls; The bus tolls for thee
lilredrooster
lilredrooster
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July 31st, 2020 at 6:19:59 AM permalink
Alan:



you were in the news business

casino mogul Sheldon Adelson bought the "Las Vegas Review Journal" newspaper

this newspaper is a main source of info about casinos in Vegas

do you think he will allow the paper to be objective in its coverage and if necessary criticize the casinos?

or do you you think he will see to it that the news reported by this paper is shaded to show only favorable coverage of the casinos?

how about if there was unfavorable news about the casino he owns or controls - the Venetian - would he or his surrogates allow it to be published unfiltered?




anybody else too - to answer this
𝘈 𝘮𝘢𝘯 𝘵𝘩𝘪𝘯𝘬𝘴 𝘵𝘩𝘢𝘵 𝘣𝘺 𝘮𝘰𝘶𝘵𝘩𝘪𝘯𝘨 𝘩𝘢𝘳𝘥 𝘸𝘰𝘳𝘥𝘴 𝘵𝘩𝘢𝘵 𝘩𝘦 𝘶𝘯𝘥𝘦𝘳𝘴𝘵𝘢𝘯𝘥𝘴 𝘩𝘢𝘳𝘥 𝘵𝘩𝘪𝘯𝘨𝘴.... ᴴᵉʳᵐᵃⁿ ᴹᵉˡᵛⁱˡˡᵉ
DRich
DRich
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July 31st, 2020 at 7:19:54 AM permalink
Quote: billryan

If I bet $2,000 on a horse and the horse scratched, does my $2,000 refund generate a W2G?



Yes, if you bet it on a slot machine.
Living longer does not always infer +EV

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