1.7 mill at Venetian in front of my eyes
Pictures to come
Quote: WizardofnothingGuy just hit this and thought he won 1600
Pictures to come
Sick I just left there a few hours ago, what was he playing?
Quote: MaxPenWas in Binions last year when lady hit on quarters for 550k. She didn't realize what she hit either. They actually pull the chips and shut the machine down. Guess they have to send something off for verification purposes when this happens.
Do they delay making the jackpot payout until the lab has the opportunity to examine the chip(s)?
Who funds the payout: the casino, the mfr. or some form of insurance policy?
Quote: MrVDo they delay making the jackpot payout until the lab has the opportunity to examine the chip(s)?
Who funds the payout: the casino, the mfr. or some form of insurance policy?
It really depends. Maybe some of the older machines may require chip(s) to be sent off to get verified, but new machines can be verified within 1-2 hours of a slot company technician showing up.
When it's just a normal jackpot, the casino pays the winner. If it's a giant progressive in 6-digits to 8-digits, the offices of the slot machine gets an immediate trigger notification. Then they deploy a technician to the slot. They open it up and do their verification. Once all the steps and process have been verified and it's not a malfunction, they will make the winner sign various forms of payments. You then have an option to go 20 year annual payments or a discounted lump sump. Progressives are payed by a the slot company and all the taxes and forms will not have anything to do with the casino. I heard when you win a progressive at a casino, it won't even show up on your win/loss record of the casino because it has nothing to do with it. However, it will show up on a W-9 from the slot company. I hope this answers your questions Mr. V.
The technician can usually determine instantly if there was a NON-jackpot event such as a mis-configured reel or something.
The Jackpot Money has to be paid FROM the jackpot fund, not the casino's general revenues. That is why a casino that went out of business was forced to first disgorge its accumulated Jackpot Totals. That is money owned by members of the public who are as yet unidentified, not the casino.
It seems deceptive not to offer the option of the immediate payout of the full amount won.
Oh, I understand why they wouldn't want to, and I get the game they're playing, but I don't like it.
Quote: SiegfriedRoyIt really depends. Maybe some of the older machines may require chip(s) to be sent off to get verified, but new machines can be verified within 1-2 hours of a slot company technician showing up.
When it's just a normal jackpot, the casino pays the winner. If it's a giant progressive in 6-digits to 8-digits, the offices of the slot machine gets an immediate trigger notification. Then they deploy a technician to the slot. They open it up and do their verification. Once all the steps and process have been verified and it's not a malfunction, they will make the winner sign various forms of payments. You then have an option to go 20 year annual payments or a discounted lump sump.
Progressives are payed by the slot company and all the taxes and forms will not have anything to do with the casino.
I heard when you win a progressive at a casino, it won't even show up on your win/loss record of the casino because it has nothing to do with it. However, it will show up on a W-9 from the slot company. I hope this answers your questions Mr. V.
wait.. that $1.7M progressive is a 20yr payment?! :(
I never knew that.
Same with Megabucks?
is it ALL 6+ figure progressives?
(my local casino has a progressive advertised as $155k on one bank of their slot machines.)
if not, How can I tell which is lump sum for the advertised jackpot?
Quote: 100xOddsHow can I tell?
(my local casino has a progressive advertised as $155k on one bank of their slot machines.)
It'll say on the machine.
Quote: IbeatyouracesIt'll say on the machine.
is this disclaimer easy to see on the main screen or do I have to scroll thru pages of info in their HELP menu?
Quote: 100xOddsis this disclaimer easy to see on the main screen or do I have to scroll thru pages of info in their HELP menu?
It's usually in small print next to the top award on the pay table. I'll see if I can get a picture of one.
Quote: TigerWuDang... that's instant retirement money right there.
Not even close depending on age, income level and expectation of quality of life.
Unless you are saying it is nice money to put away for retirement.
He loves it.
Quote: BozNot even close depending on age, income level and expectation of quality of life.
Unless you are saying it is nice money to put away for retirement.
Based on historical market returns, an 18 year old with $1.7 million could pull out about $55,000 a year at a 3.25% withdrawal rate and never run out of money for his entire life. You COULD retire instantly with $1.7 million no matter your age, but you would have some restrictions, like not living in San Francisco or NYC or some other crazy expensive places, but $1.7 mil is definitely doable retirement money for many places in the U.S. and even the world.
$1.0M would provide $65K per year (maybe $58-$60K after taxes on investment income) for 30 years assuming a 5% annual rate of return, which is very realistic. At the end of 30 years, you have nothing left.
I don't think a 30-40 year old should retire on that hit...work another 10 years and let that $1.0M grow over that time frame....gives you more principle and less lifetime to fund and that has a dramatic impact on what you can withdraw.
Quote: TigerWuBased on historical market returns, an 18 year old with $1.7 million could pull out about $55,000 a year at a 3.25% withdrawal rate and never run out of money for his entire life. You COULD retire instantly with $1.7 million no matter your age, but you would have some restrictions, like not living in San Francisco or NYC or some other crazy expensive places, but $1.7 mil is definitely doable retirement money for many places in the U.S. and even the world.
$55,000 annually might not look so great thirty years from now, probably barely even minimally livable by then.
Quote: Wizardofnothinghttps://imgur.com/gallery/Y6keR
Looks like he won free games as well. : )
Quote: Mission146$55,000 annually might not look so great thirty years from now, probably barely even minimally livable by then.
$55,000.00 a year in NY isn't so hot now....
Quote: MrVDo they delay making the jackpot payout until the lab has the opportunity to examine the chip(s)?
Who funds the payout: the casino, the mfr. or some form of insurance policy?
I think they have to send the chip containing the logs to be verified. Casino has to pay a small percent or something like that immediately. A representative the contacts the player to offer lump sum amount or annuity. The licensor makes the payout and reimburses casino.
Are we talking AP stuff? Why would you risk a large amount into a players Club? Are you talking about stuff like 7 star status? If so, if you are playing correctly, achieving something like that should not even put a dent into that kind of money.Quote: DiscreteMaths2I have often wondered if I hit something like this if I would just end my gambling activities for good or if I would use it (at least partially) for future bankroll. The risk being you sink a large amount of money into a players club just to have it revoked or towards or good promotion just to get kicked out before you complete it.
If you are playing good stuff, I can't see any reason not to add more money to your Bankroll.
I don't separate BR money from regular money because I'm probably never going to stop playing no matter how much or little I have. I will change what and how I play according to My BR. Even if that meant playing $5 match plays, hustling bonus games etc.
I do set limits on how much im willing to lose on certain plays. The better the play the more im willing to risk.
You mentioned sinking money into a promotion and getting kicked out before you complete it. I always factor that into my thinking when assessing how much im willing to risk on something.
I would at least semi-retire in the U.S. or fully retire somewhere else.
Quote: Mission146$55,000 annually might not look so great thirty years from now, probably barely even minimally livable by then.
Okay, so maybe I wouldn't instantly retire if I was handed $1.7 million (especially after taxes are taken out)... but it would definitely set me up for a very nice semi-early retirement....
It used to mainly be called the fill Log. The main reason it was there was to protect the casino from overpaying machines. If the casino did too many hopper fills during a shift(that varied from casino to casino, but it was usually 3), the casino did what they called a fill check. During the key mode there was a fill check setting that forced 10 coins out. The floor-person would catch and count the coins to make sure it was accurate.Quote: FleaStiffThere is a log book inside each slot machine that is filled out everytime the innards are opened.
The technician can usually determine instantly if there was a NON-jackpot event such as a mis-configured reel or something.
The Jackpot Money has to be paid FROM the jackpot fund, not the casino's general revenues. That is why a casino that went out of business was forced to first disgorge its accumulated Jackpot Totals. That is money owned by members of the public who are as yet unidentified, not the casino.
Lies.Quote: Rigondeaux
I would at least semi-retire in the U.S. or fully retire somewhere else.
Quote: AxelWolfAre we talking AP stuff? Why would you risk a large amount into a players Club? Are you talking about stuff like 7 star status? If so, if you are playing correctly, achieving something like that should not even put a dent into that kind of money.
If you are playing good stuff, I can't see any reason not to add more money to your Bankroll.
I don't separate BR money from regular money because I'm probably never going to stop playing no matter how much or little I have. I will change what and how I play according to My BR. Even if that meant playing $5 match plays, hustling bonus games etc.
I do set limits on how much im willing to lose on certain plays. The better the play the more im willing to risk.
You mentioned sinking money into a promotion and getting kicked out before you complete it. I always factor that into my thinking when assessing how much im willing to risk on something.
Yeah talking true hard cash +EV and just good comps. Like if you got that much you can now play pretty much any game you want on the floor (outside the absurdly high roller stuff) and I would imagine the sweat factor goes up for the casino if you are sessioning hard on that stuff. Like lets go with the 7 stars example, on a good VP machine you can reach that at a $14,000 loss to yourself (no promos or mailers or anything considered just straight up play). So even then its still a small portion risked of a say a million dollar prize you won but I would still be quite sour getting the boot considering how much other stuff I could used that capital towards.
Try to hit it again
+EV
EZ game
Quote: DiscreteMaths2Like lets go with the 7 stars example, on a good VP machine you can reach that at a $14,000 loss to yourself (no promos or mailers or anything considered just straight up play).
huh DM2?
9/6 JoB = 99.5%
$500k for 150k tier credits (if doing 5k TC per day to get 10k TC bonus) x .5% = $2500
hell, even 9/6 ddb (99%) = $5k loss
either you have a MUCH different idea of what constitutes 'good' VP than most people in this forum, or someone else is using your acct?
Quote: 100xOddsWhat DM2?
9/6 JoB = 99.5%
$500k for 150k tier credits (if doing 5k TC per day to get 10k TC bonus) x .5% = $2500
hell, even 9/6 ddb (99%) = $5k loss
either you have a MUCH different idea of what constitutes 'good' VP than most people in this forum, or someone else is using your acct?
Like I said. Not taking anything else into consideration. Was going off a $20 tier credit 99.54% machine. It's 150,000 points for 7 star , so equivalently 3 million dollar coin in. 99.54% expected loss on 3 million coin is $13,800. Also not every casino is a total rewards property so perhaps you wanted the perks from somewhere else that had a worse players club. Was just going for a rough estimate of the kind of loss you might take for such perks.
Quote: DiscreteMaths2Like I said. Not taking anything else into consideration.
Was going off a $20 tier credit 99.54% machine. It's 150,000 points for 7 star , so equivalently 3 million dollar coin in. 99.54% expected loss on 3 million coin is $13,800. Also not every casino is a total rewards property so perhaps you wanted the perks from somewhere else that had a worse players club. Was just going for a rough estimate of the kind of loss you might take for such perks.
ahh.. when you said promos, thought you meant the +X% TC bonus promo that caesars sometimes run since you cant count on that.
didn't know that included the +5k tc for every 2.5k tc earned since it runs everyday.
and im pretty sure the $1.7M winner can afford to fly to a caesars that has $10 per TC instead of $20 for their best VP.
ie: 9/6 JoB @ Lake Tahoe
Quote: RomesDM2, I'm still a bit confused... If you're just playing a good game of VP, that they offer to the public, straight up, how exactly would you get the boot? If you're not doing anything extra and basically accepting the Expected Loss, then aren't you just a typical whale?
Because casino management is not that competent. Just like how you know people have gotten 86'd at the blackjack table despite playing a losing game, casinos from time to time do the same thing for vp players. Which becomes a more relevant topic as you are at the higher or highest tier of a players club as they scrutinize you as a player more. Now I am not an expert on the likely hood of this happening or what tends to be the trigger for management to get pissed but the fact that it is an actual risk that you have no recourse for is something to take into consideration before you start dumping coin in into a place.
And that's all I really meant, is that it is a risk compared to what else you could be spending your money on. (especially when you have a million dollars plus in spendable funds). If you really like casinos and gambling, yeah it will probably be worth it to continue to play to at least to some degree but if you have a lot of other interests perhaps you could stop and pursue something else for better value.
They were given a couple thousand dollars in walking around money, and driven home to NY in a limo. About a month later, they were picked up and taken back for a banquet where they posed with giant sized checks. The money itself was deposited into their bank by someone. Not sure if cash was an option.
do they still do this? One won on a slot. The other one got a huge straight flush in a carnival game, maybe a six card Royal or something.
Not necessarily. A lump sum amount can be advertised but if often turns out to be deferred payments.Quote: TigerWuDang... that's instant retirement money right there.
Anyway, all gambling is based on the 'winners' not quitting when they are ahead and "carrying their own bags" when they leave the casino.
The M used to impose a one hour moratorium on a jackpot winner but all they can really do is impose the moratorium on his Player Card.
Quote: FleaStiffThe M used to impose a one hour moratorium on a jackpot winner but all they can really do is impose the moratorium on his Player Card.
Sorry, i don't understand this. What does this mean?
Quote: WizardofnothingManager told me he took 66 percent of the amount or was told it was 66 percent if he took the lump sum, Then taxes comeout of that
The Powerball annuity is currently about 60%.
Quote: RigondeauxIf you take the 20 year option, are you betting that some slot company stays in business for 20 years, or is it set aside and managed by an insurance company or something?
I would at least semi-retire in the U.S. or fully retire somewhere else.
No, the slot company is required to purchase the annuity from a large financial corporation.
Quote: MaxPenI think they have to send the chip containing the logs to be verified. Casino has to pay a small percent or something like that immediately. A representative the contacts the player to offer lump sum amount or annuity. The licensor makes the payout and reimburses casino.
I worked on the back end software for wide area progressives many years ago and actually had the last say if a a patron got paid after reviewing all of the logs. Our logs were all online in the software we developed and everything was relayed in real time as far as slot machine access. We did send a tech to the site to pull the chip and run them through a Kobetron machine (just an early version HASH and CRC machine that today is all done in software). I would say the whole verification process was done in about two hours for most sites.
