AxelWolf
AxelWolf
Joined: Oct 10, 2012
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July 20th, 2016 at 11:21:07 PM permalink
Quote: LuckyPhow

Really? (Please tell.)

I know some states are considering ways to "monetize" free play for tax purposes, but I don't know any that currently do it. We both know $100 free play is not the same as $100 cash, right? In my experience, $100 free play seems to generate about $65 cash, although with no guarantee you will get any cash return on it.

sorry to hear that.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
Boz
Boz
Joined: Sep 22, 2011
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July 21st, 2016 at 2:42:33 AM permalink
Quote: LuckyPhow

Really? (Please tell.)

I know some states are considering ways to "monetize" free play for tax purposes, but I don't know any that currently do it. We both know $100 free play is not the same as $100 cash, right? In my experience, $100 free play seems to generate about $65 cash, although with no guarantee you will get any cash return on it.



Doesn't sound too Lucky to me.
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AxelWolf
AxelWolf
Joined: Oct 10, 2012
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July 21st, 2016 at 9:11:03 AM permalink
Quote: LuckyPhow

Really? (Please tell.)

I know some states are considering ways to "monetize" free play for tax purposes, but I don't know any that currently do it. We both know $100 free play is not the same as $100 cash, right? In my experience, $100 free play seems to generate about $65 cash, although with no guarantee you will get any cash return on it.

I don't know that it has anything to do with the state but in a few small NV casinos when you win as little as $50 in a drawing they make you sign a 1099 and they send you one for the total amount at the end of the year.

I didn't get an answer what happen if you're total amount was less than $600.

I don't remember what they do with monthly mailers, obviously people are not signing for that when they pick it up, however they send you something informing you of the amount with some instructions.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
DRich
DRich
Joined: Jul 6, 2012
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July 21st, 2016 at 1:25:26 PM permalink
Quote: AxelWolf

I don't know that it has anything to do with the state but in a few small NV casinos when you win as little as $50 in a drawing they make you sign a 1099 and they send you one for the total amount at the end of the year.

I didn't get an answer what happen if you're total amount was less than $600.

I don't remember what they do with monthly mailers, obviously people are not signing for that when they pick it up, however they send you something informing you of the amount with some instructions.



If they give cash or prizes they should be collecting a photo ID and ss#. If the total amount they give you in the calendar year is $600 or more than they are required by the IRS to send you a 1099. They can send you one for less than $600 but they are not required to. You should not get more than one 1099 from any casino.
Living longer does not always infer +EV
RS
RS
Joined: Feb 11, 2014
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July 22nd, 2016 at 3:18:03 AM permalink
Wouldn't that apply to cash or prizes -- something with a "cash value"? I don't think the casino would want to advertise free-play as having cash value, as that implies it's free play to pick up and walk away with....whereas they prefer to advertise it as "funny money" or "extra play credits", where it just allows the player to play for a little while longer. They'd rather you play an extra 2 hours for your $200 in FP....NOT play the same amount and lose $200 less than you normally would.

Maybe that's their way of getting around issuing 1099's to every person in their casino who gets free-play....sort'a how some machines pay 239 credits on a $5 machine or $1199 instead of $1200 (like on triple bonus plus....or some must hit by $1,199.99).
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BobDancer
BobDancer
Joined: Jun 22, 2013
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July 22nd, 2016 at 8:25:43 AM permalink
Quote: LuckyPhow



We both know $100 free play is not the same as $100 cash, right? In my experience, $100 free play seems to generate about $65 cash, although with no guarantee you will get any cash return on it.



This is a thread about eviction. If you're a player who can typically only generate 65% from free play, it's clear that you aren't being evicted for being an AP.

I generally MUCH PREFER free play to cash --- assuming I'm allowed to play the free play on 99%+ machines --- and I'm not limiting this to eviction situations only.

Whether the money is guaranteed or not is a non-issue for me. I'm basing my decisions on EV --- not cash in my pocket today. I gamble enough that these numbers merge over time. For those of us who gamble small relative to our bankroll, how much we have in our pocket today is irrelevant.

At most places, cash comes with 1099s and free play doesn't.

If you're paying taxes appropriately, receiving either cash or free play is a taxable event. But free play has the benefit of you choosing when to collect. If you receive $5,000 in free play in mid December and you're ahead this year --- it makes a lot of sense to postpone playing it off until next year. If you're behind in mid December when you receive this free play, it makes sense to collect it now.

If you receive cash instead of free play, you do not have this flexibility.
Ibeatyouraces
Ibeatyouraces
Joined: Jan 12, 2010
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July 22nd, 2016 at 9:11:16 AM permalink
There are locations where FP cannot be used on any VP games.
DUHHIIIIIIIII HEARD THAT!
Wizardofnothing
Wizardofnothing
Joined: Jul 3, 2015
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July 22nd, 2016 at 9:14:16 AM permalink
A lot of them
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