Poll

6 votes (50%)
6 votes (50%)

12 members have voted

100xOdds
100xOdds
Joined: Feb 5, 2012
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June 17th, 2014 at 5:19:48 AM permalink
free raffle if you earn x amount of points in the previous month.
1st place = $50k cash

don't know if the casino will give you 50k free slot play instead if you asked.

the reason why you might want slot play instead: no w2g form for free slot play. save at least 28% fed taxes

the casino has $5 Deuces Wild (dw44- 98.91%).
it also has 98% $1 Blazing 7's progressive slot machines. resets at $1000 and frequently goes over $1100.
(yeah, don't play if it's $1200+)

So which would you take? $50k cash or $50k free slot play?
Craps is paradise (Pair of dice). Lets hear it for the SpeedCount Mathletes :)
SOOPOO
SOOPOO
Joined: Aug 8, 2010
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June 17th, 2014 at 5:25:46 AM permalink
I'm betting you get a tax form whichever way the casino gives you the $50k.
Beardgoat
Beardgoat
Joined: Apr 2, 2012
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June 17th, 2014 at 5:35:36 AM permalink
If you're not getting taxed on the free play then this is a no brainer, take the free play...

I'm with the previous poster and agree that you're probably getting a W2G for the free play. It was my understanding you get one for any drawing or prize received that is valued over $600 I think? You win a $1,000 new flat screen tv, or win a car, win a cruise, etc and you'll be getting a w2g for all of that. With all of that being said why do you think you would not get a w2g for the free play?
pokerface
pokerface
Joined: May 9, 2010
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June 17th, 2014 at 5:36:25 AM permalink
the casino will give you a 1099, which makes you not even able to claim the loss deduction
winning streaks come and go, losing streak never ends.
Beardgoat
Beardgoat
Joined: Apr 2, 2012
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June 17th, 2014 at 5:41:34 AM permalink
Yes 1099 is what I meant to say. Thanks pokerface
odiousgambit
odiousgambit
Joined: Nov 9, 2009
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June 17th, 2014 at 5:47:19 AM permalink
Quote: pokerface

the casino will give you a 1099, which makes you not even able to claim the loss deduction




Wow. Why is that?
"Baccarat is a game whereby the croupier gathers in money with a flexible sculling oar, then rakes it home. If I could have borrowed his oar I would have stayed." .......... Mark Twain
darkoz
darkoz
Joined: Dec 22, 2009
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June 17th, 2014 at 6:00:46 AM permalink
Quote: odiousgambit

Wow. Why is that?



All casinos I have been to clearly state on the free-play vouchers, the amount shown '"has no cash value."

I see plenty of $1,000 free-play offers and none of them have been reportable items where I must fill anything out.

Cars, boats, other tangible prizes all have cash value (like the guy on the price is right will always say "and the total value of your prize package is,,,")
100xOdds
100xOdds
Joined: Feb 5, 2012
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June 17th, 2014 at 6:31:19 AM permalink
Quote: SOOPOO

I'm betting you get a tax form whichever way the casino gives you the $50k.



not at my casino, at least for $1500 free slot play. (I asked in a previous drawing that gave away this amount every 1/2 hr for 10hrs to 5people each drawing.)
Craps is paradise (Pair of dice). Lets hear it for the SpeedCount Mathletes :)
DRich
DRich
Joined: Jul 6, 2012
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June 17th, 2014 at 7:24:45 AM permalink
I have won contests or drawings at casinos and some of them agreed to give me free play instead of cash and did not issue a 1099.
Boz
Boz
Joined: Sep 22, 2011
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June 17th, 2014 at 8:27:51 AM permalink
Another issue to consider is if you earn points and comps on Free Play. Caesars finally changed it where you do not earn anything on free play. At Cosmo they still give comp dollars on Free Play which would make the decision even easier.

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