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Learned my lesson about not betting max bet. I was dealt a Royal Flush on a triple play machine, thus giving me three Royal Flushes. I had 12 coins in and won $750. Another three coins would have netted me $3000.

Learned my lesson about not betting max bet. I was dealt a Royal Flush on a triple play machine, thus giving me three Royal Flushes. I had 12 coins in and won $750. Another three coins would have netted me $3000.

I feel your pain.  I once played a triple play machine with 15 credits in and hit a royal on one of the games.  Only to find out to get a full pay royal on this particular game required 30 credits.  Congratulations anyway!  At least you got to draw one.  Still waiting for my first dealt royal. 

Ugh.

Can you explain the reasoning about betting 4 each vs. 5? Were you down to $1 of credit? Betting 1 per line makes sense in some cases...2, 3, or 4, not so much. :(

At least you didn't get a tax form I suppose.

Ugh.

At least you didn't get a tax form I suppose.
 
  It is still reportable, isn't it?

[QUOTE=Vman96]Ugh. At least you didn't get a tax form I suppose.
 
  It is still reportable, isn't it?[/QUOTE]

Well, sure, but I'm not expecting anyone to report a small gambling win for the year voluntarily.

It was just a miscalculation on my part. I hit 12 coins instead of 15. Anyway, being dealt a Royal on a Triple Play probably happens less than on a single hand where I always bet the max.

If the machine pays for your jackpot and it is under $1200, it is not necessary to report it.

If the machine pays for your jackpot and it is under $1200, it is not necessary to report it.
Not true, Gary. The IRS requires you to report ALL winnings on gaming. For a Federal return, you are able to deduct gaming losses up to the amount of your declared winnings.
 
But, of course, if you fed $2,000 into the machine, and then got a $1,000 hand (no W2G), you didn't win anything..

It was just a miscalculation on my part. I hit 12 coins instead of 15. Anyway, being dealt a Royal on a Triple Play probably happens less than on a single hand where I always bet the max.

It should happen with the same probability per round of play. But considering how I believe these machines function, you pretty much had to be betting 12 to hit it right then. Every action before hitting the button changes your end result. All about timing, and $750 is a better result than most dealt hands.

And billyjoe is right, you are supposed to report any net gambling win. The govt. just keeps official track of those over $1200.

Hopefully next time you get one, you'll be betting max though!

[QUOTE=GaryMA]If the machine pays for your jackpot and it is under $1200, it is not necessary to report it.
Not true, Gary. The IRS requires you to report ALL winnings on gaming. For a Federal return, you are able to deduct gaming losses up to the amount of your declared winnings.
 
But, of course, if you fed $2,000 into the machine, and then got a $1,000 hand (no W2G), you didn't win anything.. [/QUOTE]

How do you keep track of your wins and losses other than getting a profit and loss statement from each casino you play at?