Question For High Roller(s)?

[MarySB]

If I put $500 in a VP machine and hit 4OAK most likely I would then go over $1000. Question: do I get a hand pay (i.e. 1099)? How does it work when you ante up 4-5-600 dollars then hit a little something?

[Tedlark]

  If you are asking what would happen if you seeded the machine with $500.00 and you hit a hand that would put you over $1,000.00 in credits? The answer is you would only be given a 1099G if you won more than $1,200.00 in one play of the machine. Some casinos have a hand pay policy that any win over $1,000.00 calls for a hand pay but this won't require generation of a 1099G by the casino to you. I have seen machines automatically spit out a TITO ticket to the player for any $1,000.00 jackpot. The casino has to report any win of over $1,200.00 but you are on the honor system to report any gambling win whatsoever.
 
  I have seen people with many thousands of dollars in credits on a machine and I have cashed out TITO tickets at payout kiosks well over $1,000.00 myself.

[MarySB]

Ted---to make sure I understand! If I seed the machine with $500 and win $800 above the $500 (for a total of $1300) the machine will not "lock up". I would continue to play until I got $1300 above the initial $500 seed. If and when I got $1300 above the seed money that's when Mr. IRS comes with his hand out? If this is not correct, straighten me out (please)!

[Tedlark]

Your initial seed of $500.00 doesn't come into play at all. It does not get added to the amount of a win such as the $800.00 you mentioned and as far as the casino is concerned, you only won $800.00. If you don't win the entire $1,300.00 in one play then you have no 1099G issued to you by the casino. If you won $800.00 in one play and two hands later you win another $400.00 there is still no 1099G issued by the casino.

[mammajamma]

a SINGLE win of $1200 will generate a 1099-G.Doesn't matter how many other credits you have in the machine. They will stay there until you cash out.e.g.    If you get three $400 jackpots during 3 different hands for a total of $1200, you will NOT get a 1099-G because they were the result of three different wins.BUT if you are playing a Triple Play VP machine and get a total of $1200 from adding up the totals from all 3 lines, then a 1099-G will be issued. 

[Tedlark]

Isn't that what I said?

[mammajamma]

 
Not exactly word for word...just in a little different way, plus I added another circumstance. Don't feel threatened. I'll be sure not to interfere with your posts anymore.

[spxChrome]

Just to add some casinos will spit out a tickets once you exceed the $1200 on the machine some dont.  I saw a guy at harrahs NOLA who had $3600 in a $1 DDB machine.
Same goes for the Kiosk machine.  They won't cash out more than 1200 at a time if you put in multiple tickets.  And if you take them to the cashier, they will sometime ask for an ID and Players Card.
 
Not sure why but I cashed out over $3600 in tickets one time from about 10 machines and they wanted my ID and Players card.  They entered my players card # and then made some notes in the computer.  I asked what they were noting and they said nothing they were just verifying the tickets and not to worry about it.  So now I don't take all my tickets at once. (i usually like to cash out after a quad and go to the next machine)
 

 

[jm002546]

  If you put $1200 in a machine you wouldn't really expect it to lock up for a w2g would you?

[DOUBLE B]

No! I did not expect it to lockup! But I did not know what/when it would. That's the purpose of me asking the question(s). Now! Do you have any other questons?