Many Casinos have wagering requirements as high as 50x, which means that on a $100 deposit, you can’t get your money until you’ve made $5,000 in bets! Also, avoid bonuses that come with a maximum cash-out. Find a bonus that doesn’t limit how much you can win from it (nothing worse than winning a jackpot and getting $100).
Top wins are always connected to the maximum bets. When you play slots, you can't become a multi-millionaire with just 0.01. In slots, like in video poker, the higher the bet — the more you can win.

You Should Never Bet Big on Slot Machines. Compared to other games, real money online slots can drain your bankroll fast. Not only do slot games have the uppermost house edge in the casino, but they also force you to put extra money into action per hour than any other casino game. For video poker games, the maximum bet is usually anywhere between 5 and 20 coins. For slot machines, the maximum bet can sometimes reach over 100 coins. The main reason why wagering the maximum amount is smart is that most slot games and video poker games tend to offer bonus payouts or jackpots to those who do so.

Players dream of hitting a big jackpot when they play the slots. When that day comes for you, you'll have questions about the taxes you must pay on the winnings.

Hand Pay Jackpots

When you hit the winning combination of symbols for a large jackpot, your slot machine locks up. Depending on the machine, the lights on top of the machine may come on and start flashing, music may play or bells ring. A slot attendant arrives promptly to see what you have won.

Empire resorts casino queens nyc. On jackpots smaller than $5,000, an attendant verifies that you hit the jackpot and then assists you in claiming your money at the cashier's cage. In the case of a large or progressive jackpot, the casino may have technicians come and check the machine to certify that it was functioning properly when the jackpot hit. If you hit one of the wide-area progressive machines such as MegaBucks, the slot company that operates the game comes out and verifies that machine before giving you a check.

When you hit a jackpot, you have the option of taking your winnings in cash or check. Usually, large amounts are paid by check. In the case of the MegaBucks or similar multi-million dollar jackpots, you receive a check for the partial amount, and then you have 90 days to decide if you want to be paid a lump sum or an annual annuity on the balance. If you select the lump sum option, you receive only a percentage of your actual winnings. For example, the full winnings of one multi-million slot jackpot is paid in 25 annual installments, or you can take a lump sum of 60 percent of the winnings.

IRS Withholding

All casino winnings are subject to federal taxes. However, the IRS only requires the casinos to report wins over $1,200 on slots and video poker machines or other games such as keno, lottery or horse racing. When you have a win equal to or greater than $1200, you are issued a W-2G form. This form lists your name, address and Social Security number. The casinos are not required to take out withholding tax on jackpots under $5,000 as long you supply your Social Security number. If you don’t provide your Social Security number, the casinos withhold 28 percent on small jackpots.

You can request a specific amount of withholding tax to be taken out of any jackpot you win. Some players like to do this to avoid a big tax payment in April when they file their income tax returns. The additional withholding may not be necessary if you keep a log book. The law allows you to deduct gambling losses up to the amount of your winnings. You can only do this if you have documentation of your losses. Keeping a diary or log book is the way to do this.

Proper Identification

Casinos can refuse to pay you until you produce proper identification—a photo ID such as a driver’s license, military ID or passport.

If you don’t produce an ID, you are photographed and the casino holds your winnings until you come back with proper ID. For this reason, you should always carry a valid form of identification with you when you visit the casino.

When the casino checks your identification, it also checks your age to make sure you are legally old enough to play. The minimum age for gambling varies from state to state, but under-age gamblers are not be paid if they hit a jackpot. This is the law in all jurisdictions, and it has been upheld in court.

Plan Ahead

Before you start playing your favorite slot machine you should have a plan for the day you hit a jackpot. Players become excited when they hit the big one, and this may affect the decisions you make about your winnings. It is helpful if you know ahead of time how much withholding you want taken out or whether you want a check for all or some of the amount.

I just have a couple more questions for you and then I wont bug you again for a really long time. Promise. : 0 ). What the jackpot would have to be on a 8/5 20 nickel game for it to be a 100% game, keeping in mind that it takes 20 nickels to be eligible for the jackpot? What about the same machine on a 7/5 game? And finally, what would it have to be on an 8/5 quarter machine that requires eight coins to be eligible for the jackpot. I would also like to take this opportunity to thank you for your sage advice. It has made gambling a lot more enjoyable!

You're welcome! In an 8/5 game, the jackpot would have to reach 37,704 coins to reach 100%, assuming you have to play 20 coins to win it. Assuming only 8 coins, the meter would have to reach 15,082 coins. On a 7/5 machine and 20 coins required the meter would have to reach, 46,956 coins. These figures assume you are playing the proper strategy for these pay tables with a per coin payoff for a royal flush of 800. As the jackpot grows some strategy adjustments are called for to more aggressively try for the royal. These adjustments were not calculated in this answer. It doesn't make any difference what the coinage is.

I've noticed some new video slot machines (Money to burn, High Bid, Money for nothing, Who Dun it, etc) that differ from the normal three-reel slots in the following ways -- first they have five reels. You can typically bet on 1 to 9 pay-lines (even though some have as many as 15 different pay lines), and multiple coins per line; thus, with nine pay-lines and five coins played per line, you would have a total bet of 45 coins (even in nickles, this can start to add up!). Most payoffs are multiples of the line bet, even though there are some 'bonus' wins that pay multiples of the total amount bet. Is it best to always pay all possible pay lines, or is there an optimum combination of pay lines to play to achieve the best return? I suspect that getting a winning combination on any particular pay line is the same for all, but wondered if you have any better insight to share.

Each frame in these video slots is weighted equally. Any given line is equally likely to produce any given combination. Thus, the return is the same regardless of the number of coins played.

Your site is definitely the best one I've ever seen regarding gambling, and I commend you for providing some light and truth in a seemingly endless sea of 'winning gambling strategies, tips & tricks.' My question is this. I'm no slot player, but obviously when a progressive jackpot reaches a certain point, the edge would shift from the house to the player. I was wondering if there are any 'groups' or 'clubs' that go out into the casinos when this happens, (virtually) monopolize the machines, capitalize on the opportunity, and split the winnings? I have never heard of any, but they've got to be out there.

Thanks for the kind words. I have barely heard of teams of slot players doing this. However, this is very common with progressive video poker players. There are teams of these professional players who routinely check the meters and when they find one high enough they call their teammates in an attempt to monopolize the machines until somebody hits the jackpot.
The problem with slots is that it is not clear to the player what the odds are of hitting the jackpot so it is not obvious what the jackpot size has to reach for the machine to become profitable. Plus, it probably rarely happens that a meter gets high enough to overcome the house edge.

This is a question regarding fixed odds betting. If you say that the odds are 4 to 1 on something happening, then is that equivalent to saying the probability is 1 in 4 i.e. 0.25? If you consistently bet on 4 to 1 shots would you simply break even over time? Therefore

How Much Should You Bet On Slots