Cash Lost In Em For Slot Machines

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Casino Policies - At Foxwoods in Connecticut the ticket/vouchers from the slot machines are good for 240 days. If you forget to cash one in you can mail it in to collect your money. Harrah’s is one of the biggest national gaming companies and I called several of their casinos to check their policies.

By Bill Burton
One of the quickest changes to the casinos over the last few years has been the transition to coinless slot machines. Some of the casinos call it the EZ-Pay system while some call it TITO whichstands for Ticket In Ticket Out. Instead of feeding coins into the machine you place any denomination bill in the bill receptor and the machine registers the appropriate amount of credits. Whenyou hit the button to cash out a voucher is printed with the amount of payout which you can redeem at the cashiers cage or redemption machine. All of the new machines being made have thisfeature.
The change to a coinless system became a necessity because of the advent of the multi–denomination machines. The casinos also favored them because it allowed them to cut labor costs by havingto hire less slot attendants and change people.
The casinos made a conscience effort to make sure the new coinless system would be accepted by the players. Many casinos added numerous redemption kiosks around the casino floor. This makes itfaster and more convenient for players to cash in their vouchers. Players no longer have to lug buckets of dirty coins across the casino floor and wait in line for a cahier to count them.
Players also don’t have to worry about a machine running out of coins while they are cashing out. In the past the biggest complaint amongst slot players was the time they had to wait for ahopper fill especially when the casino was crowded. The TITO system has eliminated this problem.
When coinless slots were first introduced onto the casino floor the main complaint from the players was the inconvenience when switching machines. If they wanted to switch machines they I hadto take my voucher over to the cashier and convert it back to money to put in the next machine. Fortunately, this issue was quickly addressed and in many of the newer coinless machines you areable to place a voucher from one machine directly into another. If you are in hurry when you cash out you can even just put the voucher in your wallet or purse and use it when you playlater.
This however can cause a problem if you forget to cash it in before you head for home especially if you are visiting a casino in another State. A few weeks ago I received an email from a personwho had forgotten to redeem a slot voucher while on vacation in Las Vegas. He told me it expired in 60 days and wanted to know how to cash it in since he would not be going back to Las Vegas inthat time.
I had never forgotten to cash in a coupon and I just assumed that you could mail it into the casino and they would send you the money. I learned that this was not the case at every casino. Infact while doing some research I found that the policies for dealing with forgotten slot vouchers varies not only from casino to casino but State to State even among casinos owned by the samegaming companies.
I called several casinos around the country and asked to be connected to the main casino cage. In each instance I asked for their policy for redeeming a voucher that a player forgot to cash in.Here is a sample of my findings.
Casino Policies - At Foxwoods in Connecticut the ticket/vouchers from the slot machines are good for 240 days. If you forget to cash one in you can mail it in to collect your money.
Harrah’s is one of the biggest national gaming companies and I called several of their casinos to check their policies. When I called the casino in Atlantic City I was told that the EZ Payvouchers did not expire but if I wanted to redeem one after 90 days I would have to go to the main cage to cash it. At Harrah’s in Las Vegas the vouchers are good for 90 days and they even havean address printed on the back with instructions for mailing in the voucher.
Boyd Gaming is another national company and their policies differ at casinos around the country. At Sam’s Town in Tunica, MS the slot vouchers are good for 60 days and if you forget to redeemone you can mail it in to collect your money. This is not the case at the Fremont, another Boyd property in downtown Las Vegas. I was told that the slot vouchers at the Fremont expire in 30days and there is no way to mail them in or redeem them other than in person.
When I called the Mirage in Las Vegas I was told that their vouchers were good for 90 days but there was no way to mail them in. A player must cash it or lose it.
Subject to Change - Because the policy for redeeming slot vouchers varies so much you should call the casino if you find yourself with a ticket you forgot to cash. The casinos also change theirpolicies at times so even the information I mention could change at a moment’s notice.
What You Can Do - If you should find yourself with a voucher from a casino with a “no-Mail policy” all may not be lost. If you are a regular player at the casino my advice would be to call andask for a casino host if you don’t already have one. Explain the problem with the host. The casino host wants to do everything possible to retain their good players and they may be able to workout a solution for you.
To avoid forgetting the vouchers you should redeem them when you get done playing. I like to do this because I can enter the information in my log book after I cash my voucher. If you want tosave them to play later then make it a habit to redeem your vouchers at the end of the day before heading to your room. When you get ready to check out of your hotel make sure take a look inyour wallet for any vouchers you may have forgotten.
Consistent Policies - If the casinos wanted to make the TITO system more player friendly they could make the vouchers interchangeable among the properties they own. I realize however that thismay not be possible for accounting purposes. They could however initiate a policy that would be consistent among all of their casinos.
Until Next time remember:
Luck comes and goes.....Knowledge Stays Forever.

Bill Burton is the author of “1000 Best Casino Gambling Secrets” and 'Get the Edge at Low Limit Texas Hold'em' available online at www.billburton.com. He an instructor for Golden TouchCraps: www.thecrapsclub.com

Introduction to Taxable Jackpots

One of the most popular slot machine questions on Google searches is: How do slot machines pay out taxable jackpots? I’ve assumed this question is about the mechanics of the payout process. A different upcoming post deals with explaining when slot machines pay out.

Slot machines are special-purpose computers, like a lot of equipment found in our lives. Specifically, standard tools are televisions, electronic watches, gas station pumps, cash registers, bank ATMs, automobiles, baby monitors, and the list goes on and on.

Each of these devices has one or more computer microprocessors, visual display, audio speaker, and some may also have a way to accept and/or dispense money either physically or virtually online.

Beyond controlling the multiple interfaces to and from the player, the computer within a slot machine also manages the odds of a player winning.

At its core, a pseudo-random number generator (PRNG) is a calculation. This PRNG is an element of the computer programming algorithm used by slot machines.

PRNGs (or more commonly RNGs) determine the outcome of a player’s bet based on the pre-determined odds of winning as set by the casino operator within the limited options provided by the slot machine manufacturer.

As previously mentioned elsewhere, winning a jackpot involves using the PRNG twice:

To determine if a jackpot is won
To determine how much was won

Keep Reading … or Watch Instead!

Or … Listen Instead!

The Slot Machine Gambling Process

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Once a player selects a specific slot machine, that machine operates to accept or reject the inserted cash, ticket voucher, and reward card.

Next, it accepts the player’s selection for denomination amount and amount of credits to be bet, although it will merely reject one or both settings if insufficient funds are available to make such a bet.

When the bet is placed, the machine immediately selects the latest random number generated by its RNG to determine the outcome of the bet and well as updating the players club card with the points earned for placing the bet.

At the end of this process, the machine turns the reels to show the outcome of the bet. See below for this player-machine sequence of events.

During slot machine gambling, a sequence of actions and reactions take place between the player and machine. The player:

selects a specific machine, inserts money in the form of cash or ticket voucher
chooses from the denominations available
chooses the number of credits to bet
places a bet
observes the results of the bet including any bonus round
receives winnings from the bet (if any)
then, either:
- leaves the machine empty handed
- cashes out any remaining funds and leaves with a ticket voucher
- continues playing the machine.

The player may choose to insert a player card at any time before or during play, then later remove it before leaving the machine.

Jackpot!

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Between determining the outcome of the bet and turning the reels, the machine executes programming code that sets the reels.

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The reels turn in a way the machine’s game designers consider most entertaining to the player – such as stopping on reel symbols for non-wins which are next to the symbols for sizable jackpots.

As mentioned, the bet’s outcome is determined when the bet is placed, not when the reels stop moving, despite the entertainment value derived by the player when observing the “action” of the slot machine.

In the event of a win, the machine executes further programming to activate sequences of lights and sounds while updating the information display for the player, which is referred to as a roll-up.

Now What? – The Jackpot Pay Out Process

If a jackpot less than the taxable limit is won, slot players can simply proceed with continuing to play or cash out from that slot machine. The current taxable jackpot limit is $1,200 in the United States.

Meaning, if you have a win of $1,200.00 or more at a slot machine, there is an immediate tax bill resulting in an IRS Form W-2G. If you have a win of $1,199.99 or less, there is no immediate tax bill.

Jackpots that require immediate payment of taxes results in the slot machine locking up.

Many, many slot players have been surprised by their slot machine locking up when a taxable jackpot is won. It can only be unlocked by a casino employee, a slot attendant.

Whether a casino is old or new, a slot attendant will arrive shortly to administer a hand payout. During a hand payout, a slot attendant

collects personal identification sufficient to both complete a tax form as well as any other state-required documentation
performs the hand payout (if they have adequate cash on hand)
unlocks the machine to allow the player to continue.

If the attendant is not carrying enough cash with them, or if the player wishes to have a cashier’s check instead of a cash payout, the slot attendant leaves the player with a receipt and returns a short while later with the check or cash.

If the attendant leaves, they typically unlock the slot machine beforehand to allow the player to continue betting while waiting for the slot attendant to return.

Summary of Taxable Jackpots

The most important thing to remember about winning a jackpot is to make sure you’ve brought your government-issued I.D. If you don’t have it, then you cannot receive a taxable jackpot.

And, no, your friend sitting next to you cannot claim the jackpot for you – the eye in the sky knows it’s your winnings and not someone else.

The second thing to be aware of is what is or is not a taxable jackpot, a single win of $1,200 or higher. Many people have never won a taxable jackpot, so it can be challenging to get useful information on this unless you’ve done it more than a few times. But I have.

If the machine locks up, it’s either had an error or you’ve won a taxable jackpot. Being out of paper is a machine error, for example. Either way, a slot attendant will show up shortly to help. For goodness sake, don’t walk away until you know which!

As a final note, as of this writing, a decade ago, casinos moved away from using coins. Nowadays, they use cash, checks, and vouchers redeemable at cash machines and cages.