(Accounting for inflation, that number should be closer to $6,000.) This slot machine may look the same as may others, but it’s not the same. The $1,200 threshold has been in place since 1977, and there have been endless attempts to raise the threshold to $5,000. The bottom line is the whole process is a pain in the ass, both for casinos and players. and the casino reports the win to the IRS via a W-2G form. casinos, when a player hits a jackpot of $1,200 or more, they are paid by hand (called a, wait for it, “handpay”).
Here’s some background, in case this all sounds like Greek. Casinos, the most fun things in the world. Once you see why this machine is so ingenious, you’ll wonder how its manufacturer, Light & Wonder (formerly Scientific Games), is getting away with it.Ī twist: This slot machine is especially popular with visitors from Canada. The game: Double Jackpot Blazing 7s With Quick Hit (High Limit Edition).
A new slot machine cleverly helps gamblers avoid triggering IRS reporting headaches when they hit a “taxable” jackpot.
