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Hit the fire bet...again

Discussion in 'Vegas Trip Reports' started by highlow, Jan 23, 2015.

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  1. highlow

    highlow Tourist

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    My Trip Report

    Can't believe I hit it again for all six at the Rio this week. This is the 4th (all six) over the last 3 years...very lucky
     
  2. RockyBalboa

    RockyBalboa VIP Whale

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    Indeed - I would say so! Nice job!

    I am an avid craps player and have yet to hit it
     
  3. pleepleus

    pleepleus 2016 - The monkey is back

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    That pays 2000:1, correct?
     
  4. highlow

    highlow Tourist

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    1000:1 had $10 max be for $10K win. However, they immediately take 25% tax, so they lay out the $10K in chips and then take $2.5K. Its an irs required thing..
     
  5. smerrian

    smerrian Low-Roller

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    I don't believe it's an "irs required thing.." but just a casino choice to cover themselves. I've hit many a jackpot that high at the machines (video poker) and got the whole payout with only having to sign a W2-G. I've also seen many a multi-thousand dollar wins at the craps table with the player just taking the chips in. My favorite was watching a guy turn about $5,000 into $80,000 in just 2 rolls...agressive as shit...and then he just stuffed them all in his pockets and walked away from the table...didn't let the pit men color him up or anything. They were not happy.
     
  6. highlow

    highlow Tourist

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    You are probably right, but you have zero choice in the matter. I think it's BS, but it's SOP. the one thing that I used is that I rolled it. Yeah, I had another $5K in the rails and that obviously didn't get the "jackpot" label..
     
  7. Hobofrank

    Hobofrank Prime Minister of Idiocracy

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    if you're a US citizen it's bullshit SOP be damned, did they give you some paper to collect the 25% later if you pay taxes on it?

    because unless they got your SSN, who says they'll forward it to the IRS?

    and 6 weeks ago I watched a guy turn 8K into 40K standing right next to me on my friends epic roll in 30 mins, he walked with 100% of his chips
    granted the firebet is over 250:1, but still
     
  8. highlow

    highlow Tourist

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    Yeah, got 1099, as with all the fire bets I won. But, like I said, they don't give you a choice. Of course, none of us can come in too much, but that $2.5K could be used to generate some more income, before next year's taxes
     
  9. highlow

    highlow Tourist

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    ... And see the money you have in the rails is not considered a jackpot like the fire bet is, even though you could have way more than the fire win..
     
  10. RockyBalboa

    RockyBalboa VIP Whale

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    I am jonesing to play craps now.

    Epic rolls like that are one of the best feelings ever.
     
  11. Champster1

    Champster1 High-Roller

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    Congrats. I had my best night of march madness last year at the Crap tables at the Rio.

    I'll be back in 7 week and 5 days!
     
    March Madness...here I come !!
  12. FullBoat

    FullBoat VIP Whale

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    I remember someone on here saying before that they take out the tax's if it's over an set odds, and dollar amount. So, that's why they don't take taxes out of every roll at craps for the big players, but why they take them out for the fire bet. I can't remember exactly what it is, but it's in the neighborhood of 500:1 bets.
     
  13. Hobofrank

    Hobofrank Prime Minister of Idiocracy

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    rule is (or at least was) any bet with odds of 250:1 or greater requires a W2-G, they don't necessarily take it out on the spot, but you need to give up your SSN and deal with the taxes

    you can win $100K or $1MM at BJ,Craps or Bacc and walk with your chips and fill out nothing more than a CTR at the cage
    and CTRs go in the dead letter dept, unless you're doing other things before or after, like money laundering/structuring
     
  14. tringlomane

    tringlomane STP Addicted Beer Snob

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    For tables it's 300 to 1 or greater and must be $600 or greater. So the six point hit on the fire bet is going to be dinged every time. Another reason why All Small/Tall/All is a superior side bet, imo.

    Nice run with the fire bets though, highlow!
     
  15. Bac4life

    Bac4life Tourist

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    wow....congrats, all the years I've been playing, I hit 5 numbers three times but never all six. Since you are lucky with the Firebet, you should play at Horseshoe Southern Indiana, they have $25 Firebet.
     
  16. newmans

    newmans VIP Whale

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    A win that is more than 300 times the wager is reportable. So, if you hit a 6 number fire bet, a W2 is issued, but I don't believed taxed for a U.S. Resident unless the win is $10000. A Canadian resident would be issued a 1042S and be taxed 30%, even for a $5 fire bet (a $5k win for 6 numbers).
     
  17. SandsFan

    SandsFan VIP Whale

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    Did you get a tax form for it?
     
  18. Ike

    Ike Low-Roller

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    300 times the bet and $600 win - You get a w2g and owe taxes at the end of the year
    300 times the bet and $5000 win - You get a w2g and the casino is required to withhold federal taxes - 25%, you or they have no choice

    The casino did what they were required to do by the IRS
     
  19. Bac4life

    Bac4life Tourist

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    I agree or maybe its different with slot jackpot. My wife have it a few slot jackpots at different casinos and they gave her the option but she elected to take the whole payout each time and just sign the 1099.
     
  20. wpete

    wpete High-Roller

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    Congrats. I've been on a table several times where 5 points were hit, but not the 6th. The 6th point was set on most but never hit.
     
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