1. Welcome to VegasMessageBoard
    It appears you are visiting our community as a guest.
    In order to view full-size images, participate in discussions, vote in polls, etc, you will need to Log in or Register.

Tournament Wins Paid in Casino Play

Discussion in 'Casino Gaming' started by Aces and Eights, Nov 25, 2014.

Thread Status:
Not open for further replies.
  1. Aces and Eights

    Aces and Eights VIP Whale

    Joined:
    Jul 24, 2014
    Messages:
    1,121
    Location:
    Southern California
    Trips to Las Vegas:
    100
    Since I have never been in the money for tournaments offered as part of a package deal, how do they give out casino play prizes? Do they give you special chips? If so, on table games where you win a hand, do they exchange the "casino play" chip with a "real" chip, or do they give you a "real" chip and allow you to play the "casino chip" for the next hand? Also, since your win is not cash, do they still give you a W2G?
     
  2. BlacklabberMike

    BlacklabberMike VIP Whale

    Joined:
    Sep 28, 2014
    Messages:
    1,344
    Location:
    Where's Ware?
    Trips to Las Vegas:
    25
    not sure about the w2g's but last trip a guy sat at the BJ table i was playing and had a stack of print out vouchers worth $125 each..must have had 20 or more of them. i asked how he got those and said they were a prize from a slot tourney. they played just like a chip. he bet one ticket, won and got back $250 and they took the ticket away. this was at harrahs
     
  3. nostresshere

    nostresshere Mr. Anti Debit Card

    Joined:
    May 4, 2009
    Messages:
    11,117
    Location:
    TN
    Trips to Las Vegas:
    19
    Casino play does not get a W-2g since they have no "value" until used and you "win".

    I am always amazed when someone would rather get $5,000 in cash vs $5,000 in slot play (assuming they play slots)
     
  4. wanker751

    wanker751 Dutch Rudder Enthusiast

    Joined:
    Sep 23, 2014
    Messages:
    4,710
    Location:
    Chicago
    Trips to Las Vegas:
    13
    I don't know. $5000 is quite a bit of money to some. That $5k can be spent to buy things, the $5k in slot play is just that and make net you more than $5k in cash but also may get you a lot less than that.

    I guess put me in the category to take the $5k cash....
     
    Downtown - Wanker Returns after baby!
    Wanker Returns After Baby
  5. neuroboy

    neuroboy Low-Roller

    Joined:
    Jan 29, 2013
    Messages:
    153
    Trips to Las Vegas:
    16
    The problem with $5k cash, is that you get 1099d on it, and have to pay federal and state taxes, that can't be written off like a w-2g. (At least that's what I've been told). So you're "losing" 30-50% right off the bat.

    I'll take the equivalent free slot play or chips everytime because of that, and do my best to convert it 1:1 to real money, no taxes.
     
  6. wanker751

    wanker751 Dutch Rudder Enthusiast

    Joined:
    Sep 23, 2014
    Messages:
    4,710
    Location:
    Chicago
    Trips to Las Vegas:
    13
    I assumed it would be a w2g (my poker tourneys have been but that might be different)

    5k on tables would probably be easier to do 1:1 than slots. I won $100 in free play at venetian once and I turned that into $20 cash on dollar slots. A lot smaller sample size obviously but say if you play $100 slots with it assuming 1 credit per spin that is 50 credits. I think at best you'd be at a wash vs taxes (well obviously at best you win the jackpot) but you have more risk and variance than taking money.

    Now my slot bankroll is never that high for a trip so I guess it depends on your perspective.

    Think to why the casino gives freeplay instead of cash to them that 5k more than likely walks out the door in cash, in free slot play they keep at least 2 to 15% depending on the slot played, more likely more.
     
    Downtown - Wanker Returns after baby!
    Wanker Returns After Baby
  7. neuroboy

    neuroboy Low-Roller

    Joined:
    Jan 29, 2013
    Messages:
    153
    Trips to Las Vegas:
    16
    Poker tourneys have that entry fee you pay to enter. So a w2-g is done for wins over $5k. Since you had to pay money to enter, it is gambling.

    I'm assuming the op is talking about a tourney that is free to enter, thus the winnings are not technically from gambling, e.g. Free entry, so a 1099-misc would be issued with a cash payment, which would not be able to deduct against gambling losses. So it is a much worse deal to take cash in this case over free play. Unless you really are terrible at video poker, you should be able to get at least 90+% back.
     
  8. neuroboy

    neuroboy Low-Roller

    Joined:
    Jan 29, 2013
    Messages:
    153
    Trips to Las Vegas:
    16
    And to answer the op, I've received promo chips when I've "won" drawings.

    You generally take those and bet them as you would normal chips/cheques and they pay you back with the standard chips. Some will be one time use, while others will be play until you lose them.
     
  9. wanker751

    wanker751 Dutch Rudder Enthusiast

    Joined:
    Sep 23, 2014
    Messages:
    4,710
    Location:
    Chicago
    Trips to Las Vegas:
    13
    Ok thanks makes sense as to why you get a 1099...thanks
     
    Downtown - Wanker Returns after baby!
    Wanker Returns After Baby
  10. nhcris

    nhcris High-Roller

    Joined:
    Nov 27, 2010
    Messages:
    803
    Location:
    NH
    Trips to Las Vegas:
    28
    Until I read this thread I am quite sure I would have taken the $5000 in cash. I would have "assumed" that I would get a W2-G and could write it off, but it makes sense that without an entry fee it isn't a gambling win at all. I am so glad I read this and now know that FP is actually the better option. Now all I have to do is place in the money one of these days :)

    Some mornings you log in here and find a real gem of a thread, and this was one of those days. Thanks for the info!
     
    Last edited: Nov 26, 2014
  11. wanker751

    wanker751 Dutch Rudder Enthusiast

    Joined:
    Sep 23, 2014
    Messages:
    4,710
    Location:
    Chicago
    Trips to Las Vegas:
    13
    I agree 100% thanks guys
     
    Downtown - Wanker Returns after baby!
    Wanker Returns After Baby
  12. StickChangeWinner

    StickChangeWinner Newbie

    Joined:
    Jan 22, 2013
    Messages:
    7
    Trips to Las Vegas:
    11
    Just playing devil's advocate here (and also very curious myself).... how is it possible to expect even close to 1:1 on free play chips? As an example, let's say you win 5K in $100 free play chips.

    These are typically restricted to close-to-even-money wagering options. So you take them and bet them one at a time on say pass line at craps.

    Every time you win, they give you a "real" hundred dollar chip and take the free play one. Every time you lose, they take the free play chip. Over the long haul you'd expect to get about 24 of 50 wins there. So you'd end up with $2400 of non-taxable winnings. Nothing to sneeze at but certainly nowhere near 1:1.

    I plan to win a bunch of free play chips soon, so please let me know what I am missing! Haha thanks all.
     
  13. jaybert

    jaybert Low-Roller

    Joined:
    Sep 28, 2013
    Messages:
    259
    Trips to Las Vegas:
    10
    The assumption is these would be play until you lose chips.
     
  14. Aces and Eights

    Aces and Eights VIP Whale

    Joined:
    Jul 24, 2014
    Messages:
    1,121
    Location:
    Southern California
    Trips to Las Vegas:
    100
    The point about W2G vs. 1099 was interesting and makes sense.

    At the CET properties any free-play I received for table games was in play until I lost. For free-play on VP, once I bet an amount and won, the amount I bet was mine to keep along with what I won. I haven't received any casino-play from tournament wins yet so I can't comment on that, but I would think it's the same.
     
  15. Brewfangrb

    Brewfangrb Low-Roller

    Joined:
    Sep 6, 2014
    Messages:
    191
    Location:
    You can probably figure it out
    Trips to Las Vegas:
    3
    Welll, as I understand it, on your "wins", you not only get the "win" but also the bet itself in chips. So you put out the $100 ticket, win and get $200 in chips back. Maybe someone else can point out if that understanding is wrong. So if you win 24 of the 50 bets and every new bet uses a ticket, you'd have $4800 in chips--because your losses are not real money, but your wins are.
     
  16. neuroboy

    neuroboy Low-Roller

    Joined:
    Jan 29, 2013
    Messages:
    153
    Trips to Las Vegas:
    16
    At caesars properties, you get a piece of paper that is worth a dollar amount, and as long as it wins, they pay the value of the slip and leave the paper slip out there.

    The chips I've received at mgm properties (this was years ago) after a small tourney win were play until you lose, where the actual promo chip stayed out there until it lost, but it wasn't replaced with real chips.

    Match play certificates are replaced immediately with chips.

    And if you get one time use chips - e.g. Cosmo, ask if you can use it on non even money bets. This is because even money bets you will expect to lose 50% of the time. But placing one time use chips on a hard ways for example, or on a single number in roulette will greatly increase your expected value of the chip, though it may be a long shot, you will get better return on your money that way.
     
  17. Brewfangrb

    Brewfangrb Low-Roller

    Joined:
    Sep 6, 2014
    Messages:
    191
    Location:
    You can probably figure it out
    Trips to Las Vegas:
    3
    These 2 examples make a lot of sense to me and seems like a reasonable approach.
     
  18. newmans

    newmans VIP Whale

    Joined:
    Jun 30, 2014
    Messages:
    1,648
    Trips to Las Vegas:
    65
    The CET vouchers are play until you lose and can most likely only be used on even money bets. (no hard ways). I have been able to use them on a field bet and they have paid 2x for 2 or 12. Other non Vegas CET properties would not allow me to use the voucher on a field bet even though I had said I would take a 1x payout on a 2 or 12.
     
Tags:
Thread Status:
Not open for further replies.