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Which Reward Would You Choose?

Discussion in 'Casino Gaming' started by aa0154, May 11, 2016.

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  1. aa0154

    aa0154 Tourist

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    During my next trip, I get to participate in a promo drawing where I, if my name is chosen, will get to pick between :

    1) $10,000 cash
    or
    2) $10,000 in promo chips

    Always the optimist, I plan to win, and am thinking of choosing the promo chips. I'll post my reasoning later, but wanted to hear what yall would choose and why.

    Discuss....
     
  2. D in the D

    D in the D Low-Roller

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    Are they taxed equally?
     
  3. TrewBrew

    TrewBrew Low-Roller

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    I am going to assume that the $1000 is not taxed because it falls under the amount that would force a w2 and also assume that the promo chips do not have a value as they are promo and you would only get taxed on the winnings that force a w2.

    Going with that assumption $10000 dollars to play with for a couple of days would be a lot of fun. I choose that.
     
  4. Darreningreenwood

    Darreningreenwood Low-Roller

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    I'd go with the promo chips due to tax reasons. Even though it could take a while to convert the chips to cash, it still seems like it would be worth the hassle.
     
  5. ebbinns

    ebbinns Low-Roller

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    Are the promo chips single bet only. If you win a bet, do you still lose the promo chip?
     
  6. CaliMike

    CaliMike Low-Roller

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    Same here.
     
  7. bwatson23

    bwatson23 Low-Roller

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    Can the promo chips be cashed out at a certain time or do you have to bet a set amount before being able to turn it to cash?
     
  8. FuzzyDiceCraps

    FuzzyDiceCraps High-Roller

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    On a previous trip to Vegas I participated in a video poker tournament where I won $2,500 in free play. Although I did not have the option of taking it in cash, my wife and I discussed quite a bit what we would have done had we had the option. We came to the conclusion we would have taken the chips, because after taxes the cash would have not been quite as exciting.

    As it turns out, we were not overly lucky with the free play, however we did hit a couple significant bonuses and were able to turn the $2500 free play into a little over $2500 in TITOs. And in smaller amounts that were unreported.

    Not only did it end up being a good choice financially, it gave us hours and hours of entertainment on house money - something that was very much enjoyed by both of us.
     
  9. Ty

    Ty ?

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    Both options are for $10k. Or did I miss something.

    My brief, long-ago experience with promo chips was you have to lose them. So if you are playing blackjack and you win they pay with regular chips and you bet the next hand with the promo chips.
     
    Christmas Trip. Sam's Town & MSS
  10. TrewBrew

    TrewBrew Low-Roller

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    Oops I misread the OP but then taxes paid on cash not on promo I take the promo chips and see what I can walk away with in the end.
     
  11. aa0154

    aa0154 Tourist

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    Both are $10k
    I assume the cash is taxable. The Promo chips will not be.

    I would/am going to choose the promo chip and then head on over to the blackjack table and bet $100 a bet. Should take me most of the day to go through the whole amount. You only lose the promo when you lose a hand. 100 loses should take a looooong time. :)
     
  12. DaiLun

    DaiLun R.C., L.C., and A.A.N.G.

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    Unless you already have $10,000 in losses stacked up for the year (and I hope that you don't), I'd take the 10,000 in promo chips.
     
    New Orleans 7* retreat. Food, food, and more food . . . .
    Tentatively Tahoe or LV . . . .
  13. bwatson23

    bwatson23 Low-Roller

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    Based on the info, I think I'd take the promo chips too.
     
  14. nostresshere

    nostresshere Mr. Anti Debit Card

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    Brings up a related issue.
    Always bugs me when slot tournaments offer cash, vs Freeplay. If you win $5,000 in cash, it is a taxable event, even if you dump it all back into the machine. If you get 5,000 in Freeplay, and blow it all, no tax concerns.
     
  15. DaiLun

    DaiLun R.C., L.C., and A.A.N.G.

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    Yes, but you can always try to negotiate with the casino for taking the prize in another form. I was at a CET event in Reno where the top prize was (advertised as) $10,000 cash. The person that won asked to take it in Free Play. The casino granted her request.

    There are some instances in which I'd want cash.

    There are some people (non-gamblers) who would want cash.

    I have losses every year, and have no problem writing off the income. The last two years I had 13+ W2-Gs (each year) and wrote them all off with no problems.
     
    Last edited: May 12, 2016
    New Orleans 7* retreat. Food, food, and more food . . . .
    Tentatively Tahoe or LV . . . .
  16. tringlomane

    tringlomane STP Addicted Beer Snob

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    Yep, totally agree.
     
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