slot pull question

obviously I know you pool everyones money together and find a machine everyone agrees to play, but I have a few questions...Might do this on march trip if everyone in our group is down for it.

its a nice way to get points. Whos players card do you use, or do you switch out to each person who is hitting the button?

If you hit big and get the W2G, who gets the tax slip or will they split it up and everyone get taxed?

 

Best way to get past the tax bit is to get a brit to use their players card as we dont pay any tax on winnings

The only time i have taken part in a high limit pull there were two of us brits there who had players cards not that it mattered as we didnt hit

 

u have too decide on who card too use before and u figure out the tax hit ahead off time.

those are things that must be worked out in advance

they wont split it ,someone will get the w2 tax form

 

gotcha, ill explain it to everyone and whoever is ok with those conditions, ill throw their cards in a hat and have someone draw one...

 

I've done a few group slot pulls, a few thoughts:

- Don't worry about the "its a nice way to get points" thing. Because you aren't cycling money through over and over again at that bet level it doesn't add up like normal continuous play does on a slot machine... meaning you will probably earn more points just playing 40-50 cents a spin on a penny machine for an hour or two than you would on a few spins of a high limit machine.

- Somebody should be the group leader that handles the money, the questions, distributes winnings, etc.

- You should also think about scenarios that can come up and try to have as many answers as you can beforehand - when people have had a drink or two, its a noisy casino, people are excited, etc... thats not the best time to be trying to figure stuff out

- Have a plan for what you are going to do based on what you win. Nice to think about hitting a big jackpot or a good paying bonus round, but what if you have 10 people who each put in $20 and play a video slot one pull each... at the end of the 10 spins if you have $100 left do you divvy that up and each person gets $10? or do you keep playing it as 5 more spins to see what happens? What if the group won $500? or $1000?
You need to know beforehand to lay it out as the rules of the slot pull so that people know what they are getting in to - somebody who agrees to play thinking its maybe 50/50 chance they'll get half their bet back might not want to play if its more likely they get nothing back unless the group hits a big win

- Should decide if you are going to be selling shares or if its just 1 pull per person. IE: group of 10 people each doing $20 for one pull is pretty easy to figure out - if you win $1000 then everybody gets $100 back. But what if the 9th person wants to put in $40 for two pulls and the 10th guy wants to put in $100 for 5 pulls for the group. Are you going to allow that? And if you do does everybody understand that those people will get more of a share of the winnings if you have a big win? IE: if the group above wins $1000 then players 1-8 each get $66, player 9 gets $132 and player 10 would get $330

- As you were asking above, you do need to know whose player card will get used and what you are going to do about taxes.

- Players should have to give their money to whoever is the group leader BEFORE the slot pulls begin, and once they start there should be no add ons. You need to know who is in and for how much before anything happens because money can bring out the worst in people and you could get scenarios like if the group is having a really bad run and it comes down to the last guy: "Ok Bill, put in your $20 and give it a pull" and then Bill can see that if he does win anything he has to split it with the whole group so he instead says "No, I said before that I wasn't going to play..." and he won't do his spin because he is better off coming back later and doing the spin on his own where he'd get to keep everything... or if the group is doing really well and is up $6000 and it's Bill's turn and you are "Ok Bill, put in your $20 and give it a pull" and then Bill says "No no, remember I said I was going to buy 5 spins... so I have my $100 right here" - what did Bill say? If he is telling the truth and you don't let him have 5 spins and 5 shares of the profit then he'll be really pissed off, if he is lying and you give him 5 spins now when the group is ahead you are ripping everybody off, and whether he is telling the truth or not if you let him buy 5 spins now it's going to piss off somebody in the group who is going to think Bill is a lying thief stealing their money

- You should have an idea of what you are going to play before you get there. Some people only want to play reel machines, some would only want to do video slots and then for either case there are differening levels of volatility which can affect the groups chances of a win since you are only playing a small number of spins. IE: a game with a great bonus round where you can win vast amounts of money would be great if you could hit that bonus round, but it probably won't come up if you are doing 20-50 spins and the bonus is rare to the degree where it normally only comes up once every 500-1000 spins


Hopefully that'll help. As said I have done a few over the years and I've seen big wins, small wins, no wins and one time we had a group of 15 playing and we had one win for $5 - that was the worst it was. But either way in the end we always had fun and if you aren't a high stakes player it can be quite thrilling to be a part of, whether you win or not - just the anticipation and excitement of possibly winning... and if you do hit a bonus game just having the whole group shouting "YES!" and jumping around excitedly is great and then watching the bonus unfold together.

 

If I ever did a slot pull, I love the idea of a Brit card, if they're open to it.

Option two, I'd be totally OK giving a small set percentage of my share to the cardholder, to cover their tax portion, if it was over an amount they think their yearly play would cover. If all players were OK donating a small percentage of their winnings to the tax-liable person, it might work, but it would have to be agreed upon and inked out ahead of time.

I just would never want to see someone saddled with a big tax liability, but then I tend to over-worry

 

lots of good info, my main thing was tax if a big hit comes our way, lol...no brits so thats out the question, lol...now it just comes down to the denomination to play, either $25 or $100...ill explain everything clearly a few times and see what happens come march