Nevada Tax On Slot Machine
The Monthly Revenue Report is a summary of revenue information for nonrestricted gaming activity. Each report reflects 1-month, 3-month, and 12-month data.
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Players dream of hitting a big jackpot when they play the slots. When that day comes for you, you'll have questions about the taxes you must pay on the winnings.
Hand Pay Jackpots
When you hit the winning combination of symbols for a large jackpot, your slot machine locks up. Depending on the machine, the lights on top of the machine may come on and start flashing, music may play or bells ring. A slot attendant arrives promptly to see what you have won.
On jackpots smaller than $5,000, an attendant verifies that you hit the jackpot and then assists you in claiming your money at the cashier's cage. In the case of a large or progressive jackpot, the casino may have technicians come and check the machine to certify that it was functioning properly when the jackpot hit. If you hit one of the wide-area progressive machines such as MegaBucks, the slot company that operates the game comes out and verifies that machine before giving you a check.
When you hit a jackpot, you have the option of taking your winnings in cash or check. Usually, large amounts are paid by check. In the case of the MegaBucks or similar multi-million dollar jackpots, you receive a check for the partial amount, and then you have 90 days to decide if you want to be paid a lump sum or an annual annuity on the balance. If you select the lump sum option, you receive only a percentage of your actual winnings. For example, the full winnings of one multi-million slot jackpot is paid in 25 annual installments, or you can take a lump sum of 60 percent of the winnings.
IRS Withholding
All casino winnings are subject to federal taxes. However, the IRS only requires the casinos to report wins over $1,200 on slots and video poker machines or other games such as keno, lottery or horse racing. When you have a win equal to or greater than $1200, you are issued a W-2G form. This form lists your name, address and Social Security number. The casinos are not required to take out withholding tax on jackpots under $5,000 as long you supply your Social Security number. If you don’t provide your Social Security number, the casinos withhold 28 percent on small jackpots.
You can request a specific amount of withholding tax to be taken out of any jackpot you win. Some players like to do this to avoid a big tax payment in April when they file their income tax returns. The additional withholding may not be necessary if you keep a log book. The law allows you to deduct gambling losses up to the amount of your winnings. You can only do this if you have documentation of your losses. Keeping a diary or log book is the way to do this.
Proper Identification
Casinos can refuse to pay you until you produce proper identification—a photo ID such as a driver’s license, military ID or passport.
If you don’t produce an ID, you are photographed and the casino holds your winnings until you come back with proper ID. For this reason, you should always carry a valid form of identification with you when you visit the casino.
When the casino checks your identification, it also checks your age to make sure you are legally old enough to play. The minimum age for gambling varies from state to state, but under-age gamblers are not be paid if they hit a jackpot. This is the law in all jurisdictions, and it has been upheld in court.
Plan Ahead
Before you start playing your favorite slot machine you should have a plan for the day you hit a jackpot. Players become excited when they hit the big one, and this may affect the decisions you make about your winnings. It is helpful if you know ahead of time how much withholding you want taken out or whether you want a check for all or some of the amount.
RTP comparison reveals the best paying slot machines in Nevada.
When it comes to gambling, people have developed conceptions over theyears as to how and where they can achieve better odds of winning.Some say it’s the games you play. Others say it’s the casino in whichyou play them. I (and everyone else with a higher education ingaming) say it’s both. But if there’s a specific game you want toplay, location is everything!
I’m talking specifically about slot machines. Everyone knowsthese aren’t the best paying games overall. If you want the highestpossible RTP, you have to play blackjack or video poker with aperfect strategy. That takes time and mental energy that some playerssimply aren’t willing to expend.
Slots fans play for the simplicity and entertainment value above allelse. For these players, you won’t convince them there’s a betteroverall game out there. And since choice of game is out of thequestion, location becomes the primary focus. And with that, we’vedrug up statistical data that reveals…
…the best paying slot machines in Nevada.
Nevada Tax On Slot Machines
Las Vegas, Nevada is the gambling mecca of the westernhemisphere. When we think of casino hubs, The Vegas Stripis the first place that comes to mind. But it’s not the onlyplace in the Silver State that caters to gamblers. There’s many more– some more famous than others. Downtown Vegas, North Las Vegas,Reno, Carson City, Henderson, Laughlin, Boulder Strip, SilverSprings, the list goes on and on.
When you compare the best paying slots from one area to the next,there are two locations that rank highest, appearing consistently onthe list more than any others, Downtown Vegas andBoulder Strip. And then there’s the two obvious choicesto compare – Las Vegas and the Las Vegas Strip.
If you think Las Vegas and The Strip are the same thing, think again.As far as reports from the state’s gaming regulators are concerned,Las Vegas refers to the casinos that are “off the Strip”.Downtown Vegas is the area North of the Strip, including FreemontStreet. The Boulder Strip isn’t a single location, but rather aseries of 30+ casinos that appear along a long strip of the BoulderHighway, from Downtown Vegas to Henderson and beyond.
Now that you know where they are, let’s compare the average slotmachine RTP (return to player) between these four locations, based onrecent data from the Nevada Gaming Control Board (NGCB). For absoluteaccuracy, we’ll divide the payout ratios by coin denominations (pennyslots, nickel slots, quarter slots, etc).
Highest Paying Slots by Denomination
| Location | RTP of 1¢ Penny Slot Machines |
| The Strip | 88.38% |
| Las Vegas | 90.88% |
| Downtown Vegas | 89.15% |
| Boulder Strip | 90.38% |
| Location | RTP of 5¢ Nickel Slot Machines |
| The Strip | 91.64% |
| Las Vegas | 95.29% |
| Downtown Vegas | 93.40% |
| Boulder Strip | 96.21% |
| Location | RTP of 25¢ Quarter Slot Machines |
| The Strip | 89.35% |
| Las Vegas | 96.41% |
| Downtown Vegas | 94.25% |
| Boulder Strip | 96.13% |
| Location | RTP of $1 Dollar Slot Machines |
| The Strip | 92.43% |
| Las Vegas | 95.39% |
| Downtown Vegas | 94.63% |
| Boulder Strip | 96.13% |
| Location | RTP of All Slot Machines Combined |
| The Strip | 91.96% |
| Las Vegas | 93.53% |
| Downtown Vegas | 92.67% |
| Boulder Strip | 94.34% |
Best Paying Slots are Off The Strip and Off theGrid
The table above clearly shows that the Las Vegas Strip is, in fact(and as rumored), the worst place to play slot machines. The bestpaying slot machines in Nevada are found on the Boulder Strip, withOff-Strip casinos in Las Vegas coming in a close second.
Not surprisingly, the penny slots are the worst of all. No matterwhere you play them, the best average RTP in the reporting period wasonly 90.88%. The highest average, 96.41%, was found on quarter slotsin off-Strip Las Vegas casinos. But overall, Boulder Strip casinoshad the highest RTP average out of all categories.
On a final note, you’ll find similarly high RTP slot machinesentirely off the grid. The online casino industry is famous forhousing the highest paying slots of all. For the month of May 2019,RoyalVegas Casino recorded an average slots RTP of 96.87%. That’shigher than any of the slot machine RTPs recorded by the NGCB in asimilar time frame.
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