CasinoCity.TV: Big changes for Las Vegas slot machines
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These changes will impact your jackpots, your taxes, and how the casinos pay you. Plus, are there any coin slot machines left in Sin City?
What’s the only bad thing about winning a jackpot? The taxes. But now, the SLOT Act could help lessen some of that pain. Two Congressional Representatives, one from Nevada and the other from Pennsylvania, are pushing legislation to raise the reporting limit for jackpots. Currently, anyone who wins a jackpot at a Las Vegas slot machine or on video poker is required by the IRS to report amounts of $1,200 or more. However, the SLOT Act would raise that limit to match the rate of inflation, which would set the updated threshold at or above $5,000.
While this is happening, many Las Vegas casinos are changing the rules for slot ticket redemption in a way that could hurt you if you’re not careful. And while not much feels better than winning on a slot machine after a long session, nothing would feel worse than finding out that ticket expired. Yes, expired… and with it your winnings. Traditionally, Las Vegas slot machine players have had a generous window to cash in those vouchers, called “ticket in, ticket out”, or TITO. That window ranged from of 90 to 180 days, or three to six months. And while many casinos would honor expired tickets it was still the risk to hold them past their expiration date.
