Re: [vpFREE] RE: -$600 Royal

 

NOTI,

Your response seems to focus on the $600 threshold like everyone else, but that is not the point of the proposal. The proposal's intent is to use electronic tracking of session wins to determine the need for a W-2G and the threshold will remain $1200. The $600 threshold is a future possibility.

The use of an aggregate sesion total will allow gambler's to reduce their W-2Gs by ending a session when their session win is below $1200 even if they hit a current taxable jackpot. See example from the proposal.



Example 5. During one session, D places ten $200 wagers on electronically tracked slot machine play at casino S. The first nine wagers result in no wins. The last wager results in a $1,500 win. D's combined winnings for the session ($1,500) reduced by D's combined wagers placed during the session ($2,000) did not result in any net winnings from electronically tracked slot machine play during the session. Under paragraph (b)(2)(i)(D) of this section, gambling winnings from a session of electronically tracked slot machine play are not reportable gambling winnings unless they include a single win of $1,200 or more and the net amount of all winnings during the session reduced by all wagers placed during the session is $1,200 or more. Here, there was a single win of $1,500, which exceeds the threshold for a single win under paragraph (b)(2)(i)(D) of this section. However, because the net amount of the winnings reduced by all the wagers placed during the session is not $1,200 or more, paragraph (b)(2)(i)(D) of this section is not satisfied. Therefore, during the session, D did not have reportable gambling winnings with respect to electronically tracked slot machine play during the session and S is not required to report the winnings it pays D with respect to electronically tracked slot machine play during this session.

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Posted by: cy4873@hotmail.com
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[vpFREE] Jean Scott's Frugal Vegas LVA BLOG - 18 JUN 2015

 

Jean Scott's Frugal Vegas LVA BLOG - 18 JUN 2015

Over-the-top Comps
http://jscott.lvablog.com/?p=3940

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Posted by: vpFREE3355 <vpfree3355@gmail.com>
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[vpFREE] Re: The Original Machine Pros

 

WRX, years ago I knew three old time slot cheats. They were reformed by the time I knew them. They got reformed both by technology and jail time. Two of them did stretches at Indian Springs. The other one never got charged....but did take a viscious beating in the basement of the Horseshoe. It was very hard for the casinos to get convications on the slot cheats so Benny Binion exacted his own revenge on them by hauling them to the basement. It was his way of warning all the other slot cheats. Don't mess with the Horseshoe.

These guys were stringers, sluggers, drillers, they worked skippers and overpayers. And they referred to one technique as "handle popping" where they tweaked the handle when they pulled it to cause some sort of event. This may have been what the statute was written about.

The rhythm players didn't tweak the handle. There's was purely a timing thing. The variator was programmed to change the speed of the reels after each spin. Spin #1 was the fastest speed. Spin #2 was a little slower than spin #1. Spin #3 was a little slower than spin #2, etc. The typical variator had 7 speeds. With the object being to get the only plum on the second reel to land on the line....if the plum landed below the line they needed a slower spin to get it to land on the line on the next spin. If the plum landed above the line they needed a faster spin to get it to land on the line on the next spin.

If they were on spin #1....as soon as the third reel stopped spinning the variator was programmed to go to spin #2. But if they didn't pull the handle within 5 seconds the variator was programmed to go to spin #3. If they didn't pull the handle within 10 seconds the variator was programmed to go to spin #4, etc. So all the rhythm players were doing was timing when they pulled the handle. There was no manipulation of the handle at all. It was purely a timing thing.

According to Jackie Shirley the only thing that put the rhythm players out of business was technology. The RNG slots started showing up in 1988....and by 1990 all the old mechanical slots had disappeared.

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Posted by: mickeycrimm@yahoo.com
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[vpFREE] AC Seven Stars Signature Event

 

Officials in Atlantic City have announced that buses will be running
continuously among Bally's, Caesars and Harrah's Thursday, Friday and
Saturday, June 25-27, from 5 to 10 p.m. This is a change to the previously
announced policy that no transportation would be provided, except for the
cruises.

Darryl

*Darryl D. McEwen, Publisherhttp://www.sevenstarsinsider.com
<http://www.sevenstarsinsider.com>*

*Click here
<https://sites.google.com/site/sevenstarsinsider/latest-news-about-caesars-entertainment>
for latest news about Caesars Entertainment*

*Follow us on Twitter: @7StarsInsider*

*Read my Mr. AC Casino
<http://www.atlanticcityweekly.com/blogs/mr_ac_casino/> column in the
Atlantic City Weekly*

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Posted by: "Darryl D. McEwen, Seven Stars Insider Publisher" <sevenstarsinsider@gmail.com>
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[vpFREE] Re: Harrah’s Philadelphia VP or VLT?

 

This was a mistake. It's been corrected. There are no VLTs at Harrah's
Philadelphia.

Darryl

*Darryl D. McEwen, Publisherhttp://www.sevenstarsinsider.com
<http://www.sevenstarsinsider.com>*

*Click here
<https://sites.google.com/site/sevenstarsinsider/latest-news-about-caesars-entertainment>
for latest news about Caesars Entertainment*

*Follow us on Twitter: @7StarsInsider*

*Read my Mr. AC Casino
<http://www.atlanticcityweekly.com/blogs/mr_ac_casino/> column in the
Atlantic City Weekly*

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Posted by: "Darryl D. McEwen, Seven Stars Insider Publisher" <sevenstarsinsider@gmail.com>
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Re: [vpFREE] RE: -$600 Royal

 

When they finish I am sure JoB will be less than 99.54 and the strategies will be shifted for the big payout hands which will lead to player errors until everyone is up to speed.

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Posted by: cdgnpc@aol.com
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[vpFREE] Re: The Original Machine Pros

 

Mickey Crimm writes, "WRX, I wonder if anyone was ever prosecuted for
rhythm playing under that law. I would have to say 'good luck proving
your case' to any prosecutor who tried to get a conviction."

Mickey, I hear you, but based on what I've seen through my life, I would
have to say to anyone charged with any crime, anywhere in this country,
"Good luck escaping the clutches of the government." If the
"authorities" really don't like you, you're usually going to jail. And
that was nowhere more true than in Nevada in the old days.

The annotations to the Nevada Revised Statutes give the history of the
section in question. It was revised many times. To determine when the
language in question was added would require poring through a lot of
volumes in a good Nevada law library.

Really interesting information that you've been posting here.

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Posted by: WRX <wrx144@gmail.com>
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Re: [vpFREE] RE: -$600 Royal

 

kcace1024 wrote: "I read the IRS proposal and I believe most posters do not understand the proposal."

"However, advances in technology in the nearly four decades since the existing rules were adopted may overcome the compliance concerns that prompted the higher reporting thresholds and may warrant reducing the thresholds for bingo, keno, and slots to $600, consistent with other information reporting thresholds under § 6041(a)."

http://www.regulations.gov/#!documentDetail;D=IRS-2015-0006-0001 http://www.regulations.gov/#!documentDetail;D=IRS-2015-0006-0001

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Posted by: nightoftheiguana2000@yahoo.com
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