LVRJ: Casinos call IRS winnings reporting proposal unworkable
or
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Right now, a lot of slots hit frequent jackpots just below $1200, for obvious reasons, with the rare big hit well over $1200. If the IRS guideline goes through, the machines will have to be changed to hit frequent jackpots just below $600 with rare big hits well over to avoid having a paperwork log jam. They might try to automate something with the card readers, but that would be another problem as card readers are notoriously defective. For example, quarter 5coin video poker is popular, but in the future the paytable may have to be changed so the royal only pays 400 bets instead of 800 and the quad can be moved from 25 to 30 to compensate, so 9-6 jacks would become 400-50-30-9-6-4-3-2-1. Of course casinos are likely to just leave it at 400-50-25-9-6-4-3-2-1 and wonder why hardly anybody plays. Much of the video poker play is moving to nickels anyway which doesn't have this problem. But the penny slots would have to be redesigned to get most jackpots below $600.
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Nickel 9\6 50 play with RF paying 3999?
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The change in the pay table to proposed 400-50-30-9-6-4-3-2-1 would change the return rate for a non-royal hit to 99%, where currently with 4000-50-25-9-6-4-3-2-1 a non-royal return rate is 97.9% No casino will do that. If anything they will do 400-50-25-9-6-4-3-2-1 with a 98% return. People will still play video poker even with that return, just as people happily play 25 cent 9/5 JOB 98.45% return at Caesars Palace.
http://wizardofodds.com/games/video-poker/analyzer/
The dollar and up video poker will most likely vanish except in the high limits room because this would require reporting on every 4-K hit. Casinos with staff on hand can manage this, other casinos with limited staff would simply pull the dollar machines.
To implement any sort of IRS reporting in a players club card is unworkable. This would require that only players who have a card, and it is inserted in the machine can play, and there is no realistic means to identify that the players card belongs to that player. The cost and logistics of this would be unreasonable.
People who make a living from gambling, and live under the detection IRS radar, more than likely will on to other ventures and High Rollers will more then likely gamble in Macau where they won't get eaten alive by taxes.
Any way you slice and dice the $600 and over reporting issue, the big loser is Las Vegas.
It will be what it will be.
I for one, won't worry about it until it happens, and then will adjust my gambling accordingly.
Life's to short to get an ulcer trying to second guess something over which I have no control.
Sent from my iPhone
On Jun 17, 2015, at 5:08 PM, mvetanen@rocketmail.com [vpFREE] <vpFREE@yahoogroups.com> wrote:
The change in the pay table to proposed 400-50-30-9-6-4-3-2-1 would change the return rate for a non-royal hit to 99%, where currently with 4000-50-25-9-6-4-3-2-1 a non-royal return rate is 97.9% No casino will do that. If anything they will do 400-50-25-9-6-4-3-2-1 with a 98% return. People will still play video poker even with that return, just as people happily play 25 cent 9/5 JOB 98.45% return at Caesars Palace.
http://wizardofodds.com/games/video-poker/analyzer/
The dollar and up video poker will most likely vanish except in the high limits room because this would require reporting on every 4-K hit. Casinos with staff on hand can manage this, other casinos with limited staff would simply pull the dollar machines.
To implement any sort of IRS reporting in a players club card is unworkable. This would require that only players who have a card, and it is inserted in the machine can play, and there is no realistic means to identify that the players card belongs to that player. The cost and logistics of this would be unreasonable.
People who make a living from gambling, and live under the detection IRS radar, more than likely will on to other ventures and High Rollers will more then likely gamble in Macau where they won't get eaten alive by taxes.
Any way you slice and dice the $600 and over reporting issue, the big loser is Las Vegas.
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