Welcome to the slot machines section of GamblingSites.com. Our goal with this guide to slot machines is to provide the most comprehensive resource for people interested in slots anywhere on the Internet.
This page covers the main topics in broad strokes. Most of the sections of this page include links to subsections which tackle specific topics in more detail.
The main thing most people already understand about these gambling machines is that they’re the most popular and profitable game in any casino in the United States. This might not be as true in some countries in Europe, but it’s true in Australia, too—only they call the games “poker machines” or “pokies” there.
For slots, you want to find an online casino that runs the gamut of types of slot machines, from classic three-reel and fruit machines to the latest graphics and themes in video slots. Keep an eye out for all ways pays, spectacular in-game features like free games and hidden features, doubling wilds, a range of betting options, and much more. They never take care of the tips that are required and what a person should do to win more and more in the slots. That is why here are some of the essential Do’s that help the person in winning in slot machine gambling. The Slot With The Higher Denominations Has The Higher Chances Of Winning. There are a few scattered machines at some of the older casinos that still pay out coins (nickles or quarters mostly), but 99% of slot machines only take in paper money. When you cash out, it prints a ticket which you can either use at another slot machine, or feed into a cashout machine and get your money (or take to a live cashier).
But if you read all of the pages in this section of our site, you’ll be educated enough about these games that you can legitimately call yourself a slot machine expert.
We don’t have a magical formula for how to win at these games, but we do have some insights into how the math works that we can share.
We think that educated gamblers have more fun and increase their chances of winning.
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.
Mighty Cash Slot Machines
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.
Triple Cash Slot Machines
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.
Slot Machines Free Play
Plan Ahead
Do Slot Machines Take Fake Money
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.