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Deal Me In: Multiple ways of losing monstrous amounts of money |
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Written by Mark Pilarski/Special to the World
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Monday, 30 July 2007 |
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Dear Mark: Do Triple Play machines use just one, or multiple decks on the draw? Are the odds of each of the three hands the same? Will I get more royal flushes playing Triple Play than playing on a standard machine? Lastly, what do you think of Multi Play machines?
— Kurt S.
A Multi-Game Play video poker machine plays out several games instantaneously with the same starting hand. Available in many popular versions of video poker, Triple Play allows you to play three separate hands at once, simply by touching the screen to choose the type of game and the denomination you want to play.
A Multi-Game Play deals five starting cards to you. You pick which cards are keepers and the ones you want to discard. The cards you retain automatically appear in the two additional hands. Press the draw button and the machine automatically deals the three hands new cards from different 52-card decks.
Because the overall payout and results remain the same (your answer to question two), you won’t necessarily get more royal flushes per se, but the time it takes to hit one is reduced, on average, by two-thirds below that required when playing on a single-hand machine.
The pillaging of your bankroll comes as the machine eats away at your hard-earned money three times as fast as in regular video poker. For example, on a quarter machine you’ll need $3.75 per play versus $1.25. On your dollar gambling gadgets, you’re wagering $15 instead of $5. Then there are Multi-play video poker machines that offer an option of playing up to 50 (even 100) hands at once. Here is where I thank God I can’t multitask.
I would suggest that players focus on video poker machines with the best paytables, and not on the glitz and glamour of up to 100 hands at a time.
Dear Mark: I very much enjoyed column last week, The Taxman Cometh. It was very informative, especially for us lucky souls who have in the past hit a decent sized jackpot. I do though have one tax related question you didn’t address. I recently hit a jackpot of $10,000 at an Indian casino. I was issued a W2-G. Do I have to include this as money won, even though I hit the jackpot on an Indian reservation, which is technically sovereign land?
— Kenny J.
Tribal sovereignty refers to the inherent authority of Native American Nations to govern themselves and exercise limited jurisdiction within and sometimes beyond reservation boundaries. However, because most Indian land is held in trust by the United States, Federal laws generally still apply, including Uncle Sam’s taking a chunk of your winnings.
If you received a copy of form W2-G or a 1099, so did the IRS, and you’re on the hook for it. Besides, it really doesn’t matter where you won the money. Unless specifically exempt by treaty or law, your tax liability is based on total worldwide income, which, yep, Kenny, includes Indian reservations.
Dear Mark: A friend and I went in halves on a dollar slot machine that hit a jackpot of $50,000. I didn’t pull the handle nor collect the winnings. Can we split paying the taxes?
— Donna D.
It’s great to have a partner who isn’t ethically challenged and decides, once paid, to split the winnings with you. Oftentimes when it comes to splitting the booty, friends go south.
Luckily, Donna, your newest best friend can share both her winnings and tax obligation, but she probably already signed a W2-G, making her in the eyes of the IRS the sole recipient of $50,000.
Because splitting winnings is not breaking the law, what typically happens is the IRS will provide you with Form 5754, “Statement by Person(s) Receiving Gambling Winnings.” This allows both you and your friend a W2-G for each of your shares.
Because this is now an afterthought, I would recommend that you consult your accountant to see if you can belatedly fill out Form 5754 and receive multiple W2-G’s.
Gambling Wisdom of the Week:
“It might be instructive to remember that Nick the Greek died penniless and was buried in a pauper’s grave in North Las Vegas.”
— Marvin Karlins Ph.D.
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