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Casinos will issue w-2gs for winnings greater than $1,200 from a slot machine or $5,000 from poker. The moment you hit the jackpot, a casino staff member will bring the w-2g to you at the machine to get a signature (although new technology is emerging in high limit slot areas that lets players electronically sign the w-2g so they can get back to playing right away). The richest slot machine jackpot in las vegas history occurred in march of 2003, when a 25-year-old software engineer from los angeles won $39. 7 million on megabucks at excalibur. Different payout systems used in slot machines are out there, but let’s take scoring a jackpot combination on a three-reel slot machine as an example. By adding up all other scoring probabilities (0. 1% for three cherries, 7. 3% for three sevens, etc. ), we come to a total payback of around 90%. If you’ve never won a taxable jackpot before, no matter what size, the hand-pay process is straightforward. You win a jackpot. The machine locks up. A slot attendant comes. Someone else shows up to verify the jackpot. I explain here the hand pay process when winning a w-2g hand pay jackpot playing slots. But it was lucky mr. Heywood who won one of the largest slot jackpots and promptly used a portion of it to care for his ailing father. 3 million – m resort, henderson. Another biggest slot win goes to an anonymous winner who hit it big on the megabucks progressive jackpot slot in 2012, winning $17,329,817. In las vegas, the percentage varies from 88 percent in casinos that cater primarily to locals to 50 percent on the las vegas strip, where high rollers betting tens of thousands a dollar a hand
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