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- Also, if you win $1000 twice in a row and had $2000 in credits, the machine just prints a ticket but in some cities, it may still be a hand pay but NOT taxable. It just depends on the state's rules for how machines have to pay out. But the $1200 taxable rule on slots.
- If the prize is between $100,000 and $200,000, payments will amount to at least $10,000 annually. If the prize is more than $200,000, the annual payments will not be less than 5 percent of the total amount. However, leaving casino winnings in an annuity sacrifices some of the value of your money.
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The Cosmopolitan Las Vegas recently opened a new High Limit Slot Lounge.
The high limit area is spacious and welcoming, and the free cookies are spectacular. No, really, there are cookies.
A handpay is a win of more than $1200 on the slots. Americans have to pay 30% tax on their win. Canadians can claim it back. Europeans should not have to pay it, so always carry your passport with you. It involves some form filling. And insist on being paid in full if they say you can claim the tax back later.
Unfortunately, photos are not allowed in the Cosmopolitan’s High Limit Slot Lounge, so we cannot show you the photo you are currently viewing.
When the High Limit Slot Lounge opened, Cosmopolitan touted a new system for “processing jackpots right at the machine.” As most slot players know, winning a jackpot of more than $1,200 in a Las Vegas casino means filling out tax forms so The Man can get his cut of your hard-won windfall.
It’s annoying, but it could be worse. The IRS has suggested $600 be the cut-off. Don’t get us started.
Fastpay is available at Cosmopolitan exclusively, so we figured we should find out more.
Research fuel. And possibly the last loss-leader in Las Vegas.
Cosmo makes good on its promise, as Fastpay provides a number of advantages to the player. And the casino, of course, but we’ll get to that in a minute.
As advertised, Fastpay allows jackpots to be processed with zero delay and without attendant assistance. For most players, waiting for a hand pay is exciting stuff, but for high limit players, they’d prefer to just play on. Fastpay lets them do that.
Also as promised, Fastpay does reduce “legwork and paperwork, freeing up more time for play.” The system also “eliminates errors associated with manual completion of paperwork,” whatever those might actually be.
The secret to Fastpay is players provide their personal information before they play. Having one’s information in the casino’s system means when a taxable jackpot is hit, the player simply enters a PIN, the paperwork is done electronically, and the player can continue with nearly zero delay in play.
Fastpay is just that easy.
During our visit, we saw a player hit at least three taxable jackpots (at one point, she had $30,000 in credits on the machine), and her play was virtually uninterrupted.
Someday, “handpays” in Strip casinos could be a thing of the past. Like 3-to-2 blackjack and mob whackings.
If you consider hand pays can often take 15 or more minutes to complete, that’s an additional 45 minutes playing time which otherwise would have been idle.
Which brings us to the other reason Fastpay is ingenious. It allows players to play more. Playing
more tends to work out really well for the casino.
These handy charging stations found between machines in the high limit slot area also encourage customers to keep playing. Sorry it’s blurry. Cocktail service in the high limit lounge is really, really quick.
Fastpay is only available in the Cosmopolitan’s High Limit Slot Lounge. Which makes sense, as Fastpay really only makes sense when a player gets multiple taxable jackpots, and that’s much more likely to happen in a high limit room.
Fastpay is just one example of how Cosmopolitan is getting serious about its casino like never before. The resort took years before it had its first two profitable months in the latter part of 2015.
Find out more about what the Cosmo is up to in CEO Bill McBeath’s interview with KNPR.
Hand Pay Slot Wins
Fastpay in the Cosmopolitan’s High Limit Slot Lounge seems to be a win-win.
Wish we could say we got to personally use Fastpay during our most recent visit, but ultimately, we ended up enjoying some really, really expensive free cookies.
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28 members have voted
FWIW I gave her $10 for a $1600 hand pay.
Just wondering how much, if any, others tip for hand pays?
but not for a hand pay.
What do a big spender and a leper doing a whore both have in common?
They both leave a tip when they're done.
Slot Machine Hand Pays
Here's what I do for handpays at video poker:
$1000 or less -- nothing. Some machines do 'lock' with a $1,000 payoff and it requires a hand pay and that is ridiculous. And I tell them that when they come to pay me.
$1250 -- $10 tip.
At $2,000 -- $20 tip
At $4,000 ($1 royal) $40
At $8,000 ($2 royal) $80
$10,000 (quad aces with kicker DDB) $100 tip
$20,000 royal -- $100 tip
Three times in my life I hit progressives:
$29,000 tipped $500 including $100 to the cleaning lady who had just wiped down the machine at 4-am, wished me luck, and I hit the royal on the very next spin. I overtipped the two floor people, and I know it now -- but didn't know then. I should have given the cleaning lady the $400, and the floor people $100. Everytime I go back to Caesars the cleaning lady sees me and runs over to give me a HUG. One time it was New Years Eve and I was still in my Tuxedo at 4 in the morning, and she runs over to give me a hug saying happy new year and I have this giant hand print of cigarette ash on the back of my tux jacket. My wife and I laughed about it.
$35,000 progressive I tipped $300 to the floor people, $100 to the technician who verified the machine was OK. Yes, the caisno sent a tech to check the machine before they paid me
$36,000 progressive I tipped $200 to the floor people, $100 to the technician, $40 to the cocktail waitress who (as I was hitting the buttons) wished me good luck after I declined a drink.
Hand Pay Slots
Casino Slot Hand Payouts
The most fulfilling tip for me was when I hit a $2K royal at the Cannery (second line of $0.25 MultiStrike -- this one actually paid off instead of the stingy machine at El Cortez!) . The two floorpeople came over and talked with me for about 15-20 minutes. I asked them a bunch of Mike Shackleford/Michael Bluejay-esque questions about how many handpays they do an hour, how they split tips per shift -- really nosy questions. They answered everything. I think I contributed $18 to the tip pool, and they were happy about that. I hate grubby, non-talkative floor people.Casino Hand Pay Tax
Best Low Play Handpays
Just kidding, just been awhile. (June 2012)
In June I hit one for 4K and tipped $50 to each of the two people.
Big Hand Pay Casino Wins
I'm a little confused by part of your tipping calc. Seems like on average you tip about 1% for hand pays. Why is it when you transition from a $10k win to a $20k win that you'd tip the same amount?
BTW, I agree 1% feels about right. But if you had to hand-pay under $1000, it might feel awkward fumbling for dollars. I think $10 and up sounds about right given a starting pot of $1k and work your way up on the 1% scale.