The Post Time coin-operated Slot Machine by Games of Nevada (circa 1985), and it's history and background, photos, repair help, manuals, for sale and wanted lists, and census survey is brought to you by The International Arcade Museum at the Museum of the Game. The August 2018 gaming revenue information provided by all casinos to the state gaming commission shows $5 slot machines in the city of West Wendover had a payout return of 100% minus 3.61% for a return percentage of 96.39%. For $1 slot machines in West Wendover for August 2018, it was slightly less at 96.23%.

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.

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.

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

Nevada Tax On Slot Machines

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.

Plan Ahead

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.

LAS VEGAS (AP) — Casinos in Nevada on Tuesday reported flat winnings in October, marking another sluggish month in a key index of statewide fiscal health.

The Nevada Gaming Control Board said casino house winnings of almost $823 million statewide were down 19.5% compared with the same month a year ago, when casinos on a hot streak reported winning more than $1 billion.

The new October figure was flat from the previous month when the regulatory agency reported so-called “gaming win” million.

Board analyst Michael Lawton noted that October had two additional weekend days compared with a year ago, and that house winnings on table games were the best since operations resumed in June.

Particularly in Las Vegas, casinos continue to face challenges due to limited air travel, lack of mid-week convention business and an absence of arena events and entertainment options.

For the calendar year, the casino win index is down statewide more than 36% and the Las Vegas Strip is down 43.6%.

The state collected $50.5 million in taxes based on the October revenues, down 18.9% compared with a year ago.

Slot Machines On Facebook

Casino taxes are second to sales taxes as a percentage of Nevada’s annual budget. The state has no personal income tax.

Nevada Slot Machine Payout Percentages

Slot Machines Online

Nevada Gov. Steve Sisolak on Tuesday tightened coronavirus pandemic restrictions in response to a rise in COVID-19 cases statewide -- reducing capacity limits for restaurants, bars, gyms, and casinos to 25% or 50 people, whichever is less.

Used Slot Machines Nevada

Crowd sizes also apply to private gatherings, including limiting Thanksgiving get-togethers to no more than 10 people from no more than two households.