Cost: $55 buy-in per seat ($50 spot and $5 funding fee)
Please have correct change
Meet: Across from hotel check-in between 1:15 pm - 1:45 pm
Door Prizes: 1:45 pm
Start Time: Slot pull start at 2:00 pm
End Time: 3:30 pm
Pay Out Time: when all play is over
How its Run
We play on a slot machine at max bet. We divide the bet amount by the bankroll to determine the numbers spins each person takes.
For security and tax purposes a single SS card will be used to track play on a win/loss statement. More on that in a moment. But just so you know, any who wish to dispute this may talk me prior to the close of physical sign-in.
Couples may choose to “share” a seat, dividing the set number of spins as they see fit. And, if you're feeling really lucky, you can buy two spots!
If a large enough jackpot is won and all participants agree, play maybe halted at that point even if everyone has not had a chance to take their spins. All must agree otherwise we will continue to spin till all have had their equal chance to increase the winnings. If no jackpot is won, time allows, and the group wants (majority vote) after each player has had at least 1 round of play to hold a second round of spins, the number of spins will depend on the remaining credit balance on the machine.
All play will end by 3:30 pm so those who want to stay and/or play longer can or just mingle to chat with your new-found friends!
End of Game Payout: After each participant has spun, the remaining credits will be divided to the nearest dollar and paid out back to each player. The uneven remainder (if any) will be added to the group’s budget for buying supplies, door prizes, and goodies for the group and to cover and administrative or hosting costs.
TAXES: If any single winning pull results in a credit payout exceeding $1,199 (USD) the casino will issue a hand payout and fill out a 1099-G form reporting the win to a single SS# to the IRS. To not wipe out one person’s share of the overall winnings, 20% of the hand payout amount - the group buy-in will be taken off the top of the community pot and given to the “winner of record” (the person accepting the IRS paperwork) to cover the additional income tax burden.
Example: If we have 10 players at $40 per seat ($400 group buy-in) and hit a jackpot of $4000, then 20% of $4,000 ($800) will be given separately to the person whose name appears on the paperwork to cover the income tax burden and all participants will evenly split the remaining $3,200 for $320 each. To put it simply, 20% is taken off the top and awarded to the tax-bearer. The remainder is split among the participants.
Good fortune to all and join us on Facebook at https://www.facebook.com/groups/1136295853653393
