What is Jackpot Handpay? If you often play slot machines at land-based casinos in the United States, you may have encountered this. However, the concern about the term ‘jackpot handpay’ is less about the jackpot and more about what happens when you get specific amounts when playing slots.
Jackpot Handpay takes the spotlight in today’s casino news with insights you won’t want to miss.
Jackpot Handpay Has Upsides and Downsides for Gamblers
Jackpot handpay occurs when a player lands a win of $1,200 and above on a single wager when playing on the slot machine. A notification pops up on the machine: “Call Attendant, Jackpot Pay $1,200”.
You won’t be able to continue the game until an attendant comes to the machine. You will be asked for some documents, and once they are submitted or shown, your total win will be handed over to you in cash, which is why the term ‘Handpay’ is used. “Hand-to-hand payment.”
The jackpot pay is a way for the government to ensure that players pay taxes on huge amounts won when playing casino games like slots. The minimum amount that triggers the Jackpot pay is $1,200.
Fortunately, this is not an experience you will have when you play online slots, which you can enjoy from the comfort of your home.
Introduction of the Jackpot Handpay
The 1970s was a big year for slot machines in the US. Electronic video slots were rapidly rising, bringing more exciting game features like nudge and hold. Players had the chance to enjoy casino games with beautiful sounds, animations, bonuses, and jackpots.
This prompted the Internal Revenue Service (IRS) to create the jackpot handpay rule. It states that any payout that exceeds $1,200 on a single wager on electronic machines like slots has to be reported to the IRS for tax purposes.
Once you win a jackpot handpay, a casino attendant will ask for information like your social security number, driver’s license, etc. After this, your money will be paid in cash, but the casino must have reported it to the IRS.
$1,200 today doesn’t seem like much. That’s because inflation has affected the dollar since the 1970s.
Some congressmen have made various attempts to increase the jackpot handpay amount so players don’t have to stress reporting an amount as low as $1,200 to the IRS. However, this has not been helpful and has remained the same to date.
With the IRS hounding down on gamblers like this, the question comes up often “How much do bars make on slot machines?” It’s around a minimum of $1,500 monthly, which the IRS will subject to taxes and fees, based on the local legislation.
What Are The Rules Of Handpay Jackpot?
Most progressive slot machines have different jackpot stages: mini, minor, major, and mega. You can learn the slot machine button sequence tips for these jackpots. The mega jackpot usually keeps increasing while others are fixed. Back then, many progressive games had a fixed major jackpot of $1,200, which is why it is the minimum jackpot handpay amount.
However, Jackpot handpay is not limited to progressive slot machines alone. All that is needed is that you win up to $1,200 on a single wager. It doesn’t matter how much bet you place in the game. In fact, many players see the Jackpot Handpay as a way of getting indoctrinated into a casino’s payout roll. To them, the $1,200 means their personal details will be taken down for proper payments.
Are There Any Alternatives To Handpay?
Getting a player’s details to file with the IRS after every jackpot handpay can be a bit stressful. Some casinos then introduced a fastpay alternative that puts all a player’s jackpot handpay into a single tax document. The idea is to reduce the workload of collecting a player’s details after every jackpot handpay. Some high rollers place big bets and often trigger the jackpot handpay multiple times in a single day at casinos.
If you are interested in pursuing a similar luck, you can improve the odds by studying our American casino guide section, to pick up a few tricks and strategies.
So, What is Jackpot Handpay?
Jackpot handpay is a rule mandated by the IRS and has no influence on the outcome of your electronic game. It’s only to insure to tax players who win big at casinos. So next time you’re at a casino and see the Jackpot Handpay pop up after winning $1,200, simply follow the rules and cash out your win.
You can also enjoy the games without the hassle of requiring an assistant to complete the payout, at Slots Paradise Casino, so begin your own adventure!
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