For security and tax purposes a single Sail & Sign card will be used to track play on a win/loss statement. Money will be collected, noted on the sign up spreadsheet and you will be given a numbered sticker. Money will be entered into the chosen machine directly before commencement of play. Once all monies are in, the play will begin with the players in order of the numbered stickers. The sign in sheet will list names of players and cabin numbers. All money and spins will be tracked on the spreadsheet along with tallied wins.
A minimum of 10 players are needed to play the Slot Pull. Maximum number of players will be 50. (If more than 50, then a 2nd team can be created.) We will be using a $5 machine and a jackpot potential of at least $2,000 and inclusive of a progressive jackpot feature at max bet. If the max bet is $5 - each person will take 4 spins - if a $4 max bet - each person will get 5 spins.
If no jackpot is won and time allows, the group can elect to have another round of play (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.
End of Game Payout: After all have spun, the credits left on the machine will be divided to the nearest dollar and paid out back to each player as immediately as is possible after end of play. Each player will sign the spreadsheet acknowledging their receipt of these funds. The uneven remainder (if any) will be awarded to the player who gets the group the highest amount on their slot pulls. Each person’s winnings will be recorded at the time of their pulls so we know who will get the side pot of the money after the even dollar pay-out.
TAXES: In the event that any single winning pull results in a credit payout exceeding $1,199 (USD) the casino will issue a hand payout in the form of a check (cashable at the casino cage) and fill-out a 1099-G form reporting the win to a single SS# to the IRS. So as to not wipe out one person’s share of the overall winnings, a percentage sufficient to satisfy IRS requirements of the hand payout amount, less the group buy-in, will be taken off the top of the community pot to cover the additional income tax burden before distributing credits.
Event Venue
Carnival Venezia casino bar, Venice, Italy
