Method for meeting IRS reporting requirements related to an electronic gaming machine
First Claim
1. A gaming apparatus comprising:
- means for accepting a bet by a player;
apparatus for providing a payout in response to said bet;
means for setting a payout threshold above which payouts must be reported to the IRS;
IRS credit storage means for storing as credit the amount of payouts equal to or greater than said payout threshold;
means for preventing payout of said credit in said IRS credit storage means by said player; and
means for permitting the use by a player of said credit in said IRS credit storage means for making a further bet.
1 Assignment
0 Petitions
Accused Products
Abstract
This invention relates to a new method for meeting the United States Internal Revenue Service'"'"'s reporting requirements for electronic gaming machine devices such as slot machines.
The present invention provides a separate storage means that keeps track of gross winnings on individual plays of a slot machine that exceed a predetermined amount (jackpots), and permits the accumulating jackpot winnings to be used by the player for additional play of the slot machine. The amount of winnings in the jackpot meter is then used to determine the amount of winnings to be included on an IRS reporting form called a W2-G Form. The present invention avoids the time consuming and error prone system currently used and provides the player with a more enjoyable gaming experience, and at the same time provides the IRS with more accurate information. Rather than numerous W2-G Forms for each jackpot exceeding the predetermined limit, only a single W2-G Form need be prepared at the end of a playing session.
243 Citations
31 Claims
-
1. A gaming apparatus comprising:
-
means for accepting a bet by a player; apparatus for providing a payout in response to said bet; means for setting a payout threshold above which payouts must be reported to the IRS; IRS credit storage means for storing as credit the amount of payouts equal to or greater than said payout threshold; means for preventing payout of said credit in said IRS credit storage means by said player; and means for permitting the use by a player of said credit in said IRS credit storage means for making a further bet. - View Dependent Claims (2, 3, 4, 5, 6)
-
-
7. A gaming apparatus comprising:
-
a means for playing a game;
a means for accepting monetary units for play of the game;means for storing the amount of winnings from the play of the game; a first storage means for storing the amount of winnings over a predetermined amount on any one play of the game; means for permitting the use of the credit in the first storage means for further play of the game; and separate means for paying out winnings less than the predetermined amount.
-
-
8. A method of calculating the amount of reportable winnings to the Internal Revenue Service in a gaming apparatus having a payout means;
-
a first storage means for storing a first value of winnings over a predetermined amount, comprising the steps of; playing the game; if the amount of winnings is more than the predetermined amount storing said amount of winnings in said first storage means; using the values stored in said first storage means to place a bet; preparing an IRS form at the end of the play session corresponding to the value in said first storage means; and paying the player the winnings. - View Dependent Claims (9, 10)
-
-
11. A gaming apparatus comprising:
-
means for playing a game; means for accepting monetary units for play of the game; first credit storage means for storing as credit the amount of winnings below a predetermined amount on any one play of the game; IRS credit storage means for storing as credit the amount of winnings equal to or over the predetermined amount on any one play of the game; utilizing means for using the credit in said first and IRS credit storage means for further play of the game, said utilizing means exhausting first the entire credit stored in said IRS credit storage means prior to utilizing the credit stored in said first credit storage means for further play of the game; and payout means. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20, 21)
-
-
22. A method of calculating the amount of reportable winnings to the Internal Revenue Service (IRS) in a gaming apparatus having a payout means;
-
a first storage means for storing a first value of winnings below a predetermined amount; an IRS storage means for storing a second value of winnings over a predetermined amount, comprising the steps of; playing the game; if the amount of winnings is lower than the predetermined amount, storing said amount of winnings in said first storage means; if the amount of winnings is equal to or more than the predetermined amount, storing said amount of winnings in said IRS storage means; using the values stored in said IRS storage means to place a bet for further play of the game until said IRS storage means is exhausted before using the values stored in said first storage means to place a bet for further play of the game; preparing an IRS form at the end of the play session corresponding to the value in said second storage means; and paying the player net amount of winnings. - View Dependent Claims (23, 24, 25, 26, 27, 28)
-
-
29. A gaming apparatus comprising:
-
means for accepting a bet; apparatus for providing a payout in response to said bet; means for setting a payout threshold; first storage means for storing the value of any payouts greater than said threshold; means for preventing payout of said payouts; a second storage means for storing the value of any payouts less than said threshold. - View Dependent Claims (30, 31)
-
Specification