Before you go to a casino to do some gambling, you’ll want to learn about exchanging chips for cash. While this is usually a pretty simple and straightforward process, there are a few things you should know beforehand.
Chips as Currency
The first and most basic thing you need to understand is that each casino chip represents a denomination depending on the color. You should also see the specific amount on the chip so it is clear.
The Cashier’s Cage
Once you are ready to trade in your chips for cash, you will need to find the cashier’s cage. Some of these cages have bars or plexiglass as a security measure. They are typically located near the back of the casino.
This is a strategic move on the part of the casino as way of getting people to keep playing. The more time it takes to get from the cage to the exit, the more likely you are to think about returning to the slot machines or blackjack tables. This also makes it more difficult for someone to rob the casino.
Knowing when to Stop
It can be difficult to know when to stop playing and cash your chips in, especially when you are on a winning streak. You should make a point of deciding how much you are going to spend before even going to the casino. This will make it a lot easier to stop playing before you lose more than you can really afford to.
Cashing Chips from other Casinos
If you are gambling in Las Vegas, you will find that most casinos will accept chips from other casinos up to a certain amount. You can usually only exchange $5 and $25 chips, but it depends on the casino. Keep in mind that higher denomination chips have to be from the same “family”. This means that you probably won’t be able to exchange $50 or $100 chips from the Bellagio at the MGM.
You should make a point of asking someone at the cashier’s cage about exchanging chips from other casinos. This tends to be a little less common in places outside of Las Vegas, but it’s not altogether out of the question.
Taxation
You will be able to cash out up to $600 of your total winnings without having to worry about any taxes. If you win over this amount on a single hand, you will be required to pay the taxes on the money immediately.
It’s also important to remember that the casino is going to take about 25% of everything you win at the table for tax purposes. The IRS tax form W2-G is not needed for any money that is won playing craps, baccarat, blackjack, or roulette.
Cash or Check
A majority of casinos will give the player the choice between getting their winnings in cash or check if the amount is less than $25,000. You may be able to get some of your winnings in cash and the other portion in the form of check, if you prefer.
There are certain games that allow you to collect all of your winnings at once in a lump sum, while others give it to you in installments.
