Do Win/Loss Statements Factor in “Recycled” Money?

Home » Recent Posts » Do Win/Loss Statements Factor in “Recycled” Money?
Share this on:

Cash being inserted into a slot machine

We continue to get a lot of tax and win/loss statement questions – it must be that time of the year! 

And before we address today’s question around win/loss statements, we do like to remind Flip The Switch readers that we’re not accountants. We recommend all players work with an accountant with Gambling Law experience to ensure they get personalized advice that’s accurate to their particular situation.

Some of the questions we’ve received are quite specific, and we unfortunately will not be able to provide 1 on 1 tax advice. Today’s question, however, is a bit simpler, and we can answer with more confidence:

Does the loss amount on your win/loss statement reflect an accurate dollar loss or does it include recycled money?

Monica F.

A win/loss statement will reflect all bets made and all winnings from those bets. This means that if you put $100 in a machine and play for an hour on that $100, all bets and wins will be reflected on that statement. 

Some players get confused because they’ll say they never put, say, $500 in the machine, but the coin-in reflects all bets on that $100, not that $100 was put in. So in that way recycled money is indeed accounted for.

Recycled or not, though, the loss amount will still reflect the total amount lost based on what the casino’s card system reported, and what was estimated to be won/lost on table games.

Even if you did $1,000 worth of spins on your $100, if at the end of the session you lost $100, that will be what’s recorded. This presumes your card is properly inserted, and active, for the entire session.

So yes, even though recycled money is factored in, it’s still an accurate accounting of your overall losses. And if your question is asking so you can use it for filing your taxes, please check out this previous article on why win/loss statements alone are not acceptable for tax filing purposes, and the proper documentation to procure to ensure you’re in good shape.

Have a question? Submit yours here!

Share this on:

Leave a Comment

Your email address will not be published. Required fields are marked *

Play Online Casinos

Sign Up with BetMGM Casino and get a Deposit Match up to $1,000, plus $25 in Site Credits on the house! Available in MI, NJ, PA & WV. US promotional offers not valid in Ontario.

Use code SWITCH2500 for a 100% deposit match up to $2,500, and 2,500 Reward Credits, with $25+ in wagers placed (MI, NJ, PA & WV).

New sign-ups with DraftKings Casino in MI, NJ, PA & WV will receive $35 Casino Credits, plus Play $5 and Get $100 Back in Casino Credits Instantly!

Sign Up and deposit $10+ at FanDuel to get a Welcome Offer of a $20 Bonus + Up to $1,000 Play it Again based on your net losses in the first 24 hours in MI, NJ, PA & WV!

Play Social Casinos

Ready to give Show Me Vegas Slots a try? Get 10 million coins to play Show Me Vegas Slots with promo code SWITCH!

New players get 6 million coins for signing up! All players will receive 2 million coins free (one time only).

Sign Up and get a Welcome Bonus of 2,000,000 FREE Gold Coins & 2 FREE Sweeps Coins. Get started today!

Sign Up for LuckyLand Slots and get a Welcome Bonus of 7,777 FREE Gold Coins & 10 FREE Sweeps Coins!

Online Game Spotlight
Fire Buffalo

Simple, Compelling 3-Reel Slot Machine

Almighty Buffalo Megaways

Bonus Choice and Buy a Bonus for Extra Fun

Play Online Sportsbooks

Sign Up to get a Bet $5, Get $150 in Bonus Bets, Win or Lose!

Use code SWITCH1000 to get your first bet back in Bonus Bets, up to $1,000, if you lose.

​SIGN UP to get $150 instantly in Bonus Bets* (NC, $5+ bet required) or up to $1500 in Bonus Bets* Back if Your First Bet Doesn't Win (All Other Eligible States)!

New Players get a Bet $5 Get $200 in Bonus Bets Instantly PLUS $50 Bonus Bet with $5 deposit. PLUS, Get a No Sweat NBA SGP Every Day of NBA Playoffs.! New players outside MA also get 20% Match up to $1,000 (25x PTR).

Social Game Spotlight
Quick Hit Explosion

2 Bonuses 6 Jackpots Keep Things Fun

5 Lions Gold

All Ways Wins with a Bonus Volatility Choice

Super Wheelmania Link VIP Riches

Wheel Adds a New Twist on a Familiar Concept