Contributing expert Fezzik answers:
On the back of every race and sports ticket, there's information explaining:
1) How long the ticket is good for* 2) How to mail the ticket in for redemption
*Note that these time limits can vary for race tickets, as opposed to sports tickets, and this holds true even at the same casino.
If you need to mail in a ticket to redeem it, you should do it by registered mail, so it arrives at the casino before it expires. The casino is legally obliged to pay you within 10 days of receipt of your winning ticket.
Expiration dates vary widely. According to Gaming Control Board Regulation 22 governing race and sports pools in Nevada, tickets must be honored for a minimum of 30 days after the conclusion of the event (which is the policy at Leroys, for example), but this period may be extended at the discretion of the book. Currently, the longest permitted redemption period is found at select Reno properties, where tickets are good for one full year. The industry standard is 60-90 days.
In practice, 95% of race and sports books will honor a winning ticket even after it has expired. However, a small percentage will not, so it’s never advisable to let a ticket expire. Additionally, even those books that pay out on late tickets would probably be reluctant to accept one dated from a significantly long time ago. Here's a cautionary tale from fellow contributing expert and racing authority, Barry Meadow: "One time I had a winning ticket that was good for six months. I forgot about it, then tried to cash it just a few days after the expiration date, and was refused. Unclaimed ticket money reverts to the state and runs in the millions of dollars each year."
Race and sports tickets aren't the only casino tender that carry a "sell-by" date. Ticket in/ticket out or coinless slot and video poker machines also issue tickets with an expiration date on them, ranging from 30 to 90 days from when the ticket was issued. As with most race and sports books, if you have a ticket that's expired and you explain your story to the person in the change booth, he or she will usually agree to cash it, but don't take this for granted.
Fezzik is a professional gambler who hosts our popular (and free) message boards at fezziksplace.com. He can also be heard Monday-Friday from 2 pm to 3 pm on 1460 AM Fox Sports Radio, as the summer-season host of Larry Grossman’s You Can Bet On It!
