The surprised sighs of other players, the sound of coins from the slot machine, the voice of the croupier in the background. Many people dream of winning the top cash prize at a casino. Many players think that after winning, their lives will change dramatically.
What does it mean to win the jackpot in a casino? Before enjoying the victory, you must deal with bureaucracy, taxes, and much wasted time. Let’s see how things will play out when you hit your first jackpot.
The Casino Can Dispute the Winnings
All land-based casinos have security cameras and unique electronic devices. They help determine when precisely the client won the money. In the first seconds of winning, casino employees will run up to you with words of congratulations. However, the next thing they will do is check your every move. They will find out how often you play roulette in Canada, the USA, or other countries of the world; how much money you bet; where your hands were when you won, etc.
Jackpots in slot machines are a completely different story. As a rule, they have a disclaimer that winnings cannot be paid out if the slot machine is not working correctly. Such cases have already happened more than once. For example, in 2017, Katrina Bookman won $43 million at the Sphinx Slot Machine in New York. She immediately took a selfie with the caption on the screen and believed that her life would change forever.
But when Katrina came to collect her money, the casino worker turned her down and explained that there had been a mistake. Instead of $43 million, he offered her an incentive prize – a steak dinner. How this story ends, no one knows.
Don’t be surprised if a casino employee starts giving you banknotes in public. This is a good motivation for other players that you can really win a significant amount in the casino. However, you need a check or bank account to receive your money. Casinos rarely pay the total amount at once. Usually, they give it out in small installments – for example, 10,000 USD per month. However, this has advantages; you will not spend all the money at once.
Hey, Tax Inspector! What Happened?
Before you start celebrating, we have some bad news for you. Your jackpot is not tax-free. One of the first things you must do to win is to fill out a form. Each casino is obligated to report its financial transactions to the IRS or other authorities (if you are not in the US). First, you will need to pay federal tax. Also, the casino withholds a percentage to hold state taxes. Usually, 20% or even 30% of the winnings cover taxes.
How The Casino Treats Customers Who Win the Jackpot
Be prepared for the fact that after winning, the casino owner will offer you:
- Visit the VIP area for a private conversation;
- Drink a glass of whiskey and dine at the expense of the institution;
- Get personal benefits so you can play even more and more often.
Casinos hate it when their customers win big money. On the other hand, this is excellent PR for the gaming operator. So don’t be surprised if you see clenched teeth behind a fake smile. To avoid direct contact with the owners of gambling clubs, play at online casinos in a comfortable environment. You don’t have to waste time on the road and worry that someone might rob you on the way to your car.
Final Thoughts
Despite all the hassle and taxes, winners have to pay, hitting a big jackpot is the dream of any casino player. You will soon forget about them and enjoy fabulous wealth.
However, do not forget that money is not everything in life. A player should strive to balance money, family, interesting hobbies, and other values. Only in this case can he live a happy, full, and satisfying life.