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It’s every casino player’s fantasy to hit that staggering win from playing your favourite game in the glamorous lobbies of casinos. While this is a pipedream for most players, some do get lucky. And for these unexpected champions, what happens after they scoop the jackpot? Do they receive the whole amount? If so, how do casinos pay out the massive sum of money?
If these are questions you’ve ever asked yourself, you’ll find this post insightful. Let’s discuss the payment procedures and requirements when you win big on a leading iGaming platform for Kiwis, such as mrbet or in a brick-and-mortar venue.
Expect Attention and Verification
One that all casinos have in common is making a big deal about jackpot winners. After all, what’s a better casino advertisement than an unsuspecting client winning a life-changing amount of money in their lobby? So, expect handshakes from the other gamblers, casino staff, and the media. This buys the casino time to prepare their paperwork. Once the attention wears off, the staff starts verifying your big win. How?
- For instance, if you’re playing pokies in a land-based gambling house, the management will come over to check and verify that the machine you’re playing on hasn’t malfunctioned. It’s a rare scenario, but if it happens, the establishment can’t honour your win;
- They’ll then check your ID. It doesn’t matter which country you’re in, the game you are playing, or whether it’s an online or land-based casino; when you win an enormous amount, you must show your ID to the management of the facility;
- If you can’t show your ID at the moment, the house will keep your win safe until you can.
You’ll Pay Taxes
As unfair as paying taxes on certain winnings like a jackpot may sound, unlike in New Zealand, where gambling payouts are not taxed, many countries tax the winnings. In the US, for example, assuming you win over $1,200, the IRS is entitled to a fraction of the winnings. So, the casino will give you a W-2G form to complete. It’s thus advisable to keep a verifiable paper trail of all the funds spent in a land-based gambling house — for instance, ATM withdrawal receipts. If you’re playing on in an online platform and not a US citizen, the tax is automatically deducted before the funds are released to you.
You’re Most Likely to Receive Big Wins via Check
While some land-based casinos may hand you cash after a jackpot payout, no virtual casino will do so. Instead, they’ll typically pay out big wins in checks. However, before winners get their payouts, they still have to be verified citizens. Otherwise, they may not get the check. Also, in case they appear on any gambling exclusion list within the jurisdiction, getting their money becomes uncertain.
Higher Figures May Be Paid in Instalments
If you win over $1 million, you could receive a lump sum payment, but some land-based casinos will try to get you to agree to an annual payment. However, in a country where gambling payouts are taxed, these lump sum disbursements can lead to you paying more taxes. So, if you ever bag a massive win in a jurisdiction where the payout is taxed, consult your accountant or a trained tax person for the best advice.
Contracts
The gambling house might try to make you sign some contracts. This may have a positive impact, but it’s always good to carefully read over the paperwork, and if anything is unclear, let an attorney help you. You may be in a rush to sign the contract amidst all the excitement, but you shouldn’t do it before your lawyer explains the terms properly to you.
Online Casinos May Hold Your Money for Sometime
If you hit a progressive jackpot on an iGaming platform, things may differ slightly from a land-based facility. The process will start with the game developer verifying your win and may hold your money in the process. The website will also conduct additional verification checks, like uploading copies of your ID and address.
After the platform has verified everything, the game developer will wire your money directly, or may transfer the funds to the casino, after which the house will send the cash your way. The latter may often be problematic because online casinos have a weekly or monthly cash-out limit. So, you may have to wait for months or years for the entire pay of your progressive jackpot payout! Thankfully, gambling regulations in jurisdictions like the UK compel online casinos to disburse the entire amount of progressive jackpot rewards to players after they land the win.
Play, Win, and Get Your Money!
If you’ve been wondering what happens when you hit a massive payout from a casino, there you have it. It’s not an easy process, but the main course makes it worth it to go through the requirements. As long as the payout was not a machine malfunction, you will ultimately get paid no matter how many hoops you’ll be required to jump.