Casino Jackpot Wins
Players dream of hitting a big jackpot when they play the slots. When that day comes for you, you'll have questions about the taxes you must pay on the winnings.
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Hand Pay Jackpots
When you hit the winning combination of symbols for a large jackpot, your slot machine locks up. Depending on the machine, the lights on top of the machine may come on and start flashing, music may play or bells ring. A slot attendant arrives promptly to see what you have won.
On jackpots smaller than $5,000, an attendant verifies that you hit the jackpot and then assists you in claiming your money at the cashier's cage. In the case of a large or progressive jackpot, the casino may have technicians come and check the machine to certify that it was functioning properly when the jackpot hit. If you hit one of the wide-area progressive machines such as MegaBucks, the slot company that operates the game comes out and verifies that machine before giving you a check.
When you hit a jackpot, you have the option of taking your winnings in cash or check. Usually, large amounts are paid by check. In the case of the MegaBucks or similar multi-million dollar jackpots, you receive a check for the partial amount, and then you have 90 days to decide if you want to be paid a lump sum or an annual annuity on the balance. If you select the lump sum option, you receive only a percentage of your actual winnings. For example, the full winnings of one multi-million slot jackpot is paid in 25 annual installments, or you can take a lump sum of 60 percent of the winnings.
IRS Withholding
List of all progressive jackpots. To read more detailed information about any of the jackpots including additional statistics such as the biggest wins, average time between jackpot wins, the time since the jackpot was last won, a history of recent wins, jackpot graph, screenshots and more, simply click the jackpot name. Big Win Casino: World Record. In late January 2013, a player based in Finland was playing a popular progressive jackpot casino game called Mega Fortune. He placed a small bet, enjoyed his reel-spinning action and boom! He hit the jackpot and won himself a whopping US$24 million.
All casino winnings are subject to federal taxes. However, the IRS only requires the casinos to report wins over $1,200 on slots and video poker machines or other games such as keno, lottery or horse racing. When you have a win equal to or greater than $1200, you are issued a W-2G form. This form lists your name, address and Social Security number. The casinos are not required to take out withholding tax on jackpots under $5,000 as long you supply your Social Security number. If you don’t provide your Social Security number, the casinos withhold 28 percent on small jackpots.
You can request a specific amount of withholding tax to be taken out of any jackpot you win. Some players like to do this to avoid a big tax payment in April when they file their income tax returns. The additional withholding may not be necessary if you keep a log book. The law allows you to deduct gambling losses up to the amount of your winnings. You can only do this if you have documentation of your losses. Keeping a diary or log book is the way to do this.
Proper Identification
Casinos can refuse to pay you until you produce proper identification—a photo ID such as a driver’s license, military ID or passport.
If you don’t produce an ID, you are photographed and the casino holds your winnings until you come back with proper ID. For this reason, you should always carry a valid form of identification with you when you visit the casino.
When the casino checks your identification, it also checks your age to make sure you are legally old enough to play. The minimum age for gambling varies from state to state, but under-age gamblers are not be paid if they hit a jackpot. This is the law in all jurisdictions, and it has been upheld in court.
Plan Ahead
Before you start playing your favorite slot machine you should have a plan for the day you hit a jackpot. Players become excited when they hit the big one, and this may affect the decisions you make about your winnings. It is helpful if you know ahead of time how much withholding you want taken out or whether you want a check for all or some of the amount.
Winning the jackpot either at a lottery or in a casino’s slot is the best thing that can ever happen to a person. You get the thrill of gaming, the mystery, and the prize at the end if you’re lucky. What’s more to ask? How to win jackpot at casino?
Although most people go to casinos to relax and to de-stress from their routine, and play slots just for fun without aspiring to win, there are people whose daily routine is to go to the casino and play to WIN. That’s what their life is about and that’s how they spend their day.
So one question keeps being asked and asked, every time and at every slot, how can you win the jackpot? Even if you’re a beginner?
Although there’s no secret recipe to win the jackpot or else casinos would have already closed down by now, there are tips to use to raise your chances of winning the jackpot one day or at your first game ever.
But before we talk about these tips, we should first figure out what’s a slot?
Although there are so many games in the casino, one of the most common games everyone chooses to play are slot machines.
Slot machines are simply a gambling game that uses spinning reels. Winning in a slot machine is determined when the same symbols line up in a sequence. When this happens, that means you won the jackpot. And how much you’ll win depend on how much you paid when you played the game. There are different forms of slot machines; there are online slots, video slots, classic three reel slots and so many more forms.
How slot machines work?
It doesn’t matter you choose to play, they are based on the same principles and so, whatever slot machine you play, these tips we’ll show you will still work the same. Every time you place you bet there’s a computer chip in the machine that will determine if you’ll either lose or win. So it’s only a matter of randomness and odds.
The computer chip generates numbers randomly and is always tested and certified to make sure it works properly and offers a fair game for players without affecting your odds either for the best or worst.
So how can you win a slot machine?
There are a lot of tips to help you win but these are the most prominent ones:
Determine a budget
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A lot of players get engrossed in the game and just keep spending more and more money until they end up with nothing. So how can you avoid it? It’s simple, all you have to do is determine a budget that will help you play, but wisely, with nor overpaying or underpaying. This way you’ll guarantee having fun and raising your chances of winning, but without going broke for the night.
Check the game’s settings
One of the best ways to ensure you raise your chances of winning the jackpot is to actually check the settings of your slot machine to see the requirements. The requirements can change from a game to another so every time you sit in a slot machine the first thing you need to check is the settings.
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There you’ll find all of the rules on how much you’ll bet and how much should you spin to actually win the jackpot. This way you’ll be able to determine how much you’ll lose on the game and if the odds are in your favor.
If just play any game without checking the rules then you’ll risk losing the jackpot or end up winning only a fraction of it because you couldn’t follow the rules.
Big jackpot? Play
Famous slot machines usually offer bigger jackpots because more people are playing them and are trying to score in them. So the more time and money other players invest in them the bigger the jackpot is, and the more worthy it is of your investment.
That’s why you’ll find more and more people it because they’re all trying to get a piece of the winnings and get some or all of the jackpot. Should you do that as well? For sure. Because you’ll at least have some odds of winning the jackpot and that’s enough reason for you to play as well.
Don’t choose the easy ones
One of the most common machine’s slots that people play is the one that hands the most winnings. So you’re sitting there and you’re looking around and you find people that easily win cash with a certain slot machine. It’s normal to be curious, and it’s normal to want to try it out.
But keep in mind, that these kinds of machines are impossible to crack when it comes to the jackpot, they’ll only hand small winnings and will not hand big prizes like the jackpot. These machines have very small odds of winning the jackpot, so small that it’ll devastate you.
So if you want to win small prizes, go ahead and try them, but if you want to win big, avoid them.
Trust reviews
If you’re sitting in a casino, and you hear people calling a game and saying it’s dirty, it’s awful and not fun at all, then trust them. They know what they’re saying. Why is that? Because most people at the peak of the moment will say what they actually feel.
If they don’t like a game, then they’ll say it if they do like a game, then they’ll say it too. So always trust the oral reviews you hear from other players. You can always check written reviews online by looking on Google or Facebook for other’s opinion.
If they say a game is shitty, then most likely it is. If they say it’s good on the other hand then it is.
Avoid obvious options
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Every time you enter a casino it’s like they’re looking at a bucket of gold walking around and is ready to pay money.
And because casinos can’t push you to certain slots because that’ll be illegal, they’re left with their marketing strategy.
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And that marketing strategy works for them only, and not you. And that’s why all of the losing and expensive slot machines are placed at the front and are shiny and highly attractive.
The more a machine looks attractive and highly tempting, the more you should realize that it’ll waste your time and money. Because you’ll never win the jackpot in it.
And all those other slot machines they keep preaching for you to try, those, too are bad news. You’ll never win in them.
So what should you do? You should look for the slot machines that aren’t commercialized like the obvious ones and that are sitting in a corner mysteriously.
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No one is preaching them and no one is paying attention to them. Those are the one you should go for because they’re the one with higher odds of winning the jackpot. Always check the second and third pages of the casino for hidden slot machines, the casino deliberately places them away from you because they’ll know you won’t check them, and thus you’ll have lower chances of winning but higher chances of spending money.
That’s how you’ll raise your chances of winning in slot machines. Follow these tips and make sure you leave other tips in the comments for other players to try.