How Do Casinos Payout Large Winnings?
Recently updated on July 22nd, 2020
So, you have won the big jackpot and are wondering how your large winnings are going to be paid out. Well, lucky for you when you play online, you don’t have to worry about being escorted to your car with a large sum of money in your wallet.
Depending on how much you have won, there is a lot more that goes into making your withdrawal. With some large winnings, you may have to arrange payment with the casinos. However, with progressive jackpots, the winnings may come from the game provider rather than the casino.
Several casinos have a set withdrawal limit, which may hinder you from withdrawing your entire jackpot amount. You have to familiarise yourself with the casino terms and conditions to get an idea of weekly withdrawal amounts and payment options.
Payment Options for Large Winnings
There are few ways in which a casino can payout large winnings. For starters, if you have won $25,000 or less, the casinos are most likely to pay out in cash or check. But because you are playing in the comfort of your own home, cash will entail you choosing a payment option of your choice.
There are a few banking options that will ensure that you get your large winnings in no time. Options such as Bitcoin, Skrill, Neteller, and other ewallets are a great way to review your winnings in a matter of days.
The other way in which casinos will pay out your winnings is in instalments or annuity payments. With annuity payments, you agree to have your winnings paid out in an affixed or a long-term payment plan. This can take up to 20 to 30 years to fully pay but guarantees additional income over time.
You and the best USA casino site will arrange how much you will receive with each instalment. This is completely up to you. The instalments are a great money management tool.
Play for Large Winnings
If you haven’t won big and are wondering where to go to try your luck at the big jackpot, we have you covered. Grab a pen and paper as we are about to list the Best USA online casino sites with big jackpots. These casinos have been vetted by our experts who are avid and honest gamblers and have won a few times.
While winning big is great, and you probably have big plans for your large winnings, you have to remember that players who win over $5,000 will have to pay tax. This is considered as ordinary income and can move winners into a higher tax bracket. Regardless of the amount, all large winnings should be reported on your next tax return.
You will have to report your winnings if your winnings are in the following ranges:
- $5,000 or more from poker tournaments
- $1,500 or more from keno games
- $1,200 or more from slots or bingo games
- $6 or more at horse tracks
If you have won big, you can expect to fill out a W2-G tax form outlining the transaction. The tax amount that you have to pay will be dependent on how much you win. Now that you know what will happen with your large winnings, sign up to any of the casinos we have mentioned on this site.