What happens if you win big at a casino?
When gambling, we always hope to win a big jackpot. But you can’t also wonder, should you hit that big jackpot, what happens. “What happens if you win big at a casino?” is a question many gamblers get curious about.
Since slots are the most popular casino games to make million-dollar winners, just spin from the reels can make you an instant millionaire. Of course, you would think that they just hand you your money and that’s it. However, that’s not the case. There are a few steps to go through before you can have your winnings. These include financial and administrative processes.
What’s more, how you receive your winnings at a land-based casino is not the same at online casinos.
Step by Step of What Happens When You Win Big
- You will have to verify that you have won. Find a customer support representative to arrange your verification. However, this may not be necessary because the staff will connect with you.
- Once they have verified you win, they will ask for your identification which will have to be a valid government-issued ID.
- A tax form will have to be filled, which will give the IRS a certain percentage of your winnings. Your winnings have to be more than $1200 for the casino to issue you a W-2G Form.
- When you win over $5000, the casino will probably get a check. However, this only happens in some states where they will give you the money and get security to escort you.
- The casino will check the machine to make sure that it was working properly when you won. They check for malfunctions, and if it was a malfunction, then the casino does not payout.
- You will only get part of your winnings if you win over a million. After that, you will get the other lumps some paid to you. Some casinos will offer the option to get an annual fixed amount.
- You will need to have patience since the wait to get your money can take very long. From what we have mentioned, you will have to wait for this whole process before you can receive any winnings.
- In some cases, the game manufacturers handle the payout. As a result, the casino will have to contact them to notify them of your win, and they will handle the payout process.
What Happens Online?
- You will have to fill out the W2G form for the IRS. You will have to pay a 25% tax from your winnings.
- Choose which payment method you will use to cash out your winnings from the casino. You might also be subject to fees depending on which method you choose to use.
- Most of the time at casinos, you can’t cash out all your winnings since the casinos have a maximum amount you can withdraw either daily or weekly.
- The casino will then require some paperwork which includes ID, proof of residence. Once that document is verified, then they process your winnings.
- Wait for the money to reflect in your account then you can start spending it.