What Happens When You Win More Than the Casino Has
Recently updated on September 28th, 2021
Once in a blue moon, players get super lucky to win hundreds of thousands of dollars if not millions of dollars from casinos. Games like progressive jackpots and the lottery are known for making instant millionaires out of ordinary people.
But what happens when you win more money than the casino has? This can be a real concern because nobody wants to strike it lucky only for you to get disappointed at the fact that you can’t get all the money that you rightfully won. Casinos also don’t want that kind of negative press, or any lawsuits hanging over their heads for not being able to pay out winnings.
If it happens that you win large sums of money freely and fairly, then the casino has no choice but to pay up, even if it means emptying all cash registers and digging into reserves. But it shouldn’t have to come down to that. One of the requirements for acquiring a gambling license these days is that you must have enough liquidity to be able to pay any amount. If you cannot prove that you have enough money or assets set aside for unforeseen cases – like someone winning unusually large sums of money, then you may not be given a license. Or, you face losing your license if you already had one.
How Casinos Handle Big Wins
Casinos deal with big wins in one of two ways. You are given the option of a lump sum payout, or you can opt to receive your winnings in instalments over 30 months or so.
A study showed that most big winners choose to get their money in a lump sum payout. Lump sums are usually lower than the actual amount that you’ve won because what you get comes after-tax, service charges, and after all other behind the scenes fees have been factored in. But, this is nothing to be worried about because the money you’ll receive will still be life-changing.
Having your winnings paid out over a period of time is certainly the safer option. If you only receive a set amount every month you have more control over how much you spend, and spending money on expensive things in a short space of time is less likely to happen.
Play for Real Money to Win Big
It’s always a good day to play and win life-changing money. We have a long list of trusted online casino sites for you to visit whenever you’re in the mood to win real cash. Simply click on the sign-up button to create an account. First-time players will receive a great welcome bonus while returning players get to benefit from other deposit bonuses and promotions.