Taking home a jackpot from a casino game is a dream for plenty of people, and while you may have a slim chance of actually striking it lucky, it pays to be prepared for what will happen afterward.
To that end, here are some things to expect and to deal with if you do win big so that you do not make common mistakes that other major winners have made in the past.
You’ll need to show identification
This is a less obvious requirement that casino patrons will face if they win, yet still significant; in order to be eligible to receive the payout, you will have to show your ID.
There are two reasons for this, the first of which is all about verifying that you are actually old enough to have been playing the game in the first place. Secondly, your personal information is needed to ensure that you are paid properly and that the win is recorded according to the relevant rules and regulations of the region.
Your winnings will be taxed
When you make a win worth more than $1,200 at any casino in the US, it will automatically be reported to the IRS. This is because it will then be a taxable prize, which in turn means that the authorities will expect their cut of your winnings.
Even if you are not winning cash, but instead are winning an experience such as a trip overseas, or perhaps a vehicle, taxes will still need to be paid.
Check out this guide about taxes on slot machine winnings for a more in-depth breakdown of this topic. And also bear in mind that different countries have different tax rules on casino wins. In the UK, for example, there is no tax on this type of prize, which is worth bearing in mind.
You have multiple payment options
The size of your casino win could be completely life-changing, but if you are not used to having thousands or even millions of dollars sitting in your bank account, then you might be worried about exactly how to handle such a huge lump sum.
The good news is that you will not always have to take the one-off approach to payment, as most casino operators will give you at least two different options with regards to how you receive your winnings.
While plenty of players do want all of their cash in one fell swoop, others prefer to choose to receive smaller payments over a longer period.
This could be ideal if you do not feel confident with your money management skills, or worry that you could be leaving yourself open to exploitation if you have too much cash that is easily accessible to you.
Speaking with a financial advisor is sensible
Unless you are an expert in finance, the chances are that a big casino win will leave you baffled as to what to do next.
The bigger the jackpot, the trickier the situation you will face, since while a smaller win might let you pay off your credit card bills and perhaps buy one or two small luxuries for yourself, a large payout will leave you with far more possibilities to consider.
As such, it is crucial to get professional assistance so that you can make the most of your money. A qualified and accredited financial advisor will be able to guide you and ensure that your win has long term benefits, while steering you clear of potential hazards.
For lots of people a jackpot win can be very stressful, and having an impartial person in your corner will alleviate a lot of this stress.
Keeping your win quiet could avoid all sorts of issues
While hitting a jackpot win at a casino might solve your financial woes and even give you a means to improve your circumstances for good, it can also bring with it a whole host of additional complications, most of which are associated with shouting your good fortune from the rooftops.
If your win is big enough and you broadcast it far and wide, especially via social media, then you could soon be swamped by requests for loans from friends, family and total strangers. You could also be targeted by fraudsters and criminals of all kinds, looking to take a piece of what’s yours.
It is best to keep quiet about your win as much as possible, telling only the relevant authorities and trusted members of your social circles. So follow all these pieces of advice to sidestep the downsides of a casino win.
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