It’s the moment every lottery player fantasizes about. You check your numbers and realize that you have correctly matched the numbers to win a multimillion-dollar jackpot prize, but what happens next? Here are some steps that you need to take to receive your winnings and key information to consider when you win the jackpot.
- What Happens When You Win A Slot Jackpots
- How To Win A Slot Machine Jackpot
- Jackpot Slots Wins Videos 2020
- Jackpot Slot Winners
- Winning Slot Jackpots Videos
Several things happen when you win a jackpot at a casino. Every player’s dream is winning a jackpot, regardless of if it is an online or physical one. Nothing comes close to slotting in some money into slot machines, matching the symbols, and winning. Winning the jackpot is every gambler’s dream. However, winning doesn’t mean that you’ll receive the cash. You’ll have to adhere to casino rules and the state laws. The casino will also need to verify your wins. Winning the Massive Slots Jackpot is a hard nut to crack. It’s so difficult because Slot Machines are programmed to take in more money than they payout. Remember, gambling is meant for entertainment — it’s not meant for you to get rich. However, with the right tips, you can help your money last longer to. It's really simple. If you want the wap to be won by let's say $150,000 the. You set the odds and math so it will happen at/or around $150k. You might see it won at $110,000. Then it might be won at $190,000 either way it will all average out. If the progressive is never won.
Your Ticket
It’s important that you sign the back of your ticket immediately to prevent anyone else from claiming your prize. You should also make a photocopy, before stowing your ticket away in a secure location, such as a safe, until you are ready to claim your winnings.
How Long Do I Have to Claim?
The length of time that you have to claim a Mega Millions prize varies from state to state. The shortest claim period is 90 days in New Mexico and the longest claim period is one year in several states, including Oregon, Rhode Island, and Pennsylvania. You can check the length of time you have to claim a Mega Millions prize in your state or jurisdiction on the Where to Claim page.
Who Should You Tell?
You’ve waited a lifetime to win the jackpot and the experience can be very overwhelming. You may want to tell all your friends and relatives, but you should think about holding off on sharing the news until you have contacted your local lottery office, confirmed the details and decided how you will deal with the good fortune.
You may also want to seek professional advice from a financial expert. Winning the jackpot can change your life for the better, but it can take a lot of planning and careful thought. It is important that you take your time to make decisions, and employing an attorney is advised.
Contact Your Lottery Office
Once you contact your nearest lottery office, they will ask you a set of questions to do with your ticket, checking the information against their records. After your ticket has been verified, a meeting will be arranged, and you will need to provide the physical ticket alongside relevant identification documents when visiting lottery officials. On meeting the claims team, you can ask for advice and they will complete the necessary paperwork.
Cash vs Annuity
When you win a Mega Millions jackpot, you have two options for receiving your winnings. You can either choose to receive a one-off cash lump sum or to accept the full value of the jackpot in annual instalments over 29 years. The best option for you depends on your own personal circumstances and varies from player to player. You can learn more about each option on the Cash vs Annuity page.
How Much Will You Pay in Taxes?
If you win a Mega Millions jackpot, you will have to pay federal taxes. A federal tax of 39.6 percent is due on all jackpot prizes. 25 percent is taken immediately before you receive your winnings and a further 14.6 percent is due at the end of the tax year. You may also be liable for state taxes. You can find out more about taxes on winnings on the Mega Millions Taxes page.
To Go Public or Stay Anonymous?
In most states, your identity becomes public record when you win the Mega Millions jackpot, and you will normally be expected to attend a press conference. At the press conference, you do not have to issue any statement, and some previous winners have even altered their appearance to help protect their identity.
There are six states that allow players to remain anonymous - Delaware, Kansas, Maryland, North Dakota, Ohio and South Carolina. Some players prefer to remain anonymous often citing protecting their privacy and family’s wellbeing as the reason.
There are also a certain number of states that allow players to claim their winnings via a trust fund. In this case, a lawyer will collect the winnings on your behalf. This option is preferred by many winners, as it can reduce the stress of dealing with such a large amount of money in the public eye.
Enjoy Your Winnings
Once you receive your Mega Millions jackpot and have consulted a financial professional for advice, you can then relax and enjoy your winnings. You may want to retire, buy a boat or take that vacation that you’ve always dreamed of. You can also provide financial security for your family, as well as make extravagant purchases and save money for the future.
↑ To topWhen it comes to slot machines, you have two broad categories. There are flat top slot machines, and there are progressive slot machines.
A flat-top slot machine is more common, and it’s a game where the top prize is a fixed amount. 1,000 coins is a common prize, but it varies by machine.
Progressive slot machines, on the other hand, have top prizes (jackpots) that grow over time until they’re hit. They can be compared to lottery games in that respect. You know how the lottery gets bigger every week if there was no winner the previous week? Hitting the progressive on jackpot on real money slot machines is just like that.
How Big Does the Jackpot Get on a Progressive Slot Machine?
The obvious first question is, how big does the jackpot on a progressive slot machine get? The answer is that it varies based on the game.
You can find progressive jackpots that rival lottery prizes in size. The Megabucks slots in Nevada have the biggest progressive slot machine jackpot in the world. The jackpot starts at $10 million and grows until someone hits it.
When I wrote this post, the jackpot was at $15 million and growing. The biggest the jackpot ever got was in 2003, when it had risen to almost $40 million before getting hit. It’s also gotten as big as $35 million before being hit, too. But that’s on the outside end of the spectrum.
Progressive jackpots can also be much smaller, depending on the casino and the specific game. You can find plenty of progressive jackpots on the other end of the spectrum, too. Online progressives can be as low as $500 or $600.
The advantage to lower-sized progressive jackpots is that you’re more likely to win one. The odds of winning something like Megabucks are astronomically small.
What Happens When You Win A Slot Jackpots
What Does a Progressive Jackpot Do to the Expected Return?
If you’re not familiar with the expression, the “expected return” for a slot machine is the percentage of the money you get back in the long run when playing the machine. It’s expressed as a percentage, and it’s always less than 100%.
Here’s what that means: If you have a slot machine with an expected total return of 94%, you expect to get back 94 cents for every dollar you put into the machine.
If you’re an average slot machine player, you might make 500 spins per hour. If you’re playing for a dollar per spin, you’re putting $500 through the machine per hour.
94% of $500 is $470, which means you’ll lose an average of $30 per hour on that machine.
That’s no guarantee, by the way. That’s an average you can expect in the long run, over dozens of hours. In the short term, you might see an hour or a session where you were up $30 or even $300. You might see other hours or sessions where you lost $60 or $120 or even more. That’s why it’s random.
The Size of the Jackpot Has an Effect on the Actual Return
The actual return on a machine is the actual amount you get back. This is opposed to the theoretical return on the machine, which is what most people mean when they talk about expected return.
But when you’re dealing with a jackpot that has such a low probability of being hit, its theoretical return might as well be zero. After all, if the probability is so close to zero that you might not expect to hit it in a lifetime of play, it might as well not even count.
Megabucks is a good example. The odds of winning the jackpot are about 1 in 50,000,000. How long would it take to make 50,000,000 spins on Megabucks?
At 500 spins per hour, you’re looking at 100,000 hours of play. If you played Megabucks 40 hours a week for 50 weeks a year, you’d get in 2,000 hours of play. That’s 50 years of playing Megabucks as a full-time job.
No one I know would want to spend 50 years playing for that jackpot. So, you might as well subtract the expected value for the jackpot from the overall expected return for the game.
Usually, this means that the expected return for a big progressive jackpot is effectively lower than it would be if you were playing a flat top slot machine game.
What Kinds of Progressive Jackpot Slot Machines Are There?
I mentioned before that I like to categorize things, and I’ve found that categorizing progressive slot machines is easy. You have three types:
- Individual machines
- Local area-networked machines
- Wide area-networked machines
An individual machine with a progressive jackpot has a jackpot that grows as you play it. The jackpot also grows when someone else plays it. But it doesn’t grow when it’s not being played. A percentage of each bet “fuels” that jackpot, so the jackpot ticker doesn’t move when no one is playing the game.
It’s a jackpot ticket for an individual machine. Local area-networked machines are slot machines in a single casino and sometimes in the same bank where your play on any of the networked machines that fuels the jackpot. When someone on any of the networked machines wins, the jackpot resets to its original amount.
Generally, the gambling games with the biggest jackpots are wide area machines, and the games with the smallest jackpots are the individual machines.
What Happens When You Gamble and Win a Jackpot?
First, the machines don’t pay out immediately in coins when you win a progressive jackpot. Such a payoff would be impractical.
A flashing light usually goes off on a progressive jackpot machine when it’s hit, and a slot machine attendant will visit you. The casino will set things up for you so that you get paid. If it’s a huge jackpot like Megabucks, it’s similar to winning the lottery.
You don’t just get a check handed to you. But you do get paid. Also, keep in mind that gambling winnings are taxable income. The casino will provide you with an earnings report. You should keep a diary of your gambling expenses so that if you do win big, you can defray at least some of the taxes you owe with these expenses.
You can’t defray expenses unless you’re a winning player, though, and you can never claim more in losses than you’ve won in a calendar year.
This is true for any United States casinos, and it applies to any winnings at the casino over a specific amount. Small wins like $50 are no big deal and don’t get reported, but once you get into progressive jackpot territory, they definitely get reported.
How Do You Win Progressive Jackpot Casino Slot Machines?
How To Win A Slot Machine Jackpot
There’s no magic trick to winning at progressive slots. They’re like the lottery. No amount of superstition or astrology can help you win. You just have to get lucky.
Jackpot Slots Wins Videos 2020
It also doesn’t matter where the slot machine is located in the casino. For years, people have suggested that the loosest slot machines are the ones nearest the walkways in the casinos, but that’s just one of the common casino myths. It might have had some basis in truth at one time. But as far as I know, no casino or casino manager makes it that easy to spot the “loose” progressive slots.
Jackpot Slot Winners
Conclusion
Hitting the jackpot with progressive slot machines is something most of us will never achieve. If you do become a progressive jackpot winner, it will probably be on one of the games with the smaller jackpots—the individual machines.
Winning Slot Jackpots Videos
Still, it’s fun to watch the jackpot ticker grow constantly, and it’s even more fun to daydream about what you’re going to do when you win all that money.