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Players dream of hitting a big jackpot when they play the slots. When that day comes for you, you'll have questions about the taxes you must pay on the winnings.
Hand Pay Jackpots
When you hit the winning combination of symbols for a large jackpot, your slot machine locks up. Depending on the machine, the lights on top of the machine may come on and start flashing, music may play or bells ring. A slot attendant arrives promptly to see what you have won.
On jackpots smaller than $5,000, an attendant verifies that you hit the jackpot and then assists you in claiming your money at the cashier's cage. In the case of a large or progressive jackpot, the casino may have technicians come and check the machine to certify that it was functioning properly when the jackpot hit. If you hit one of the wide-area progressive machines such as MegaBucks, the slot company that operates the game comes out and verifies that machine before giving you a check.
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When you hit a jackpot, you have the option of taking your winnings in cash or check. Usually, large amounts are paid by check. In the case of the MegaBucks or similar multi-million dollar jackpots, you receive a check for the partial amount, and then you have 90 days to decide if you want to be paid a lump sum or an annual annuity on the balance. If you select the lump sum option, you receive only a percentage of your actual winnings. For example, the full winnings of one multi-million slot jackpot is paid in 25 annual installments, or you can take a lump sum of 60 percent of the winnings.
IRS Withholding
All casino winnings are subject to federal taxes. However, the IRS only requires the casinos to report wins over $1,200 on slots and video poker machines or other games such as keno, lottery or horse racing. When you have a win equal to or greater than $1200, you are issued a W-2G form. This form lists your name, address and Social Security number. The casinos are not required to take out withholding tax on jackpots under $5,000 as long you supply your Social Security number. If you don’t provide your Social Security number, the casinos withhold 28 percent on small jackpots.
You can request a specific amount of withholding tax to be taken out of any jackpot you win. Some players like to do this to avoid a big tax payment in April when they file their income tax returns. The additional withholding may not be necessary if you keep a log book. The law allows you to deduct gambling losses up to the amount of your winnings. You can only do this if you have documentation of your losses. Keeping a diary or log book is the way to do this.
Proper Identification
Casinos can refuse to pay you until you produce proper identification—a photo ID such as a driver’s license, military ID or passport.
If you don’t produce an ID, you are photographed and the casino holds your winnings until you come back with proper ID. For this reason, you should always carry a valid form of identification with you when you visit the casino.
When the casino checks your identification, it also checks your age to make sure you are legally old enough to play. The minimum age for gambling varies from state to state, but under-age gamblers are not be paid if they hit a jackpot. This is the law in all jurisdictions, and it has been upheld in court.
Plan Ahead
Before you start playing your favorite slot machine you should have a plan for the day you hit a jackpot. Players become excited when they hit the big one, and this may affect the decisions you make about your winnings. It is helpful if you know ahead of time how much withholding you want taken out or whether you want a check for all or some of the amount.
Progressive slots are the most loved type of slot machines by casino players. Even if these games don’t offer the best returns on bets (about 89%), experienced players can’t resist the temptation to win a progressive jackpot. The pots on progressive slots are always higher than any other slot machines and the odds of winning big jackpots are far more lucrative than the lottery in terms of profitability. However, to win big, you’ll need luck on your side! Unlike games where methods and game strategies matter, luck is the only thing that can help you win the jackpot with progressive slots.
Playing at trusted online casinos
Aside from being lucky, you’ll also need to register at a reliable online casino to guarantee a safe and proven gaming environment. The best way to achieve this is by checking out high-end casino guides. These guides strengths, like OCP, are that they direct you to legal and well-established online casinos. In other words, virtual casinos which are as reliable as land-based casinos.
Progressive slots – How do they work?
Compared to conventional slot machines, progressive slots have constantly changing jackpots. Mainly because the jackpots increase each time a player makes a bet. Typically, progressive slots are programmed to keep around 8% of the players bet to feed into the jackpot. The gambling house generally retains 3% of all stakes (gross profit). The rest, around 89%, is paid to the players. That’s why the mega jackpots in progressive slots are so popular – they can reach up to several million! One of the characteristics of progressive slots is that whenever a player has the chance to win the Mega Jackpot, it immediately restarts with a guaranteed minimum amount. But, the best thing is that they are connected to several casinos simultaneously! Secure gateways link thousands of players to online progressive slots – feeding mountains of money into them.
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Mid-size wins from progressive slots
Just like with conventional slots, you can still lock-in wins on progressive slots without necessarily going for the mega jackpot. Many players often focus on medium-sized winnings instead of trying everything to win a big jackpot. This is a recommended approach for more level-headed players. Furthermore, being satisfied with reasonable earnings is often a more profitable way to gamble, while reducing playing time and avoiding a compulsive attitude.
The most popular progressive slots online
There aren’t as many progressive slots on the online market as there are classic versions. Progressive slots are much more complicated to set up than any other casino game. The technology used to make these games operational requires complex processes, both in terms of security and computer components. Overall, tests showed that there are only a few progressive slots that offer genuine chances to win big. Don’t let this deter you though! These games feature on the most popular online casinos in the world. In fact, they take pride of place on hundreds of online casinos in the UK, Canada, Europe and Asia. We researched progressive slots that pay the most and found four slots that stood out. These slots can win you anything from hundreds of thousands of pounds/dollars to several million! The amount of the jackpot depends solely on the slot’s popularity and the minimum guaranteed base decided by the providers.
Know Your Own Limits
This is probably the most obvious one, but it is also the most important one. It doesn’t matter if you are going to be betting on the ponies or if you are going to be playing those classic table games if you are going to bet, you need to make sure that you know your limits. This does not only mean that you need to know how much money you can and can’t spend. It means that you need to know how long you can and can’t play as well. Time can easily get away with you when you are engulfed in your favourite online casinos. If you are losing track of time then you probably have already lost track of what you’ve lost thus far.
Understand The House Edge And Betting Odds
Gambling is thrilling. It doesn’t matter if it is the stock cars or the men’s basketball that is your crutch, betting on these games are going to be thrilling. However, what you really need to know is that the odds and edge for betting on these games are different. This is where most people get drawn in and end up losing their shirts. When most people visit an online casino, they’ll immediately hit up the slot sections because it is usually more attractive and eye-popping. Well, did you know that certain slots games might offer the house a better edge? You could be more profitable by sitting down at the poker tables.
Never, Ever Chase Wins
I’m sorry to tell you this, but you are never “due” a win. You will always be playing with the same odds in every single hand you play. This is especially true with most modern slot games as the chances of winning are reset with every single spin. This is not a matter of odds, its a matter of chance and knowing the difference between those two things is the key to really winning.
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Make Sure It’s Not a Secret
One of the smartest things you can do as a gambler is to make gambling a social thing rather than a personal thing. Even if you just play online casino games you can still use the chat feature and get to know the other players. Talking about problems with gambling is one benefit from this and the other is learning great tips, coupon codes and another is getting titbits of information from the other players. Talking is not just about listening, its about learning from other players mistakes and tips.
Be Wise with Your Plays
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The most important aspect of playing casino games is choosing when to make your bets. You must think of the long run, not just aiming straight away for the jackpot. It doesn’t always mean that the result will be positive, but even making small wins here, or there can add up quickly. Before you know it, you may have more than the jackpot altogether.
Trial Run
While you can’t play for free to get used to a machine in the casinos, you can bet small amounts on it until you know what the win lines are and what the features do. There is nothing worse than missing out on a big win because you didn’t know how to play it properly.
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Below, we’ve listed the online progressive slots with the biggest jackpots.
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The Mega Moolah
This progressive slot machine, produced by Microgaming, is by far the best known on the internet. With the jackpot already starting at a minimum of one million, you know that when you win, you win big! Testimonials from players found on the OCP guide, prove just how much players love this stand-out game.
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The Mega Fortune
Almost as popular as the Mega Moolah, this slot machine consists of 5 reels and 25 pay lines. Created by the Swedish provider Net Entertainment, this game is a huge hit with an array of online casinos in Canada and Sweden. Mega Fortune’s theme is based on the luxury life of millionaires.
The Giant Jackpot
This game is the best-known online casino affiliated with the Playtech provider. Playtech is currently one of the most active casino game providers in the UK market and produces the most successful graphics. In addition, payment rates for Playtech progressive machines are profitable, averaging at 90%.