o.k, so you just hit a major progressive jackpot!!! what happens next ?

[lauriejim]

just a question i have always thought about, its got to be like a billion to one odds but like they say in the lottery someone will win.if you were to be that lucky person and hit the over 3 million jackpot, how is it paid? partial, lump sum or what ever the casino pays out per week? could you ask for it to be sent to your bank and pay the taxes on it? i would like to know just how this is done and how any of the casinos have handled this on past winners, i mean they do exist, the over million dollar winners, right?...................laurie

[GaryWatson]

I got paid in a $20 lump sum but I heard even bigger winners have been paid in installments, dependent on the site. As for tax. I dont pay tax on winnings. I think that is the standard in the UK, although ive never had a big enough win for it to be an issue.

[Casinomeister]

It's usually lump sum - at least with Crypto, MGS and Playtech.

If a casino offers to pay in installments, I would definitely turn that down. Lump sum and no exceptions.

[classymom]

But what if your in the States - wouldnt a big win cause a big flag to be waived with the banks?

[Mousey]

Originally Posted by classymom

But what if your in the States - wouldnt a big win cause a big flag to be waived with the banks?

Since the UIGEA I will not play the big progressives... and even at RTGs, I stick with playing games w/JPs under $10k.

While I've never hit a random or a progressive (and probably never will), let's just say, I don't won't the hassle of a huge windfall from an online casino right now.

[Casinomeister]

Originally Posted by classymom

But what if your in the States - wouldnt a big win cause a big flag to be waived with the banks?

Good question. You might have to make some sort of arrangements for payments. I know in the past of a guy in NY who won the Major Millions progressive for 1.6 mill. He had no problem getting paid - but this was before the new US law.

[uungy]

If you win on a Wagerworks casino, you would get paid in installments

[Casinomeister]

Originally Posted by uungy

If you win on a Wagerworks casino, you would get paid in installments

That sucks. But on the upside, Wagerworks is a well funded publicly traded company based in the US. Welching on payments wouldn't be an issue.

[james01]

Originally Posted by Casinomeister

That sucks. But on the upside, Wagerworks is a well funded publicly traded company based in the US. Welching on payments wouldn't be an issue.

Unless they go under.

[Casinomeister]

Originally Posted by james01

Unless they go under.

I don't think IGT has "going under" in their business vocabulary