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Ten things specifically done by casinos when you win a jackpot in Vegas

[caption id="attachment_15620" align="aligncenter" width="607"]Winning a Jackpot Randall M. from Gray GA won $15,255 on 24th October 2015 at Hard Rock Casino- Posing with their winning check[/caption]

Suppose you have hit a jackpot in one of the casinos in Vegas by playing over a slot machine. You are all excited and wait for the announcement by the casino to offer you the grand jackpot prize. But do you know there are few things that the casino staff does before it declares you the Jackpot winner. Here find those ten things specifically done by casinos when you win a jackpot in Vegas casinos.

1. The casinos call the Jackpot SWAT Man

SWAT is a term used for special weapons and is most oftenused for law enforcement units. Here they are referred as Jackpot SWAT man who work with gaming companies like Bally Technologies. An example is one of EJ Coyle the SWAT man who is attending to calls in case there is a jackpot winner at the casinos. According to Bally business analyst hes the companys first responder when it comes to big wins. He is one of a four-man team that responds to million-dollar-plus jackpots players hit in Southern Nevada.
If you are now worried as what the SWAT man will do with you at casinos just relax. He is out there to deliver the wins when you hit a jackpot.

2. Casino monitor the slot machines that have hit the jackpot

When a player hits a jackpot worth more than $1 million, casino bosses call technicians to monitor the companys slot machines on computers. Like Bally Technologies company or RTG gaming software. A technician confirms where the jackpot hit and calls SWAT man or another responder.

3. Casinos prepare the winning cheque

The casino SWAT man or in this example Bally technologies slot machine win the man called EJ Coyle typically heads to Bally headquarters on Bermuda Road before heading to a casino. There he has to pick up an oversized check for the winner. Bally designs them with logos from specific games: Michael Jackson, NASCAR, Betty Boop. If hes lucky, Coyle already has the check in his car. He keeps an armful handy, just in case. Sometimes the casino staff prepare the winning check on their own and do not involve gaming machine developers to handle it. That is their own sole discretion.

4. Casino staff looks for the original winner

At the casino, the staff has to find the winner. Its usually pretty easy, since crowds tend to form around winning machines. Also some ID proof is enough to claim that you are the exact winner.
Note that the casino will not even be involved in a slot jackpot unless it is $1200. If you win less than that you just have the credits added to your total so that you gamble again. Also remember that the clearance of winning amount varies from casino to casino so you should read their policy terms before you enter to play.

5. Casinos pay only after proper verification of winning machine

A casino technician verifies the jackpot and confirms that it was valid. Casinos wont pay on a machine that malfunctioned. Also the casino looks if anyone has hacked or tempered with the game play and won with unfair means. It will only pay the jackpot win if the play was fair win.

6. Casino demands certain documents to clear the winning amount

You can call this paperwork but winners have to provide with their valid Social Security number to collect their winnings and a bank account number so the cash can be wired. Winners can choose to take a lump sum payment or monthly payouts, typically spread over 20 years. All this is discussed with the casino staff.

7. Casinos pay one twentieth of Jackpot wins within 24 hours

Within 24 hours of hitting a jackpot, all winners automatically receive one-twentieth of their money wired to their bank account. Thats so they have plenty of cash on hand to continue to gamble again at the casino if they are thirsty for more wins (remember you might lose too in this hunger for wins)

8. Casino and their finance department deliver a real check

Once all the paperwork is filed, the casinos finance department process it and wire the money to the winner. Sometimes, a representative delivers a real check. As for the giant commemorative checks most winners dont keep them as they are too much of a hassle to transport.

9. Casino staff interviews the winner

After presents the check to the winner the casino interviews them about why theyre in Las Vegas and how they plan to spend their winnings. Many casinos organize a press meeting in case of a big jackpot win or organize a grand event. But most winners want to remain anonymous and collect their money without a big show.

10. Casinos propagate the jackpot win their promotions

To attract more customers to their casinos the staff propagates the jackpot win in their promotional messages. While this is a marketing aspect of the casino it lures many more players to the same slot machine that has won hoping to hit the massive jackpot again.

The Jackpot and the taxes

Jackpot Wins

If you win $1-$1,199 then you just take the money and leave the casino as the IRS doesnt care about jackpots less than $1,200. But if you win $1,200 $4,999 youve entered the tax threshold. You must fill out a W-2G form to report your winnings to the feds, but casinos arent obliged to take out withholdings. It will be up to you to pay the taxes later. However, if a winner fails to provide a Social Security number, the casino will then take out 28 percent for the IRS.

If you win $5,000 or more the IRS will consider your winnings part of your income, which could bump you up to a higher tax bracket. If you hit it really big, expect to pay up to 40 percent in income taxes. For that $33 million Megabucks jackpot, that would be more than $13 million.

Payment options and taxes in case you win the Jackpot

Most slot companies give winners two ways to receive their money. The choice you make could have important tax implications.

Lifetime payout

This is a set annual payout for a certain number of years. For IGT, maker of Megabucks, its 25 years. On a $33 million jackpot, that means an annual payout of about $1.3 million and an annual tax bill of $525,000. Thats just more than $13.1 million in taxes over the span of the payout.

Lump Sum

Winners have 60 to 90 days to decide whether they want a lump sum or lifetime payment. If you opt for a lump sum, youll have to deal with a hefty interest rate. Thatll leave you with 60 percent of your jackpot. But dont forget: you still have to pay the government. From the remaining $19 million, the IRS will demand another 40 percent, leaving you with about $12 million.

As said above note that paying the wins depends on casinos policy and is not same at each casino. Like at Venetian casino it does issue a cheque if requested but many casinos have other options to pay and play. Better to ask the casino staff and know their policy rules before you ask for the winning amount or engage to gamble in any of the slot machines hoping to win a jackpot.



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        Updated: Nov 23, 2017 by Kamal Kaur » TAGS: No Tags