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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.

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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.

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.

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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.

Areyou looking for booming jackpots from slots? Progressive slots arewhat you are looking for. Progressive machines are some of the mostpopular slots in casinos, as they offer very impressive prizesrunning to millions of dollars. Players flock these machines incasinos as no other games offer such lavish pay-outs.

Weare going to learn what casinos mean when they say progressivemachines, their benefits, and how they work. Read on.

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What are Progressive Jackpots?

Progressive jackpots are pay-outs ongambling machines, such as video poker machines and slot machines, incasinos. They are usually marked as progressive machines, so playersmay be aware of that before they sit down to play.

Each time the machine is played, the combined jackpot winnings increase by small supplements. The casino sets the small chunks by which the jackpots are increased. On numerous occasions, these machines are linked so that the total increases faster as multiple players playing at different machines concurrently.

Eachof the slots has a meter that displays the amount of the jackpot andthe winning combinations that are needed. On a slot machine, forexample, you might need five cherries showing to win. Once you havewon the jackpot, the meter resets to the lowest level, and theprocess starts again.

Gamblersusually have to wager the maximum bet per play to qualify for thejackpot winnings. When the maximum is not wagered, the bet will stillcontribute to the jackpot, but the player is not allowed to keep thejackpot winnings should it hit on that play.

The Benefits of Progressive Machines

Thoughcasinos have progressive slot machines to lure players to play, thenumber of machines in the casino are not many. The casino is usuallywilling to make a small contribution to the progressive jackpotwinnings, but the odds always give the casino an edge over theplayers.

Gamblerslove progressive jackpots because if they win, they win big. The sizeof the jackpot can quickly escalate from hundreds to thousands.Players risk their losses by feeding the slot for a chance to hit theprogressive jackpot.

Progressivejackpot machines usually don’t pay out jackpot winnings frequently,because the casino presets the increments. The machine needs to beplayed for a while. The odds of winning faster pay-outs are onprogressive machines are not as good as on regular slot machines.

How Progressive Machines Work

Asalready mentioned, progressive machines are distinct from other slotsbecause their jackpots increase with every bet. The idea behind isquite simple: a small percentage of every bet feeds the pool of cashuntil one player hits the winning combination, which sets off thejackpot pay-out. Logically, the highest jackpots are won on gamesthat have the most top wagers and the most players.

Whena player hits the progressive jackpot, a few things happen. First,the machine locks up, lights flash on and off, and the player isinstructed to call an attendant. The machine then sends an electronicsignal to the control to notify the casino about the win.

Mostof the progressive jackpot winnings are huge. They range from $10,000to $1,000,000. Before the winnings are paid, the casino has to sendsomeone to verify that the machine was operating well when the playerhit the jackpot. The casino must confirm that the win is genuine.

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Theplayer who hits the jackpot can either be paid in cash or check. Whenthe winnings are more significant, the pay-outs could be split. Anamount could be paid by check on the day of winning, then the playercan set time, say 60-90 days when they can collect the rest of thejackpot or an annual annuity.

Hereare a few interesting things that you might need to consider beforeinvesting in a progressive jackpot;

• Qualifying- this is one of the most important things that a player needs to learn. This is because not every wager on a progressive machine leads to winning an attractive pay-out.
• Jackpot Meter- the jackpot meter is another essential aspect of progressive machines. When the jackpot has been won, the amount of the highest pay-out resets and goes back to the lowest level from which it started.
• Odds and Expected Return- the odds of hitting the jackpot on a progressive slot are usually very thin, sometimes smaller than winning the lottery. If you remove the jackpot from the calculation, the house edge becomes different.

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Who Pays Out the Jackpots?

Smallerpay-outs are paid by the casinos or I-casinos (online casinos). Theseinclude the lower level jackpots.

Inbigger prize pay-outs, the software company is involved, primarilywhen the linked progressives are hosted in multiple locations.

The Biggest Progressive Jackpots in History

Thehighest progressive jackpot ever recoded is $39.7 million. It was wonin the Excalibur Casino, Las Vegas, on one of the most famous slotgames, IGT’s Megabucks. For a very long time, Megabucks was onlyavailable on physical slot machines across many gambling facilitiesaround the globe. This was until recently when IGT added it to aportfolio of online games. Online slots are however, yet to hit suchhigh pay-outs, but they are rapidly gaining popularity and makingpay-outs to more and more players.

Forexample, Mega Moolah is known for the big pay-outs it regularly givesto players across the world. The game is commonly referred to as “TheMillionaire Maker.” In 2015, a British army soldier, J. Heywood,won £13,213,838.68, by placing £0.25 bets on Betway. CanadianMarcus Goodwin won CA$11,633,898 in 2016. A Maori man in New Zealandtook home NZ$10,144,395.82 a few months before that.

Anotherremarkable pay-out was of €17,861,813 unexpectedly won by ananonymous Finnish man in January 2013 at Paf Casino. The man got theright combination while playing NetEnt’s Mega Fortune. In 2011, aNorwegian student who was trying his luck with free spins won€11,736,228, while playing the same game.

In mobile jackpots, the highest pay-outs have been at Microgaming’s Mega Moolah. On August 28, 2016, a woman hit a jackpot of €7,968,311.26. She was playing the game on her mobile phone. It was the most prominent mobile win ever recorded until less than a year later in April 2017. A mobile player at Tipico Casino won €8,012,153.35

Conclusion

Progressivejackpots are very popular as they provide stunning pay-outs. They arepay-outs on gambling machines, like slots and poker machines. Theyare usually marked out in casinos so that players are aware.

Thenumber of progressive machines in casinos are not many. The jackpotswinnings also don’t happen as often because the house sets theincrements. The odds of scooping the progressive jackpot are minimalcompared to other games such as lotteries.

Thecasino pays smaller progressive jackpots while the software companypays larger ones.