Every slot player will have thought about winning a life changing progressive jackpot, usually when they are on the way to their chosen casino to spend some time playing.
When a major jackpot is won anywhere in places such as Las Vegas, the slot machine supplier has a dedicated team who work around the clock, 24 hours a day, and will immediately visit the casino in which that slot jackpot was won to verify the jackpot is valid.
What those team members will usually do before they set off on route to the casino is the ensure they have an oversized check for the amount won and one adorning the logo of the slot machine the jackpot was won on, so that the casino, player and the company supplying the slot can have lots of photo opportunities, if the player does request publicity that is!
If not then the player’s jackpot will be verified and he or she can vanish into the background and not have to put up with the guaranteed begging letters and tales of woe people will give them in an attempt to seek sympathy and a cash donation from that lucky player!
However, one thing that every mega sized jackpot winner is going to have to make a decision on in addition to whether they want publicity or not is whether they want their winnings paid in one single payment or whether they are happy to put up with equal annual payments.
That jackpot winning player is going to have to supply the employee of the slot machine company with a valid social security number or if they are from oversees some form of recognised government issued photo identification and also supply details of a bank account in which they want to have the winnings paid into.
Within 24 hours of all major jackpots a player should have the first payment of a certain percentage of the jackpot paid into that back account, and if they request annual instalments of that jackpot then each year on the anniversary of their win another percentage of the jackpot will be paid out to them.
That percentage can vary however depending on the individual rules in place by the slot machine supplier, and as such you could find the payments are spread over 20 or 25 years!
If however, a winning jackpot player wants to get paid out their entire jackpot in one single payment and most slot machine companies will give players a month or two to make that decision, then that is an option available.
However, by taking that option a player is likely to lose up to 40% of their jackpot win, and they will still be required to pay taxes on their winnings if they are a US citizen.
Jackpot winners who are not US citizens can, depending on which country they are from, find they are not subject to having to pay tax on their jackpot winnings, which may just sway those players into getting paid out in annual instalments, unless they do want their winning paid out in one lump sum, but they will still lose around 40% of that win much like US players do!