Some state laws can complicate the payout. In some states, casinos will hand out incredibly large sums of cash, and while they’ll happily get their security teams to escort you to your car, you’re on your own after that.Ĭasinos prefer to pay cash whenever possible, since it increases the chances that you’ll keep playing. If you win more than $5,000, you’ll probably receive a check. Casinos take pride in fast “hand pays,” so don’t be surprised if the attendant has a bundle of $100 bills. Provided that you’ve got identification, however, the casino might just hand you your cash. Some casinos keep millions in their safekeeping accounts for years-by law, they’re not allowed to spend it. If you don’t have any identification, the casino will hold the money in safekeeping until you can provide some. That applies to nonresident aliens, too they’re eligible to win jackpots, but they’re also taxed, albeit at a different rate from U.S. They’ll ask to see your identification, and you won’t get a cent until you show a valid government-issued I.D. Your jackpot win just sent a signal back to the casino’s monitoring room, so an attendant will rush over to verify your win. A casino worker will quickly home in on you.Įxpect a quick visit from one of the casino workers. You’re going to have to pay tax on all of your winnings, and the casino will issue you a W-2G form, a special IRS document designed specifically for “certain gambling winnings.” The good news is that if you’re a frequent gambler, you can deduct the money you spent while chasing that jackpot-provided, of course, that you kept records of both your wins and your losses. We’re going to assume that you won more than $1,200. You’re going to have to fill out a tax form. We’re happy for you, but before you count your winnings, there are a few things you should know.

Depending on the size of the jackpot, your life might change from this point forward. You’ve won the jackpot, and you’re about to walk out of the casino a winner. Suddenly, you realize what you’re looking at.

You put money in the slot machine, pull the lever (or press the button, on most modern machines), and watch the symbols come up.

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