What happens when you win a huge progressive jackpot?
It is the moment that you would have waited for your entire life in many cases. What happens when you play a spin on a progressive jackpot game and finally hit the big cash prize?
There are a wide choice of progressive games available out there nowadays, not just from Microgaming but from a host of providers and it is easy to think that the process you go through when winning a jackpot would be the same whatever casino you play at and whatever progressive game you play.
Is that really the case? We take a look and find out.
There are essentially two parts to this article; the first is what will happen in the minutes after you have achieved your progressive jackpot win and the second, and more intricate part of the article, will deal with the crucial question of how you will be paid your jackpot winnings.
So let’s begin at the very moment that the stars align for you and you hit that progressive jackpot prize.
Winning the Progressive Jackpot prize
Regardless of whether you are playing an online slot game that sees you win a progressive by landing a series of symbols in a specific pattern across the reels, or in one of the attached bonus game features to the slot (such as the Jackpot Bonus Game on the Mega Moolah slot) or whether it is a win on a progressive card game or roulette, once that top prize is triggered then a number of things will happen on screen.
The first thing is that you will see a message on screen (and it tends not to be too subtle a message, so you can’t miss it!) that tells you the progressive jackpot has been won by you. In addition to the message, the exact amount of money you have won (and on many jackpots, this will be down to the nearest penny or cent) will also be displayed so you can see clearly what your prize is.
However, what is important here is to try and remain as calm as you can. In the thrill of winning a progressive prize, it can be very easy to misread a jackpot prize, by thinking the decimal point is in the wrong place, or that you have won a six-figure prize, instead of a seven (or similar).
It is also worth checking (ideally before you play, but certainly after you win a progressive jackpot) what that amount of money actually means to you. By that I mean, if you are told you have won a 1,000,000 jackpot on a slot then that is great, but without knowing what currency that jackpot is in, its value could be very different.
For example, a jackpot of 1,000,000 Norwegian Krone, when converted into British pounds equates to around £92,268. However, a prize of 1,000,000 US dollars equates to around £745,000, however the same prize in New Zealand dollars equates to around £524,100.
Understanding what currency your jackpot win will be paid in will then give you an exact understanding of how much you have won. With some progressive slot games, such as Mega Moolah, the currency you play the game in for your spins will be the same currency you are paid out in, which does make things very easy to remember (and also more convenient).
It’s also important to realise that at this point, the player may now be in a state of shock after their win and perhaps may not believe their good fortune. This is why after a big win, many casinos will call the player on their contact number to confirm their win and congratulate them on their prize. They will also likely provide details on how the prize will be paid to them and this now brings us neatly onto the second part of this article.
How you will receive your progressive jackpot prize
One of the key things to note when you win a progressive jackpot, but which players do not often think about before they start playing, are the rules that govern how you will receive your progressive win, especially those wins that run into millions.
Now, if you are playing at any of the reputable Microgaming casinos then the good news is that Microgaming have had a long-standing agreement with its casinos that when a player wins their progressive jackpot prize, they will receive that amount in full, in one transaction, as quickly as possible after the win has been confirmed.
So that means that all the Mega Moolah jackpot winners that you have read about who have landed million-plus prizes, have all been able to access the entirety of their prize within a week, or so, after they have won the prize.
However, this is not the case at all other casinos. Some other casinos offer progressive jackpot games but when a jackpot is won, will transfer the funds into the players casino account, but then will only allow the player to make withdrawals from their casino account at the maximum stated amount each week or month.
So, for example, if you land a £1,000,000 progressive prize, but the casino has a withdrawal limit of say £5,000 per month, it is going to take you 200 months to withdraw the entire £1,000,000 prize. This of course has implications on how you can spend that money and what you are going to do with it.
Other companies, such as IGT, have rules on their online progressive games that mirror what they offer in land-based casinos, where if you win a progressive jackpot, you will be paid out your winnings throughout the course of a year. Again, this is important for a player to know beforehand as it impacts what they can do with the cash.
So, if you harbour dreams and ambitions to do plenty of things should you win a progressive jackpot prize, then you should really check out what the rules are on your selected game and at your chosen casino to ensure that you will be paid your prize expediently and in a single lump sum where possible.
One final point, if you have won a progressive jackpot prize then you will find the casino wanting to transfer the money into your bank account and won’t transfer it to other alternatives, ostensibly because other transactions will likely be hit with some rather large charges (which would diminish the amount you would receive).
Key points to remember when playing to win progressives
- Always check what the rules are regarding pay outs with your choice of casino and the game you are playing before you start to play. If the slot doesn’t offer you a Mega Moolah type lump sum pay out and only allows you access to a fraction of the winnings every week or month, is this how you want to be able to access the funds if you win? If not, then find a game that does offer you a cash prize in a single, quick lump sum payment.
- When you win try to remain calm enough to note down exactly how much you have won and in what currency to clarify exactly what the size of your win is. Take care to note where the decimal point is! (£100.47000 is very different to £10,047,000!)
- The casino will contact you via your registered telephone number if you are the lucky winner of a big progressive prize.
- It’s very important to register with your real name, address and contact details at our casinos! Just in case you do win, you’ll want the casino to have your mobile number!
With that out of the way, you can now plan how you are going to spend or use your newly acquired wealth to make your life better!
Byline: Articles published by Mega Moolah expert Henry. Contact us.
What are the things you need to think about if you are the lucky winner of the Mega Moolah, or any other, progressive jackpot prize ? It’s a question we would all love to find the answer to ourselves, but if you want to prepare yourself for that eventuality, read this article.
Ten Tips for When You Hit the Jackpot
The only story tabloids love more than lottery winner stories are stories about lottery winners who squander their wealth – and sadly there are more of them out there than you might think. Winning such a huge sum can be an extremely overwhelming experience and sometimes it gets the better of people. But we’re not going to let that happen to you! So here’s your top ten tips for lottery winners if you are lucky enough to hit the jackpot.
Predicting all the right numbers to hit the jackpot isn’t easy, but it does happen, week after week. What happens next, of course, isn’t easy to predict either. Winning millions is a dream come true, but just because you dream about something for years doesn’t mean you’re prepared for the reality. So let’s get you primed for the big time with our top ten tips for lottery winners:
Winners Tip #1: Stop And Think
This is a monumental moment in your life and like all such events, both triumphant and tragic, sometimes it takes a while for the true realisation to sink in. So it’s best to proceed with caution instead of rushing in to claim your prize – because once you do that everything changes…
First comes the elation, the sprays of champagne – all the usual lottery pageantry culminated in the ceremonial passing of the novelty cheque. And from this moment on the novelty ends and the reality begins.
Sure it may feel like a fairy tale but it’s not – and you need to realise this. Plus you need to understand that your win doesn’t automatically ensure you’ll live happily ever after. That still takes plenty of preparation.
Sure you’re rich, but you’re not Silicon Valley rich. Therefore the first thing you need to come to terms with is that, although the amount of money you won may seem staggering, its supply is still finite. So think long and hard about what, exactly, you want to do with it and plan your next moves carefully. Out of all our tips for lottery winners, this is possibly the most important of them all.
Winners Tip #2: Stay Anonymous
Seriously – don’t tell anyone, at least not yet. You’re not there to provide free publicity, sell newspapers or put your face on display so everyone can recognise you and approach you, begging bowl in hand. So, if you’re not sure how to handle your newfound wealth our advice to you is to stay anonymous.
Even the most gregarious celebrities will tell you there’s a downside to being famous – the lack of privacy, the seething jealousy, the threats, the nasty comments and vicious online trolling. You don’t need that in your life. Nobody does.
Now you may think – “but I can tell my family and best friends, right?” Our advice would be to hold off on that until you’re fully prepared for the consequences and have made the necessary legal and financial arrangements. Ditto for social media – avoid the urge to post a heat-of-the-moment Facebook status update. No matter how cute and coy you think you’re being you may regret it later.
Again, it’s all about exercising caution first and foremost – those who truly care for you and your welfare will appreciate your need for secrecy.
Winners Tip #3: Don’t Quit Your Day Job
Don’t make this mistake in the early stages. It’s one of the most common mistakes made by lottery winners eager to burn bridges and tell their boss where he/she can stick it.
Even if you hate your job it still helps ground you in reality. It will bring you down from Cloud 9 with a bump and allow you to appreciate your good fortune and view it through the prism of practicality. Nothing helps you get a better understanding of the true value of money than having a gentle reminder of what a grind it can sometimes be just to put food on the table.
Many winners whose prizes are in the single-digit million range overestimate exactly how far their money can stretch. A house, a new car, setting up a fund for your children, going on expensive holidays – all these things add up. And it could well be that, after all of that, the only thing you find yourself lacking is a regular monthly income – so don’t burn those bridges just yet.
Finally, never underestimate the social aspect – many winners, following early retirement, find themselves suffering from loneliness and a lack of purpose. Take the story of Jane Park who won £1 million on the UK Lotto when aged just 17. She bought herself a house but the solitude got to her so she rented it out and moved back in with her mother. She later decided to get a part-time job working in the local chip shop because she missed the interaction with people.
Winners Tip #4: Resist The Urge To Go On A Spending Spree
For some lottery winners the euphoria gets so much that it short circuits their reason centres and causes them to go on epic spending sprees. Countless winners, both young and old, find themselves unable to shake off the initial giddiness and throw themselves head-first into the champagne lifestyle without ever taking stock of their dwindling bank balance – until it’s too late.
Take the story of Evelyn Adams, the New Jersey woman who beat extraordinary odds to win the lottery twice – in 1985 and 1986 – only to fritter and gamble it all away and ending up living in a trailer park. This side of the Atlantic has plenty of stories too, most notoriously the tale of Michael “King of the Chavs” Carroll, who blew his entire £9.7 million windfall on bling, fast cars and fancy women and now considers himself lucky to work in a biscuit factory.
Tabloids love these sort of stories and are poised to pounce, claws sharpened and ready. So before you go off like a real-life Monty Brewster it might be an idea to deliberately freeze yourself out from your winnings for a period of time until you’ve come to terms with exactly how much money you have and how best to capitalise on that fact.
Winners Tip #5: Create Your Priorities List
Take your time and do some soul searching. You now have the means to do pretty much whatever it is you want to do in your life – but have you ever really stopped and asked yourself what those things are?
The obvious acquisitions include a big house, a fancy car – but will those really make you happy? Would you really be happy locked up in a big mansion cut off from everybody? (Jane Park wasn’t.) Do you really want the kind of car you can’t park anywhere for fear somebody might damage it? Maybe you’d be much happier buying that camper van and heading off on the great American road trip like you always wanted?
Remember you don’t need to impress anyone, just do what makes you happy. We live in a consumerist society and, as such, have been conditioned since childhood to think that buying something newer, bigger and flashier will make us happier. But it’s not always the case. Listen to your inner child, what was that one dream you always had, what’s that one item at the top of your bucket list since as long as you can remember? What’s that one adventure you always wanted to take? Once you’ve answered that the next questions is – what are you waiting for?
Winners Tip #6: Get Legal Advice
Dreams are all well and good but now it’s time for a reality check. In the immortal words of Saul Goodman it’s time to “lawyer up!”
Of course this isn’t a TV show so you don’t want a shyster like Saul but rather a competent legal professional with a strong track record of providing the exact services you need.
And remember, just because you’ve got millions in the bank doesn’t mean you shouldn’t shop around. With all that money at stake you’d be a fool not to get a second opinion, or a third, fourth, fifth and sixth opinion.
Go with your gut – find someone you connect with on a personal level, somebody who exudes an air of confident professionalism and who has your best interests at heart, someone you are happy to entrust your millions to. Take your time until you find that person. Then work with them to start dotting all your I’s and crossing your t’s.
Winners Tip #7: Get Your Accounts In Order
Two things you can’t escape in this life, lottery or not, are death and taxes – so you’ll need to get prepared. You are now wealthy and, as such, you now have an “estate”.
So you’ll also need to consult a financial professional as to how best to manage that estate.
You’ll first want to discuss how to manage and, ultimately, eliminate your financial obligations, pay off your mortgage and so on. The name of the game is financial freedom. And you’ll also want to ensure that your loved ones can enjoy those same freedoms after you’re gone.
As for taxes, sure, you don’t pay any tax on wins, but you will be taxed on any subsequent income – including interest earned and any return on investments you receive.
So make a list and be prepared to discuss all of these things; taxes, inheritance, funds for your children, such as a college fund and/or a trust. In other words it’s time to start thinking like a rich person!
Winners Tip #8: Plan Your Nest Egg
When it comes to planning your future age doesn’t matter. Even if you’ve just turned 21 you should still be thinking about tomorrow, and how to live it happily and comfortably without ever digging deep into your fortune.
Again, it’s time to start thinking like a rich person. Rich people don’t spend money – not when they can invest it instead. Let this be at the core of your financial thinking from here on in. And, if you don’t know where to start, it’s time to do your research.
That’s not to say you need to become a financial guru, but you should at least familiarise yourself with the lingo. That way you’ll know what your advisor is talking about so you can make decisions accordingly. Remember you’re now in the position to invest in your future and the future of your loved ones – it’s a rare gift that should not be squandered!
Winners Tip #9: Take A Break
It’s been quite a journey and by now you’ve probably talked to so many accountants, bankers and lawyers that your head is ready to explode. Good – you’ve done your homework and now you can go out to play.
Go! Take a break. Go somewhere you’ve always wanted to go but could never afford. Go lie on a beach someplace. Think, reflect, meditate and, above all, relax. This is what your life is all about now – once you’ve taken care of all the little details you can spend the rest of your life on easy street.
Winners Tip #10: Give Something Back
Always remember that the source of your wealth is, quite literally, the luck of the draw. So share that luck with others, particularly those who are in dire need of a change of fortune. Simply handing out money is not the answer, however. As with everything there’s a right way and a wrong way to go about it.
Always ensure that your generosity is on your terms – it’s your money after all.
Having a financial advisor to help manage your money adds an additional layer of control which stops people from going and asking you for money directly. You’ll need to be tough about it and insist all gifts and donations are handled “by the book”. Otherwise it can be quite stressful and can also put a strain on relationships with family and friends.
Accountants and lawyers aren’t easily sent on guilt trips. So let them be your first line of defence allowing you to gift and donate how you want, to who you want. They’ll also be able to show you how you can use charitable donations to offset your tax payments via tax relief and can even assist in helping you set up and manage your own fund, trust or charity.
Remember: To Be A True Winner You Must Act Like One.
Rubbing shoulders with other millionaires can be an eye-opening experience. They already understand finance and investment principles in staggering detail and for them the high life is just their day to day life.
To suddenly go from being a regular person to being super wealthy can be a turbulent experience. So look at it as a learning process and you will always ensure you come out a better person on the other end.
The most critical consideration having won the lottery is to always be in control of your money, rather than allow yourself to be controlled by it. Don’t let your money change you. Instead allow your money to change your life, and the lives of others, for the better.
And always remember that you’re still the same person you always were – except now you’re much wealthier.
Don’t become another tabloid story – here’s our ten tips for lottery winners; a guide on how to take care of your money and plan for the future after you hit the jackpot.