Huge jackpot slots and winning amounts
Many people think that huge jackpot slots can give them a real chance to become millionaires. However, reality turns out to be something different. Huge jackpot wins on slots machines are taxed, and these taxes can reach 50% in the USA, New York. Yes, in some countries, people can gamble and do not think about these taxes. But they are in a minority.
Now, it is evident that winning less but more often is more profitable. Gaming machines with high RTP might not give millions to a player, but they will give them hundreds frequently, which finally, will be more beneficial. Nevertheless, in some cases, even when a big win is taxed, the winner gets a great sum of money (by parts, in most cases).
Huge jackpot slots examples
Big wins hunters have been constantly seeking for huge jackpot slots: Playtech, NetEnt, and Microgaming have these gaming machines. A big win is a rare event, but when somebody gets a fantastic prize, it becomes known almost everywhere: the world of online gambling knows how to let the news spread fast. So, this is the list of the most popular gaming machines with JP:
- The Winnings of Oz;
- Mega Fortune;
- Mega Moolah (it belongs to most famous huge jackpot slots);
- Millionaire Genie, etc.
These slots are available in land and online casinos.
Types of jackpots
Everyone knows about the jackpots in online casinos, and everyone wants to win them. The jackpot mainly depends on luck or on a particular occasion.
If a player takes a closer look at the essence of the jackpot and its principles, their chances of winning at online casinos will double. For this, they need to know that there are different types of huge jackpot slots (find them on Gold Slot casino site). Consider a few of them.
This is the most popular type of Internet jackpot. Those, who are interested in how to get jackpot on huge casino slots, mean these big wins in most cases. The peculiarity of this type is that the size of the gambler winnings will depend on the number of games. The more games — the bigger the prize is. That is, it is a kind of accumulation. And this accumulation will continue until a player loses or disrupts this accumulation.
Good jackpots can be obtained by playing on the online slot machines. It is worth noting that many online casinos have their own system of bonuses, prizes, and jackpots. Therefore, before a player starts gambling, they must carefully read the terms of all prizes and bonuses. Classic slots 777 are huge jackpot slots.
Fixed jackpots are arranged a little differently. This type of prize can also be found in the games of major online casinos. In such jackpots, the amount paid is determined by certain rules and combinations.
Here, neither the number of players, nor the rounds, nor even the size of the rounds, will affect the size of the win. This type of jackpot, of course, is less popular among online casino players than the progressive one, but is no less demanded.
Jackpot — is it easy to get?
There is one thing that should be mentioned here. When somebody wins a jackpot, it does not mean they can get this entire sum and get is fast. The questions appear: How to get jackpot on huge casino slots? To answer it, turn to Big Wins history.
A resident of the state of Hawaii played in the casino of the Wynn hotel chain in Las Vegas, and she played on the slot machine. The woman decided to bet with 3 dollars in small coins, and as a result, a magnificent gain fell on her — 10.777 million dollars. However, the woman could not get all this sum, as a special law referring to these wins exists.
Taxes and jackpots
So, what happens when you win a huge jackpot at slots? The United States has a progressive taxation scale, especially with regard to winnings in casinos, lotteries or sweepstakes. In the US, the bigger the gain, the more serious and weighty the tax burden of the lucky one. In some cases, such a successful player will have to part with half the gain in favor of the American state.
Besides, huge jackpot slots are not paid “automatically” – the jackpot handpay rule works here. If a person wins over a certain sum, the procedure of collecting the player’s ID, their personal data (for Federal Tax services, etc.) will be started.
Jackpots and real wins
So how much money will a gambler get in the end by breaking the jackpot in the lottery or a slot? In the US, all winnings over $ 600 are subject to federal tax. If they win from $ 600 to $ 5,000, the W-2G form is sent to the recipient of the prize so that they declare the number of their winnings in a report to the local tax authority. When the winnings exceed $ 5,000, the federal authorities immediately withhold 28 percent of the tax before the check is issued.
In addition to the federal tax, some states may withhold their own local taxes. And if a gambler is a debtor for loans, then the amount of debt will be automatically deducted from the amount of the prize.
States such as California, Texas or Washington have not established special local taxes on lotto winnings, while in other parts of the United States the rate of such taxes ranges from 3 percent, as in Illinois, to 10.8 percent, as in New York State Jersey.
If the lucky person does not indicate their social security account number when sending the report to the US tax service, the tax may increase to 31 percent. But this is not the highest tax rate on jackpots. If a gambler plays lotteries not slots, then they can get 50-60 percent of the winnings.