Whether playing online or at an actual casino, you’ve likely seen the beckoning giant wins that are available to lucky players who play jackpot versions of their favorite games. While you may not have hit one yet, the elusive jackpot is enough to get your adrenaline pumping.

Unlike progressive jackpots, which increase by a small amount each time a game is played, jackpot games require you to wager a smaller amount of money in order to qualify for the jackpot. This means you can bet within your budget to earn a substantial win. However, it’s essential to set a loss limit so that you don’t run out of money before the jackpot is won. This is why it’s important to Gamble Responsibly and always stick to your budget.

A part-time Las Vegas resident won a $15.5 million jackpot on an IGT slot machine at Boyd Gaming’s Suncoast Hotel & Casino on Christmas Eve. The prize is the largest in Nevada history, beating the previous record of $14.49 million that was set in January 2000 by a player at the Desert Inn Hotel on the Strip.

When you win a jackpot, expect to be asked for identification and to complete a lot of paperwork. The casino will have to verify your winnings, inform managers, collect tax forms, make sure you’re not on a list of restricted persons and handle a lot of accounting. This can take hours.

Once the paperwork is done, you can choose to receive a lump sum payment or a lifetime payout. A lifetime payout sees you being paid annually over a 25- to 30-year period.