One word epitomizes the high-octane energy of the casino – jackpot. The excitement in the air is palpable, especially when a lucky player hits one of these life-changing prizes. But what exactly goes on when someone wins a jackpot? This behind-the-scenes expose pulls back the curtain on the process and answers all your questions.
1. Immediately after your win, expect to be contacted by a casino worker. As soon as the machine sends a signal to the casino’s jackpot monitoring room, an attendant will rush over to verify the win. They will ask to see identification. If you don’t have any, the casino will keep your millions for years until you produce a valid government-issued ID. This is a legal requirement and the casinos take this seriously, since they are trying to avoid tax issues.
2. You’ll get a lump sum or monthly payouts, usually over 20 years. Coyle is part of a four-man team that responds to million-dollar-plus jackpots that players hit in southern Nevada. When a winner hits, the first thing they do is call Bally’s control center, where technicians monitor the company’s slot machines on computers. A technician confirms where the machine was played and calls Coyle or another responder.
3. You’ll have to fill out a W-2G form for the IRS and pay 28 percent in federal taxes. You’ll also have to fill out a state tax form. The casino will then withhold 28 percent of the winnings and hand you a check for the rest.