The word jackpot epitomizes the high-octane excitement that surrounds casino games. Whether you’re playing slot machines, video poker, blackjack or roulette, there is always the possibility of hitting the big one and changing your life in an instant. But what is a casino jackpot exactly, and how does it work?

A casino jackpot is a bonus feature option that appears in multiple pre-existing games. It isn’t a standalone game, but rather a pot of money that you can win by making certain combinations. While many users mistakenly think of it as a “game,” there is no documented way to win a Jackpot other than choosing to play.

When you win a jackpot, there is a lot of bureaucracy to go through before you walk away with the money. The casino has to verify the win, inform managers, collect tax forms and more before you can actually take home your winnings. The amount of time it takes for you to receive your money depends on the size of the jackpot and the number of players who played the machine before you won.

Most casinos offer the option to have your prize paid in regular installments or as a lump sum. Typically, the lump sum is the smarter choice since it will save you on taxes and makes managing your money much easier. It’s also worth noting that all jackpots must be reported to the IRS, regardless of how they are won.