How Do Casinos Pay Out Large Sums Of Money?
If you walk into a casino, chances are you might win a few times, but you might well walk out with less than you walked in with. That is how the casinos make their money, after all. With that said, there is always the chance you might win big - bigger than your wildest dreams may have thought up.
If you did win a huge sum, you have a right to ask the casino to pay it in cash. However, in reality, you probably wouldn't want to walk out of the casino with thousands of dollars - maybe more - all in cash. It wouldn't be too safe, right?
If you win $25,000 or a lesser amount, you can either select cash or a check if you prefer. Bigger sums open the way to choose a lump sum, i.e. getting all the money straightaway, or getting an annuity. This means you would get a portion of your winnings paid to you every month. You should consider the tax implications of these methods. Getting all the cash at once - if the slot you were playing allows for that option - means you'll be taxed on it straightaway. An annuity means you get taxed on each payment, spreading the load and ensuring you have a regular income stream to rely on for years to come. Be aware some slots only offer annuity payments, so check before you play… just in case you get lucky!