A growing number of slot machines, many with the word “Link” in their name, feature top progressive jackpots that start at $10,000 or more on penny denomination, and grow from there. These big progressive jackpots raise questions for some, especially those who have never won one of their own:
Is it true if you win a grand jackpot you’re paid over several years?
Susan R.
Most of the prizes you see on casino floors are paid by the casino. Those prizes are paid the same day when won, and casinos are required to maintain sufficient liquidity that in a worst case scenario where players go on a lucky run and win many of the top prizes on the casino floor, they can pay them all out without financial difficulties.
As such, those Grand jackpots are awarded instantly. We’ve showcased a few of Brian Christopher’s grand jackpots in the past, all of which he was paid that day, and our editor in chief won a $12,500 grand on a cruise ship, and was paid instantly in cash when it happened as well.
There is a class of jackpots that aren’t managed by the casinos, but instead the slot makers. Those are wide area progressive jackpots – ones that are offered at multiple casinos in a state or group of states, and tend to be six or seven figures in size.
In those cases, they often are paid in annuities, and some offer a reduced lump sum, similar to a lottery. The lottery structure shouldn’t be surprising, as many of the slot makers were at various points, whether today or in the past, part of larger companies that also offered lotteries, so it’s a format that’s familiar to them.
In most cases when there’s a prize of this format, there will be something marked on the machine, or found in the pay tables (and oftentimes both) that will indicate this difference in payout. But otherwise, most prizes seen on slot machines are handled by the casino as soon as they’re won.
