Most of us haven’t won “the big one” yet, but that doesn’t mean we don’t fantasize about that possibility. But what happens if it actually happens to you?
Are some grand jackpots paid over so many years? Annuities?
Jennifer M.
For the most part, they’re not annuities, actually, but there is a dividing line between types of progressives and how they’re paid.
They’re not the easiest to get – only about one fourth of those polled on Brian Christopher’s YouTube page has actually ever won one, with another 29 percent saying they’ve seen someone win one but have yet to win one themselves.
Given that’s over a lifetime of casino play, it’s definitely rare enough that many haven’t had the chance to get paid for one! So let’s dive in to how it works.
Most Grand jackpots (the ones that usually start at $10,000 or thereabouts) are banked and paid for by the casinos, so they’re paid out of cash on hand by the casinos. So the same options for payout as any other jackpot would occur. Cash is the most obvious, but most casinos can offer a check in lieu of cash, to avoid having to carry that all around on you.
Sometimes you might not get the option for a check – we won a grand on a cruise ship and was paid out cash without being offered a check. You might need to specifically ask for a check, or they’ll default to cash, as that’s what most players choose to take.
The bigger wide area progressives that are generally six and seven figures are paid by the slot manufacturers, and their terms vary, but some of them can be similar to lotteries where they’re paid over a certain number of years, or a smaller lump sum potentially available to be paid out all at once. Many times the multi-year payouts will be labeled on the machine somewhere, or inside the pay table, so you can double check there.
Not all giant jackpots are set up like this though – the Million Dollar Dragon Links found at some casinos are paid by the casino like any other Dragon Link, although we would expect in those cases a check is more likely to be offered than cash at that point.
So that’s the general divide – if a casino’s liable, it’s likely to be paid out pretty much right away. If it’s a wide area progressive funded by a slot manufacturer, it’s more likely to be divided into payments.
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