How Do Casinos Pay Out Large Sums Of Money?
You've gamed long and hard. Maybe you took advantage of the promotions and no deposit bonuses. And now you make that move to the cashier to make that coveted withdrawal. But how do you get those big payouts? Keep reading to find out how online casinos do the trick.
It Depends on the Game
Not all online casino games are created equal. Depending on the type of game, your payouts are influenced. Some online casinos have different thresholds. For example, if your total winnings don't exceed a certain amount, you can opt for a paper check or money transfer. These methods typically have fees associated with them. Also, it might take a few business days to begin the withdrawal process.
However, some games might require that the casino pay you in installments. And if the sum is above the maximum threshold, you can opt to take an annuity. In this scenario, most online casinos give you up to ninety days to choose between a casino lump sum or an annuity payment.
And if you made some pretty good dough playing table games or slot games, for that matter, prepare for some taxation. If you win in a poker tournament or slot game in excess of $5,000, you'll have to pay Uncle Sam. And if you live in an American state that imposes taxes, you might have to pay some state taxes as well. And if you live or reside in New York City or Detroit, municipal taxes might also apply.
And if you opt for the lump sum payment, you still must pay taxes. However, the online casino will give you a W2-G form at the end of the tax year, breaking down your winnings.
If you win it big in land-based online casinos, you must also pay taxes when you reach a certain threshold. Typically, if you win over $1,200, the casino is obligated to report those winnings to the IRS. And if you win more significant amounts, particularly tens of thousands, you can expect a paper check. But they must first verify your identity.
For example, mega casinos in Las Vegas and Montenegro might have more significant thresholds to get you paid. But if you manage to win a good hand at poker that's under $600, you usually don't have to worry about paying taxes.