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Winning at an Online Casino: Can you Handle it?

August 22, 2018 Posted in News, Tips by No Comments

The first online casino opened in 1994. Today online gambling is estimated to be a $56 billion global industry. Although unregulated in several nations, the European Union, Canada, and nearly all of the Caribbean Islands have officially approved online gambling. Today players all over the world have instant access to dozens of online casinos through their PC’s and smartphones.

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The games are nearly as varied as the choice of websites. Just about any table game found in a brick and mortar casino is available online. Players can also play online poker, bingo, and place bets on sporting events. In some instances, winnings can be quite enormous. According to the Guinness World Record, in October 2015 a British player won £13,209,300 playing an online slot machine.

Surprisingly winning an online jackpot could be the least complicated part of dealing with such good fortune. Suddenly becoming wealthy could complicate someone’s life in unanticipated ways. Players should have a plan in place in case Lady Luck should smile upon them.

Winners sometimes can’t wrap their minds around the magnitude of their good fortune. The first thing to plan for is the reality of good luck of such massive proportions coming their way. Many players make no such plans. They then leave the money on the site neglecting ever to cash out. Instead, they continue gambling until their winnings slowly dwindle away. That is not the correct move at all.

Then there are those who take the opposite approach, announcing on Facebook that they have just taken down a multi-million dollar jackpot. That is inadvisable for security reasons alone. Such a blunder will spark the interest of cousins they never knew they had. Lots of people will begin approaching them for money. Perhaps the most significant reason for them to keep their good luck a secret is to protect themselves against lawsuits. Once the world realizes that they have grown deep pockets, they are far more likely to be sued for the smallest of reasons.

The correct thing to do after winning an online jackpot is to first contact the customer support team at the site. Once the player has established that there are no strings attached, he or she should request a cashout. Some casinos have rules which limit the amount a player can withdraw over a set amount of time. Usually, sites declare this in the fine print when players open their accounts, but seldom does anyone take the time to read it until it becomes an issue.

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  • Good selection of games
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Once the money gets transferred into the player’s bank account, the real world issues begin. Some sites will allow jackpot winners to remain anonymous while others will insist on publicizing the win. Anonymity is probably the way to go when millions of dollars are involved.

It never hurts to have professional advise. Jackpot winners should immediately seek out professional guidance regarding how to properly handle large sums of cash. A newly minted millionaire will want to sit down with a competent accountant. There are legal ways to limit one’s tax liability. A good accountant can help avoid lots of problems down the road. Likewise, a financial planner will advise the winner on the best investment strategy going forward. Such consultation should take into consideration things like the payout structure, the winner’s age, and legacy investments for family members, especially children.

There is no way to foresee who will win the next big online jackpot. However, one should not be surprised if it is he or she. Because someone always wins. So, be prepared for the best and good luck!

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