What to do if you win a progressive jackpot

Posted By: Date: 11/06/2020 at 4:56 am Leave a comment

OMG IT’S HAPPENED! The reels have lined up, the stars have aligned, AND YOU’VE WON A PROGRESSIVE JACKPOT! There’s so much adrenaline and disbelief coursing through your body right now, can you even process what’s just taken place? A few deep breaths in and out, and you’ll soon come back down to earth. Sort of.
It’s the stuff that dreams are made of, and it’s a very real possibility. Someone has to win a progressive jackpot at some point after all – why shouldn’t it be you? Of course the reality is very, very different from the fantasy, so once you’ve pinched yourself a few times and understood that you are now A Jackpot Winner, there are a few things you’ll need to know, and guidelines you’ll need to bear in mind in order to make the absolute most out of your life-changing win.

What happens when you win a progressive jackpot?

You probably won’t even notice this happening (or if you do, you won’t quite believe it) but a progressive jackpot is won either when the correct symbols line up on the slots reels, or when the right hand of cards is dealt in either Blackjack or video poker – it all depends on the actual game you’re playing at the time. Either way, once you’re a winner, a congratulations message should instantly pop up to give you the amazing news, and let you know how much you’ve won.
It’s at this point you might want to record the moment for posterity, so get that camera ready! Although think twice before posting it on social media, in case that’s where your mind was headed. Why? We’ll get to that later.
For now all you’ll need to know is that you’re a winner! In fact, most online casinos will have one of their representatives contact you in person to confirm your win, and answer any questions you may have. And of course if there’s anything else you need to know, you’ll always be able to contact your casino’s customer support team for more assistance. In the meantime, your only job is to bask in your winning glory!

When will my winnings be paid?

Of course once you’ve processed your massive jackpot win, your next automatic thought will be your winnings. When will you be paid?!
It’s a fair question, and it’s one with many answers, depending on your particular online casino. If you’re playing at an online casino with no withdrawal limits, you should be paid all your winnings in one lump sum, usually to an actual bank account, rather than your casino account, given the size of the payment. Alternatively if you’re playing at an online casino that does have withdrawal limits in place, you’ll only be able to withdraw a certain amount of your winnings over a number of weeks or months.
As such, if you’re the type of player who’s going to be going after progressive jackpots regularly, it’s best to find a casino that’ll pay you all your winnings in one lump sum. After all, there’s nothing more frustrating than being owed a huge payout, and having to wait for it to be paid to you in instalments. You want your jackpot, and you want it now!

What do I do once I have my jackpot?

Ah, now that’s the million dollar (or multi-million dollar) question, isn’t it? You’ve got your jackpot in hand – now what do you do with it? Obviously the temptation is to SPEND – but you might want to hold off on that until you read these guidelines first:

Don’t say a word. And by that, we mean don’t tell a soul that you’ve won the jackpot. Ok, you can tell your spouse, but that’s about it. The fewer people who know about your windfall, the better. And if you’re able to remain anonymous in any promotional or marketing material that your online casino might be putting together, that’s another win too. Why? Because you’d be surprised at how many long-lost family members or old, old friends might come searching for a hand-out. Or, even more sinister, how you might be a target for burglary or kidnapping once your win is made public. Rather err on the side of caution and keep your win to yourself – you’ll thank us later.

Get a jackpot team together. A what now? Aren’t you Team Jackpot all on your own? Well, you can be, but given that many lottery and jackpot winners actually end up blowing through their winnings in just a few short years, you’ll want to approach your windfall with as responsible a mindset as possible. And that means hiring a lawyer, an accountant, and a financial advisor. With these crucial professionals in place, you’ll be in the ideal position to manage your finances and your future responsibly, and you’ll be able to ensure you live comfortably for years to come.

Make a plan. It’s no good going out and buying three mansions and four sports cars in a day – that’s a one way ticket to bankruptcy. Instead, if you want to manage your fortune wisely, you’ll need a plan. So now it’s time to put one into place. Consider things like paying off any debts, putting away money for your children’s education, saving for your future, investing, donating to charity, giving to any family or friends in need – and of course the fun stuff, like a new house, car, wardrobe, holiday, and so on. Once you’ve got a first draft in place, that’s when you approach your team for advice, and make any necessary adjustments. If you want your jackpot to last you a lifetime, rather than just six months, putting a plan together is a crucial first step.

Don’t change too much too soon. In fact, if you can live as normal for up to six months following your win, so much the better. Resist the temptation to quit your job instantly and go sailing round the world – rather implement your plan slowly, and in stages. Rent in the suburb you’re thinking of buying in first. Budget for any large purchases you may be thinking of making. And don’t do anything major without consulting your team first – that’s what they’re there for. Dip a toe into the water of your new life rather than diving right in – it’s the responsible thing to do, and it’s an approach that’ll set you apart from other, more impulsive winners who may now regret their choices.
Finally, and very importantly, think about what you want to stay the same – the relationships you want to maintain, the values that are important to you, the activities you love. Not everything needs to be bigger, better and gold-plated – sometimes the things you have in life are already worth a million dollars.

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