Las Vegas in Nevada is the perfect holiday destination which offers a complete package of fun and entertainment to the entire family, and people can find their luck on the gambling side as well . There is nothing more exciting if you win a jackpot in your vacation. Las Vegas has seen several jackpot victories over the years. Vegas Slots brings you here some of the biggest jackpot wins of all time.
. Jackpot taxes. If you win $1-$1,199: You cash out and go. The IRS doesn't care about jackpots less than $1,200. If you win $1,200 – $4,999: Now you've entered the tax threshold. You must fill out a W-2G form to report your winnings to the feds, but casinos aren't obliged to take out withholdings. It will be up to you. Despite the terrible odds — one in 302.5 million for those keeping score at home — someone will eventually match all six numbers and win the Mega Millions jackpot. It could happen as soon as. Slot Attendants – These are the people that pay you when you win a slots jackpot, there is no fixed% and it depends on what you win, but I wouldn't tip too much. Taxi Drivers – The standard tip for taxi drivers is around 10% to 20% of the fare, but only do this if they are nice and entertaining (which many in Vegas. You win if your number, combination of numbers or color comes up. To play Keno, you select a minimum of 4 but no more than 10 numbers on a ticket between 1 and 80. Twenty of the 80 numbered balls are drawn and you win if all your selected numbers are chosen. Craps is a complicated dice game which we do not recommend for first-timers.
If You Win A Jackpot In Vegas Odds
Excalibur Casino
Megabucks Slot Game
In 2003, a young man from Los Angeles won the biggest amount in the jackpot history so far. Ethan Miller is a software engineer, who visited Vegas in March and walked in at Excalibur Casino, tried his luck at the Megabucks slot machine. After putting a 100-dollar bill, he made a good fortune of his life and won 39.7 million dollars. Ethan Miller's odds of winning at that time were 1 in 16.7 million. After his massive win whether he continued his software job is unknown but the magic he created by his world record win over the Megabucks slot machine made several people follow his footsteps and trying their luck to recreate his magic.
Desert Inn Paradise
Megabucks slot machine
In 2000, a huge jackpot luck was awaiting a cocktail waitress, Cynthia Jay-Brenan. Cynthia won one of the biggest jackpots in her period. She tried her fortune in Jan of 2000 at the Desert Inn Paradise, Nevada. Megabucks machine favoured her with 34.9 million dollars. But fate struck her soon after her win. Within six weeks she was caught in a deadly car accident in which she lost her sister, and she too was paralyzed.
Palace Station Casino
Megabucks slot machine
In 1998, a local resident of Vegas, a retired 67-year old flight attendant won a massive sum of 27.5 million dollars at a Megabucks slot machine in Palace Station casino. Initially, her budget was to play within $100 but ended up putting in $300 which gave her back a surplus amount of money for a lifetime. This also set another record for the Megabucks machine which has crossed over a 20 million prize money for the first time until 1998.
Ballys Casino
Megabucks slot machine
A 74-year old from Covina, California won a jackpot of 22.6 million dollars. Johanna Huendl initially misread the winning prize to be 2 million dollars. But soon she realized she won ten times bigger amount and her excitement unfolded ten times as well. She tried her luck at Bally's casino by putting in $170, and the Megabucks machine rewarded her back with this huge amount. All this fortune happened when she decided to play a quick game before grabbing breakfast at Bally. A memorable breakfast indeed!
Thus, though wining in the slot games is purely based out of luck, you can try with smaller amounts in many of the slot games which has given good fortune of money who tried them. If you have not tried your hand in gambling, you can also try online casino or pack your bags to Las Vegas and get ready for an adrenaline rush. Try your luck in this gambling world.
By Ed Komenda
THE TAXMAN COMETH
Imagine: You just hit a $33 million jackpot on Megabucks. If you're lucky, you'll see half of that after taxes. It's a cruel world, but Uncle Sam wants his cut. How you choose to receive your payout helps determine exactly how much you'll cash in. Here's how it works:
• Jackpot taxes
If you win $1-$1,199: You cash out and go. The IRS doesn't care about jackpots less than $1,200.
If you win $1,200 – $4,999: Now you've entered the tax threshold. You must fill out a W-2G form to report your winnings to the feds, but casinos aren't obliged to take out withholdings. It will be up to you to pay the taxes later. However, if a winner fails to provide a Social Security number, the casino will then take out 28 percent for the IRS.
If you win $5,000 or more: The IRS will consider your winnings part of your income, which could bump you up to a higher tax bracket. If you hit it really big, expect to pay up to 40 percent in income taxes. For that $33 million Megabucks jackpot, that would be more than $13 million.
• Payment options
Most slot companies give winners two ways to receive their money. The choice you make could have important tax implications.
Lifetime payout: This is a set annual payout for a certain number of years. For IGT, maker of Megabucks, it's 25 years. On a $33 million jackpot, that means an annual payout of about $1.3 million and an annual tax bill of $525,000. That's just more than $13.1 million in taxes over the span of the payout.
Lump Sum: Winners have 60 to 90 days to decide whether they want a lump sum or lifetime payment. If you opt for a lump sum, you'll have to deal with a hefty interest rate. That'll leave you with 60 percent of your jackpot. But don't forget: you still have to pay the government. From the remaining $19 million, the IRS will demand another 40 percent, leaving you with about $12 million.
E.J. Coyle's phone woke him up at 3 a.m. Christmas Eve. It was his boss at Bally Technologies. Someone had just hit a $1.3 million jackpot on a Millionaire Sevens slot at the Four Queens.
Coyle is a jackpot SWAT man, of sorts.
A Bally business analyst by day, he's the company's first responder when it comes to big wins. He is one of a four-man team that responds to million-dollar-plus jackpots players hit in Southern Nevada.
Because it's impossible to know when the next big win will register, Coyle keeps his phone volume set to loud. He doesn't mind wake-up calls.
'I get excited every time,' Coyle said. 'I'm delivering money to people in amounts they never dreamed of. That's really exciting.'
But his job isn't as simple as delivering a check.
Step 1. When a player hits a jackpot worth more than $1 million, casino bosses call a Bally control center where technicians monitor the company's slot machines on computers. A technician confirms where the jackpot hit and calls Coyle or another responder.
Step 2. Coyle typically heads to Bally headquarters on Bermuda Road before heading to a casino. He has to pick up an oversized check for the winner. Bally designs them with logos from specific games: Michael Jackson, NASCAR, Betty Boop. If he's lucky, Coyle already has the check in his car. He keeps an armful handy, just in case.
Step 3. At the casino, Coyle has to find the winner. It's usually pretty easy, since crowds tend to form around winning machines.
Step 4. A technician verifies the jackpot and confirms that it was valid. Casinos won't pay on a machine that malfunctioned.
Las Vegas in Nevada is the perfect holiday destination which offers a complete package of fun and entertainment to the entire family, and people can find their luck on the gambling side as well . There is nothing more exciting if you win a jackpot in your vacation. Las Vegas has seen several jackpot victories over the years. Vegas Slots brings you here some of the biggest jackpot wins of all time.
. Jackpot taxes. If you win $1-$1,199: You cash out and go. The IRS doesn't care about jackpots less than $1,200. If you win $1,200 – $4,999: Now you've entered the tax threshold. You must fill out a W-2G form to report your winnings to the feds, but casinos aren't obliged to take out withholdings. It will be up to you. Despite the terrible odds — one in 302.5 million for those keeping score at home — someone will eventually match all six numbers and win the Mega Millions jackpot. It could happen as soon as. Slot Attendants – These are the people that pay you when you win a slots jackpot, there is no fixed% and it depends on what you win, but I wouldn't tip too much. Taxi Drivers – The standard tip for taxi drivers is around 10% to 20% of the fare, but only do this if they are nice and entertaining (which many in Vegas. You win if your number, combination of numbers or color comes up. To play Keno, you select a minimum of 4 but no more than 10 numbers on a ticket between 1 and 80. Twenty of the 80 numbered balls are drawn and you win if all your selected numbers are chosen. Craps is a complicated dice game which we do not recommend for first-timers.
If You Win A Jackpot In Vegas Odds
Excalibur Casino
Megabucks Slot Game
In 2003, a young man from Los Angeles won the biggest amount in the jackpot history so far. Ethan Miller is a software engineer, who visited Vegas in March and walked in at Excalibur Casino, tried his luck at the Megabucks slot machine. After putting a 100-dollar bill, he made a good fortune of his life and won 39.7 million dollars. Ethan Miller's odds of winning at that time were 1 in 16.7 million. After his massive win whether he continued his software job is unknown but the magic he created by his world record win over the Megabucks slot machine made several people follow his footsteps and trying their luck to recreate his magic.
Desert Inn Paradise
Megabucks slot machine
In 2000, a huge jackpot luck was awaiting a cocktail waitress, Cynthia Jay-Brenan. Cynthia won one of the biggest jackpots in her period. She tried her fortune in Jan of 2000 at the Desert Inn Paradise, Nevada. Megabucks machine favoured her with 34.9 million dollars. But fate struck her soon after her win. Within six weeks she was caught in a deadly car accident in which she lost her sister, and she too was paralyzed.
Palace Station Casino
Megabucks slot machine
In 1998, a local resident of Vegas, a retired 67-year old flight attendant won a massive sum of 27.5 million dollars at a Megabucks slot machine in Palace Station casino. Initially, her budget was to play within $100 but ended up putting in $300 which gave her back a surplus amount of money for a lifetime. This also set another record for the Megabucks machine which has crossed over a 20 million prize money for the first time until 1998.
Ballys Casino
Megabucks slot machine
A 74-year old from Covina, California won a jackpot of 22.6 million dollars. Johanna Huendl initially misread the winning prize to be 2 million dollars. But soon she realized she won ten times bigger amount and her excitement unfolded ten times as well. She tried her luck at Bally's casino by putting in $170, and the Megabucks machine rewarded her back with this huge amount. All this fortune happened when she decided to play a quick game before grabbing breakfast at Bally. A memorable breakfast indeed!
Thus, though wining in the slot games is purely based out of luck, you can try with smaller amounts in many of the slot games which has given good fortune of money who tried them. If you have not tried your hand in gambling, you can also try online casino or pack your bags to Las Vegas and get ready for an adrenaline rush. Try your luck in this gambling world.
By Ed Komenda
THE TAXMAN COMETH
Imagine: You just hit a $33 million jackpot on Megabucks. If you're lucky, you'll see half of that after taxes. It's a cruel world, but Uncle Sam wants his cut. How you choose to receive your payout helps determine exactly how much you'll cash in. Here's how it works:
• Jackpot taxes
If you win $1-$1,199: You cash out and go. The IRS doesn't care about jackpots less than $1,200.
If you win $1,200 – $4,999: Now you've entered the tax threshold. You must fill out a W-2G form to report your winnings to the feds, but casinos aren't obliged to take out withholdings. It will be up to you to pay the taxes later. However, if a winner fails to provide a Social Security number, the casino will then take out 28 percent for the IRS.
If you win $5,000 or more: The IRS will consider your winnings part of your income, which could bump you up to a higher tax bracket. If you hit it really big, expect to pay up to 40 percent in income taxes. For that $33 million Megabucks jackpot, that would be more than $13 million.
• Payment options
Most slot companies give winners two ways to receive their money. The choice you make could have important tax implications.
Lifetime payout: This is a set annual payout for a certain number of years. For IGT, maker of Megabucks, it's 25 years. On a $33 million jackpot, that means an annual payout of about $1.3 million and an annual tax bill of $525,000. That's just more than $13.1 million in taxes over the span of the payout.
Lump Sum: Winners have 60 to 90 days to decide whether they want a lump sum or lifetime payment. If you opt for a lump sum, you'll have to deal with a hefty interest rate. That'll leave you with 60 percent of your jackpot. But don't forget: you still have to pay the government. From the remaining $19 million, the IRS will demand another 40 percent, leaving you with about $12 million.
E.J. Coyle's phone woke him up at 3 a.m. Christmas Eve. It was his boss at Bally Technologies. Someone had just hit a $1.3 million jackpot on a Millionaire Sevens slot at the Four Queens.
Coyle is a jackpot SWAT man, of sorts.
A Bally business analyst by day, he's the company's first responder when it comes to big wins. He is one of a four-man team that responds to million-dollar-plus jackpots players hit in Southern Nevada.
Because it's impossible to know when the next big win will register, Coyle keeps his phone volume set to loud. He doesn't mind wake-up calls.
'I get excited every time,' Coyle said. 'I'm delivering money to people in amounts they never dreamed of. That's really exciting.'
But his job isn't as simple as delivering a check.
Step 1. When a player hits a jackpot worth more than $1 million, casino bosses call a Bally control center where technicians monitor the company's slot machines on computers. A technician confirms where the jackpot hit and calls Coyle or another responder.
Step 2. Coyle typically heads to Bally headquarters on Bermuda Road before heading to a casino. He has to pick up an oversized check for the winner. Bally designs them with logos from specific games: Michael Jackson, NASCAR, Betty Boop. If he's lucky, Coyle already has the check in his car. He keeps an armful handy, just in case.
Step 3. At the casino, Coyle has to find the winner. It's usually pretty easy, since crowds tend to form around winning machines.
Step 4. A technician verifies the jackpot and confirms that it was valid. Casinos won't pay on a machine that malfunctioned.
Step 5. Coyle presents the check to the winner. He interviews them about why they're in Las Vegas and how they plan to spend their winnings. Most want to remain anonymous and collect their money without a big show.
Step 6. The paperwork. Winners have to provide Coyle with a valid Social Security number to collect their winnings and a bank account number so the cash can be wired. Winners can choose to take a lump sum payment or monthly payouts, typically spread over 20 years.
Step 7. Within 24 hours of hitting a jackpot, all winners automatically receive one-twentieth of their money wired to their bank account. That's so they have plenty of cash on hand to continue to gamble.
Slot Jackpots In Vegas
Step 8. Once all the paperwork is filed, staff in Bally's finance department process it and wire the money to the winner. Sometimes, a representative delivers a real check. As for the giant commemorative checks? Most winners don't keep them. They are too much of a hassle to transport.
Winning Jackpots In Vegas
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