What Happens if You Win Too Much at a Casino?

The most exciting part of casino gaming and the main reason why most people visit a casino is that it offers the chance to win real money. While most wins are fairly small, some games offer the opportunity to win huge payouts, especially if you risk more. Playing games that feature such big potential wins is extremely thrilling, and these tend to be the most popular options to play at a casino.

However, a lot of players have a preconception that these games are unfair or that casinos will prevent people from winning big. The reality is that if you’re playing a legal and licensed casino, you don’t have to worry about unfair games. In addition, casinos are more than happy to payout big wins from time to time, as it brings a lot of attention to the casino and makes guests more likely to play.

If you’ve ever wondered about how casino wins work, including the best games to play for big payouts and what happens when you win big, read on to find out all of the details.

Is it Possible to Win Big at a Casino?

Casino games are based on random chance. Wins in games like slots are determined by random number generators, while table games are determined by the draw of cards, a spin of a wheel, or the roll of a dice. When you play online, all games except for live dealer games are determined by random number generators, which are completely random and fair.

It’s absolutely possible to win big at a casino, although it will depend on the game you’re playing. Some games offer much bigger payouts than others, and you can usually find out this information by checking with a casino attendant or reading the game details if you’re playing online. The majority of games will have a maximum win, and this will also be affected by your stake. The bigger your stake, the more risk you take on, but the bigger your potential win. These are the best types of games you can play at a casino to give you a chance of winning big.

Jackpots

Jackpots are the most obvious choice if you’re looking for a game that can payout big sums of cash. These games are normally slots, and triggering the jackpot is done by unlocking a bonus round and landing the right symbols. The size of the jackpots themselves can vary a lot, and there are also different types of jackpots to look out for.

Fixed jackpots are a fixed multiplier of your stake. In most cases, slots will offer several fixed jackpots, with a small, medium, and large, each offering bigger prizes. For example, you might be playing a slot that offers 10x your stake for a small jackpot, 100x your stake for a medium, and 100x your stake for a large. Some of these jackpots can be much bigger, but the size of your win will be determined by your stake.

Progressive jackpots are the biggest prizes available and usually the biggest wins on offer at any casino. A progressive jackpot differs from a fixed jackpot in that it can increase over time. Every time someone plays this game, part of their stake is added to the jackpot, and it continues increasing until it is won by random chance. In some cases, progressive jackpot networks are used between several casinos, massively increasing the potential size of the prize. Some of the biggest of these are worth tens of millions of dollars.

High Stakes Games

How much you can win while playing a casino game is affected by your stake. For example, if you’re playing blackjack, a regular win pays out 1:1, meaning you double your stake each time you win. For most casino games, you’re limited in how much you can bet. The majority of games have a stake limit, which means your wins are also limited.

Going back to the example of blackjack, let’s say that the stake limit is $100. That means that the maximum amount you can win each hand is $100. In order to win more, the stake limit would need to be much higher. Luckily, you can also find games that offer higher stakes, meaning bigger wins are also possible. This means more risk too, but your chances of winning won’t change.

Tournaments

Tournaments are another way to win big at a casino. These are held for poker and for other games too, although the context is different. In poker tournaments, you pay an entry fee and then play your way through the tournament, beating other players to progress to the final table. The top players in the tournament win prizes, and some poker prize pools can be massive.

The other type of casino tournament includes a leaderboard that ranks players based on their wins in a specific game. Players will get a certain number of plays or have to play during a specific time. At the end of the tournament, those who are at the top of the leaderboard share a prize pool, with the highest-ranking players getting the biggest rewards.

What Happens When You Win a Big Amount of Money

Hitting a jackpot or landing a big win at a casino is every gambler’s dream. But what actually happens when you win big? Before you play, it’s a good idea to get familiar with the process just in case it ever happens to you. Big wins are unlikely, but it certainly doesn’t hurt to be prepared!

Be Prepared to Wait

Whether it’s online or while playing at an online casino, you’ll normally need to wait after you hit a big win. If it’s a few thousand, you’re probably ok, but six figures and above, and you’ll probably have to wait a while before you get the money in your account. The casino will get in touch with you at this time and let you know what’s going on.

First of all, the casino will need to carefully check the game or machine to make sure there wasn’t a malfunction. As you should be able to read in the small print of any casino game you play online, malfunctions void all pays, meaning the casino is under no obligation to pay you if the game isn’t working as it should be.

This is true at land-based casinos too, with slot machines occasionally malfunctioning and paying out incorrectly. This is a heart-breaking scenario, but luckily, it’s incredibly rare. Newer machines are all computer controlled and it’s very unlikely for there to be a fault in the software. The casino will still always check though, and you’ll have to wait while this happens.

Considering Taxes

While you wait for the casino to contact you about your win and let you know it’s all yours, you can check on whether you need to pay taxes or not. Depending on where you live, you may be taxed on your casino winnings. A lot of countries, such as the UK, don’t charge taxes on winnings, but places such as the USA do.

Make sure you understand the tax laws, and you can ask an accountant if you need help. If it’s a really big sum of money, the casino should provide you with the necessary forms you need to file. The exact rate you pay will depend on the state you live, and it could be anything from 0% to 25%. If you’re a frequent gambler, you may be able to file your casino losses against the win to save some money.

Getting Paid

Once your win has been confirmed and you’ve dealt with any paperwork, you’ll be ready to get paid. Depending on the size of your win and the size of the casino, you’ll most likely be paid in installments. For anything above $100,000, you’ll normally get paid a percentage of the win each month, and the money will be handled either as a bank transfer or a check.

You might want to call ahead to your bank to ensure they’re aware that a large sum of money will be paid in. Sometimes, banks might freeze accounts if they detect unusual activities, and you want to be able to enjoy your money. How you get paid your money will also affect how you’re taxed, so bear this in mind when discussing this with the casino and your accountant.

Do Casinos Kick Players Out for Winning Too Much?

There’s a common myth around casinos that they’ll kick out players who win too much. While this might seem to sense at first, it actually goes against logic. Casinos know that over time, they’ll always make a profit from games, even if they pay out big wins from time to time. Winners are also a great advertisement for a casino, helping to attract more players.

Why Casinos Don’t Normally Remove Winning Players

Casinos actually want players to win often, as this means they’ll have more fun and play more. In addition, when other players see someone land a big win, they’ll be encouraged to play too, and will make the casino more money in the long run. Remember, the casino also has an advantage due to the house edge. Even if they pay out big wins sometimes, the laws of probability mean they’ll still make money in the long run.

When Casinos Do Ban Winning Players

The only time you might be kicked out of a legitimate casino for winning too much is if you’re suspected of cheating. Card counting is a popular strategy for blackjack that allows players to remove the house edge completely. However, most casinos now have measures to prevent this, providing multiple decks and shuffling the decks often.

A famous example of a cheater being caught and banned from the casino is Phil Ivey. The well-known poker player won close to $10 million while playing punto banco at a London casino. However, the casino suspected cheating and withheld his winnings. After five years, the casino was able to prove in court that Ivey had used edge-sorting to spot the differences between cards and gain an advantage.

Also read: What’s The Best Time to Go to a Casino?

Conclusion

The chance to land big wins is the main thrill of playing at a casino and makes a lot of games even more exciting. You can potentially win millions by playing games such as progressive jackpot slots, and you don’t need to worry about being kicked out of a casino for winning too much, provided you’re not breaking any rules!