Payment Options for Casino Winnings

Whenever you enter into a casino to play one of the various casino games, the main goal that you have is to win. This is for the average casino players because there are, of course, those rare filthy rich individuals who go to casinos to simply flash the cash and make a statement of their riches and where they stand in society. However, you are not one of these people. You want to win. When you hit the matching combinations on a slot machine, there are several things that are going to happen. The first thing is that the casino slot machine is going to lock.

You are not going to be able to make any more moves. The lights on top of the machine are going to start flashing. These may be accompanied by bells or any other form of music. In some situations, the screen may display the words ‘call attendant’.

However, you need not do this because the machine itself usually has sent the message to the attendant. After this, a casino attendant or two will come to your slot together with a member of the security detail. These people will then verify that you have indeed won. The next step is collecting your winnings.

Payment Options for Casino Winnings

Cash Payments

Most of the times, you are going to be paid in cash. This is going to depend on the amount of money that you are going to have won. In many casinos, the amount is usually $ 5,000. Any amount equal to or below $ 5,000 is going to be paid to you in cash. You may go to the counter and have the cash handed over to you after you have signed at a certain point asserting that you have won and received your earnings.

After this, you can either go back to the slotting machines or keep playing or you can opt to walk out of the casino and spend the money you have earned elsewhere. It is however advisable that you should not go to the same slotting machine right after winning. This is because during this time, the chances of striking a matching combination at that same slot machine are usually very limited.

Check Payments

For payments that are more than $ 5,000, many casinos are going to pay you in check. After all the protocol has been observed, you will be given a check with the amount of your winnings so that you can withdraw it at your own leisure at pleasure. There are some other casinos that give you options depending on your preference.

For instance, if you prefer to be paid in check, no matter how small your earnings, you are going to receive the money in the form of a check. If your winnings are more than $ 5,000 and you would like to be paid in check, there are some casinos that are going to make this option to you. However, there are only a few casinos that offer this option. Others will strictly require you to accept the two payment options.

Annuities

There are some multimillion dollar casino winnings in which you are going to be paid first in cash and then later on in annuities. For instance, if you have won over $ 500,000, you are going to receive only a small fraction of that in cash first. You will receive the remainder of the payment in annuities, maybe once per month or once every four months, i.e. quarterly. This can serve as a form of life assurance as you are earning money periodically from winnings that you earned a long. These payments can go on for a long time, sometimes even several years.