Some time after the casino executives have verified and confirmed their big win, they slowly begin to realize that they would be receiving relatively small periodic payments over many years. Though such a setup may threaten to rain on a casino winner’s parade, they do have options.

Casino winnings, even when they are paid in small periodic payments, are not unlike other assets or equities. Just like real estate property assets, gold, diamonds, or cars, they can be sold for a lump sum of cash.

How Much Cash Can I Expect When I Sell Casino Payments?

There are many discount brokers or factoring companies that are willing to buy casino payments. The lump sum sellers receive when they sell casino payments depend on the specific details of the periodic payment plan:

•    amounts of payments
•    frequency of payments
•    overall time span

Always keep in mind though that the lump sum would be equal to the discounted face value of the remaining amount that the seller has yet to receive from the casino.

Although casinos pay winners in the form of a non-transferable annuity, it is, it is perfectly legal for winners to cash out casino payments. They just have to provide their discount broker a copy of the award letter given to you by the casino, and some kind of official identification.

In conclusion, if you want to cash out casino payments (either all of them or just a portion) to pay for immediate personal or business needs, you can be sure that it is a legal transaction that usually takes no more than a few weeks to process.

Once you hit the winning combination of symbols for a huge jackpot your slot machine will lock up. Depending on the machine any of the following will happen: The lights on top of the machine will start flashing, music will start playing or bells will ring, a message will appear on the screen reading “call attendant.” In most casinos an electronic signal is sent back to a central monitoring room where they are notified that a large jackpot was hit.

On smaller jackpots under $5,000 an attendant will come by and verify that you did hit the jackpot and then get you your money. In the case of a larger or progressive jackpot they may have technicians come and check the machine to certify that it was functioning properly when the jackpot hit.

If you hit one of the wide are progressive machines such as MegaBucks the slot companies that operate the game will come out and verify that machine before giving you a check.

Casino Payment Methods/Options

Casino payment methods include cash payments and check payments. Most times, very large amounts will be paid by check. The most common of casino payment methods practiced by multi-million dollar jackpots like MegaBucks is an initial check payment for a partial amount followed by either a lump sum or an annuity on the balance depending on what the winner decides on after 90 days.

Plan Before You Play… Not After You Win

Before you even begin playing your favorite slot machines have a plan for what you will do if you hit a jackpot. Players get very excited when they hit the big one and this may affect the decisions they make regarding casino payment options.

It will be helpful if you know ahead of time how much withholding you want taken out or if you want a check for all or some of the amount. Regardless what decisions you make, don’t forget to bring your ID with you when you play.