Gambling specialists noticed that winning big at an online casino can be thrilling, and yet challenging at the same time; for many, it can even feel life-changing! The rush of seeing your balance go up is unforgettable, but once the excitement begins to settle, many winners are left wondering what they should do next.
Unfortunately, cashing out a large win isn’t as simple as you might think. This means that you cannot simply hit a withdrawal button to obtain the prize. Furthermore, you should know that there are some crucial steps to follow to unlock that big win.
Not many players know that they should undergo some steps, such as understanding payout processes and limits, and verifying their identity. On top of that, some taxes will apply, which will shorten the amount you’ll win.
It’s time to share some dos and don’ts to help you stay in control, play with confidence and peace of mind, and manage your high wins.
Enjoy the feeling of winning
One of the most important things players should never forget about gambling is that playing has one main purpose: to make you happy. Sometimes, gamblers tend to forget that this is about casinos, but gambling is an activity that is there to enjoy to the fullest, especially when you hit the final point of the game, and that is to win the biggest jackpot.
On wagering conditions and other limits
Not only should winning never be your first aim, but you should always test out the casinos you’re visiting without paying for your first round. For this reason, applying a free bonus on registration no deposit can help you test the waters without risk, but remember: this won’t help you hit the jackpot, since free bonuses restrict your cashouts.
The world of online gambling comes with many underlying limitations, which you have to be very careful of, and the baseline requirements they impose are wagering restrictions and cashout limits. Without taking a closer look at them, you may risk getting an unsatisfying and even infuriating experience, because if you don’t meet the conditions, you simply don’t win.
Returning to the jackpots, let’s now focus more on the psychological effects of dealing poorly with winning.
The psychological impacts
The experts Sonja Nisslé and Tom Bschor conducted a study on winning the jackpot. This is the context of one of the cases they analyzed: “At the end of 1992, the patient’s mother won DM 500,000 (*US$ 2,500,000 at that time or 1,800,000 today) in the lottery. […] Shortly thereafter, they lost about DM 100,000 through a business partner.”
It turns out that the patient had to suffer enormously because of dealing with the high wins poorly: “Although this did not cause financial difficulties, the patient redeveloped a depressive syndrome, characterized by marked existential anxiety, lack of drive, feelings of inferiority and fear of the future, and had to stop working. In the autumn of 1996, the patient was hospitalized in the Department of Psychiatry of the Freie Universität Berlin for 3 months.”
Thus, allow yourself to process this feeling. Sometimes, the pressure of winning a life-changing amount can actually be something difficult to deal with, leading to stress and anxiety. Because playing is exclusively about having fun, you should really allow yourself to experience your success, process it, and cherish it to the maximum.
Verify your identity
Most online casinos will ask for your documents, regardless of the fact that you’ve already provided them with photos of your documents after registration. This is a logical practice, though, since it makes sense that platforms want to make sure they’re granting the win to the right player. Therefore, the casino you’re playing at will probably ask you for the following documents:
- ID card
- Utility statements in your name
- Passport
- Photos of you holding these documents.
Tick-tock… you’ll wait for a while
Because we’re talking very large amounts, you should understand that the process of verifying your documents and your prior activity at the casino might take a little while to complete. This means that the casino will have to check if you have any history of unfair playing practices on their platform as well. Furthermore, if you’ve been a “good” player, you’ll just have to let time do its thing.
Taxes
And here comes the stage no gambler ever loves to reach right after hitting that jackpot, and that is, of course, paying taxes. According to the experts at Taxback, some players around the globe are luckier than others, meaning that in some parts of the world, the bettors won’t have to pay any tax for withdrawals.
Here’s a list of some countries that do not apply taxes on any withdrawals:
- Australia
- Austria
- Belgium
- Bulgaria
- Canada
- Denmark
- Germany
- Ireland
- Italy
- Malta
- The UK
US taxes
If you are a US citizen and win over $1200 at any online casino, you’ll have to pay some taxes. The amount of the taxes you have to pay differs from one game category to another, and the percentage ranges somewhere between 24%-31% (according to Super Lawyers).
But if you’re not a US citizen but playing in the USA, the casino will still deduct the tax from your wins. This means that you’ll have to fill out a form for the IRS to receive your tax refund, and it will also take a while.
Adapting to the new life of being a jackpot winner
It seems that the most difficult part of being a jackpot winner is dealing with your “new life.” This could be the most difficult part, since many people don’t really know how to react to such an outcome. Furthermore, it’s important to be very mindful of spending your money, and eventually ask for a financial advisor’s help to handle your money.
Summary
If you’re making all the right steps, you will get the best out of your win. Don’t forget that remaining responsible means having fun, so don’t miss out on such an opportunity, especially as an impressive winner who hit the jackpot.
