Casino Jackpots: 7 Tips For Protecting Your Money & Sanity When Winning Big
February 24, 2020
As fantastic as winning a life-changing jackpot at your favourite online casino can be the rush of excitement can soon give away to anxiety or depression if your windfall becomes a source of stress rather than pleasure.
Here are 7 tips to help you protect your amazing big win from abuse and misuse:
STEP NUMBER ONE, CASH OUT!
This might sound like the most obvious thing to do but over the years we have seen countless big winners leave their winnings in their casino account to safeguard them. With the result that the urge to chase even bigger wins with all this “free money” sees them waste most if not all of it on high volatility slots with massive stakes per game.
Also, the casinos themselves get in on the action offering bonuses and better wagering requirements for the funds you playback into the casino. Keep in mind that as nice as your host is, they have a job to do, and that is to keep as much money as possible in the casino.
So, step number one is always cash out as soon as you win big and take it from there!
GAMBLE WITH A REPUTABLE CASINO
Bigger is not always better, given their licencing fees and gambling authority restrictions the bonuses at regulated online casinos may not always appear as enticing as grey market casinos but you have the assurance of being paid your dues when you land that lucky big win.
By gambling at a reputable, and ideally regulated, online casino to begin with you can wager with complete peace of mind, and when you land that unexpected windfall you can enjoy it, rather than be concerned about whether or not you will ever see the cash.
UNDERSTAND HOW YOU WILL BE PAID OUT
This is a point that often vexes casino players who haven’t taken the time to read the withdrawal section of the casino Terms and Conditions. Not all online casinos payout big wins and progressive jackpots in a single lump sum. Some are known to split large jackpots into as many 24 equal payments (one per month over 2 years), while others will send you one massive multi-million Euro payment. Knowing how your casino pays out will set your expectations and lower your stress levels when your big day arrives.
STAY CALM, KEEP QUIET
Winning a progressive jackpot like Mega Moolah Millions can be a lifechanging experience and your natural inclination will be to shout your good fortune from the rooftops – don’t! The reality is that the world is full of moochers who would like nothing more than to profit from your good fortune. Keep the value of your win to as small a group as possible and go about life as normal, keep your job, pay off your debt and over time start getting those things you’ve always wanted.
HIRE THE RIGHT PEOPLE
When it comes to winning millions of Euros it can be a shock to the system, and if you’re not used to dealing with these sums of money your best bet is to hire people who can advise you on the best investment vehicles, debt management, government taxes and how to set up your last will and testament. Even if they’re qualified it would be wise to not let family and friends help make these decisions for fear of bias.
DON’T CHANGE YOUR LIFE
It might sound crazy but now more than ever is the time to set a budget and abide by it. There are untold stories of jackpot and lotto winners who within 2-3 years of winning a life-changing sum are worse off than they were before. The main reason is the access to credit that having masses of cash will give you. Beware the debt trap, plan what you need, then look at what you want and ideally buy it cash.
A simple way to reduce the chances of wild spending is to keep your job. Going to work each day, focusing on your deliverables and retaining those responsibilities will stop you from sitting at home alone (since everyone else you know still works a day job) with only the shopping channel and your credit card to keep you company.
PLAN FOR THE FUTURE
Rather than focus solely on what you can get now look at what can be done to safeguard your family from slipping back to where you came from. Put money aside for your retirement, plan for your children’s higher education, perhaps look at starting a business so your winnings become the vehicle for generating wealth and opportunity that can far outlast you.
Try your luck at winning a progressive jackpot at one of these trusted online and mobile casinos: