4 Things You Need to Know About Jackpots

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Slot Machine GuideWinning a jackpot at a slot machine or in the lottery is the dream. Everyone who has enjoyed a

gambling game yearns to one day win the big money and live a new, grander life. The story is

well-known, but there are some things about jackpots that most people have no idea about. The

next time you spin the dial of a slot machine, take a look at this short list of little-known facts.

Who knows when it might come in handy.

1. Jackpots are paid over time.

The Mega Millions jackpot is not paid all at once, but in pieces over the years. 30 years to be

exact. This means that the money is not going anywhere, and even if you manage to spend the

whole thing, there will be another installment next year. There are upsides and downsides to

everything, but this essentially means that buying a mansion off the bat is out of the question,

and purchasing all the shares in a favorite company is also going to take a while.

2. The taxes are enormous.

The federal tax on a jackpot is 25%. This means that if a jackpot is a straight million dollars,

only $750,000 gets to the winner, and this is before state taxes kick in. The best states to win the

lottery in are California, Delaware, Florida, New Hampshire, Pennsylvania, South Dakota,

Tennessee, Texas, Washington, and Wyoming. In These 10 states, there is no tax on lottery

earnings. The worst state to win the lottery in is New York followed by Maryland and

Washington, D.C. In these states, more than a third of the total winnings go to taxes.

3. There is still time.

There is a reason that it is common practice for lotteries to offer the winners a full year to show

their winning tickets. Sometimes the winning numbers are called and no one comes forward.

Sometimes someone buys a lottery ticket and goes off to do other things without checking to see

if they won. Other winners know that they won right away but take the time to talk with a

financial advisor before claiming their prize. If a lottery goes by and no one claims the prize, it’s

time to go outside on a windy day and see if the winning ticket hits you in the face.

4. Everyone will know.

When someone wins the lottery, their name becomes public knowledge. The moment the winner

comes forward with the winning ticket, the lottery broadcasts that person’s name and possibly

their picture, backstory, and life dreams. Get ready to be famous, because everyone you know

will know you won.

 

Try your luck at Slots of Vegas Casino today

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