Extras: WHAT AMOUNT OF CASINO WINNINGS SHOULD BE DEEMED AS BIG?

by Aveline MacQuoid on February 7, 2022

in Extras

What Amount of Casino Winnings Should Be Deemed as Big?

Don’t be deceived by propaganda that is sometimes spread online about casinos being patronized for their fun value; winnings are the most important part of their service. We might want to have fun, but losing is no fun as well. Unfortunately, you can’t always win in casino games, especially those dependent on luck, such as slots. Yet, you see a lot of dedicated slots players around. We believe that they are after the life-changing jackpots many of these games offer. In fact, it is a silent requirement for any free spins no deposit Australia 2022 to offer such an opportunity to gamblers.

The winnings represented by the tag of a jackpot, though, are quite massive. So, let’s scale it down to big. Even doing that is difficult because “big” is relative; some people would be excited by winnings as low as $5000, while some wouldn’t blink at $100,000. The easiest way to determine winnings that should be considered as big is to look at them in comparison to the size of the single bet a gambler uses or the size of their bankroll. Any amount of single-session winnings that can give 10× and above on a single bet or triple your bankroll should be considered big. Regardless of whether your winnings are big by this metric, though, report them in your tax returns.

Maximum Jackpots

When it comes to jackpots nowadays, there are different types. There are the progressive jackpots (that are every player’s dream), stated jackpots and standard jackpots. The way to bagging the maximum possible payout would vary in all three. So would the size of the payouts. However, they are very attractive as they represent huge multiples of any bet you make. Learn whether it is actually possible to ‘beat the house’ while playing online slots.

How to Win a Maximum Jackpot?

  1. Standard jackpots are the closest in scope to the slot machine offerings of old. You play them, hope for the symbols to stack up on your paylines, and if they do, you win. The highest payout, in this case, would be the one that grants the most profitable combination of symbols in paylines. Such a payout is fixed at a certain number of coins in the game; multiplying the coins by your stake determines the real amount of money you have made.
  2. The stated jackpots are held away from the normal gameplay. Instead, you could trigger them as a bonus round within a slot game. These types of jackpots are referred to as “stated” because, once in the bonus/jackpot round, your potential win would be stated as a multiple of your original stake. The multiple can’t change because of any payline accumulation; you can only win one of the stated jackpots available, and your chances are anybody’s guess. The maximum jackpot in such a game would be the one offering the largest multiple, and, as expected, they are rarely won.
  3. Progressive jackpots represent where the most money can be made. This is because there are no fixed jackpot prizes on offer. Rather, the jackpot accumulates and grows as more people play. With every spin in such games, a small percentage of a player’s stake would be added to the pool of the jackpot. It isn’t uncommon to see top online casinos offering progressive jackpots. In fact, some casinos now offer more than one progressive jackpot where the potential maximum prize is unlimited.

The Biggest Jackpots in History

It’s hard to talk about casino winnings and jackpots without wondering what the biggest one is. Published documents on similar topics go beyond the scope of the popular jackpots to also include poker jackpots, lotteries etc. Rather than giving a top-ten kind of list that might be difficult to collate with accuracy and might not be adjusted for inflation, we have the following facts to give ideas on what some of the biggest prizes have looked like:

  • The second-largest lottery win in the United States stands at around $1.5 billion with only ONE winning ticket. The winner is anonymous, of course.
  • On 15 November 1998, a gambler won $27 million at slots in the Megabucks casino.
  • Another slot player once took home a $39 million payout after playing while waiting for a basketball game.
  • The record win in Blackjack and Baccarat is helped by Kerry Packer, who won between $20 and $40 million in 1997.
  • The biggest online slots jackpot win currently stands at $21 million. There have been many other online slot jackpot wins, with many of the biggest from progressive slots.

House Edge

Casinos need to make a profit. To do so, they have a legally approved, built-in advantage in games. We call this advantage the house edge. The house edge is inherent in the design of a game (and variable in some) and cannot be tweaked by the casino without doing something illegal. It can be used to assess the amount of money that is paid out in a game on average, as well as its potential for consistent returns. Las Vegas casinos may change hands in the transformative years but they never lose their profits.

Some gamblers with skill and experience can figure out how to beat the house edge. Ironically, those slots that have the potential to secure huge payouts with little or no skill involved also have some of the biggest house edges of any game. For the casino, they are a sure cash cow but can only be a cash cow for a very small percentage of players.

How to Pick out a Casino With the Most Profitable Wagers

For all of the bonuses and marketing attractiveness a casino can whip up, they might not be perfect for gambling. You need to know how to select the ones you patronize. For instance, many bonuses given by online casinos are accompanied by wagering requirements. These requirements obligate players to make a certain minimum number of wagers before winnings can be withdrawn. It might not seem like a problem to many, but the gambling house is banking on their house edge to erode your bonus over time. This should reduce the amount of money that would eventually be withdrawn (in most cases, to zero). To avoid this, consider the following precautions:

  • Look for casinos that offer bonuses applicable in all games;
  • Read through and compare wagering requirements before signing up;
  • Stick to playing games with low house edges most of the time;
  • Consider no-wagering bonuses and casinos;
  • Check out the RTP of games before you play.

Conclusion

As we stated earlier, big is relative. Winnings that might seem small to some may be large to others and vice versa. However, you can’t characterize your winnings in these terms unless you have won. That wouldn’t be possible without knowledge.

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