Getting lucky at a casino is fun, but getting really lucky can be a huge deal. The most fortunate have won life-changing sums of money playing online casino games.
Many considerations come with these huge payouts, well beyond what to do with the winnings. It’s only natural for other players to be curious about those implications and how these big-time winners landed their prizes.
Replicating those circumstances and handling a big win in the best way requires some knowledge. BetMGM wants you to be informed about big casino wins.
Top Slot Games for Big Casino Slot Wins
BetMGM has several game titles that are capable of granting big casino slot wins. Many of these games are BetMGM exclusives, too.
For example, the appropriately named BetMGM Jackpots game is an exclusive game that offers chances at payouts as big as 99,999 times the value of your line bet. Another BetMGM exclusive game, Almighty Buffalo Megaways Jackpot Royale, boasts a top prize of 50,000 times the value of your wager.
The payouts for every slot in BetMGM’s massive games library are available in each title’s About section. With that information, you can start your play knowing exactly how much you need to bet and what combination of symbols you need to trigger to win these prizes.
While such combinations are rare, BetMGM players have landed them. In some cases, the results have been seven-figure payouts.
Has Anyone Won Millions at a Casino?
Because the odds of such wins are long in many games, many people wonder if anyone has won millions at a casino. The simple answer is yes but these wins are rare.
Years can pass between such big wins, although chances at these prizes are available in many games daily. For players who want to try for these payouts, slot bankroll management is important.
Planning to take the risks necessary to win million-dollar payouts can give you a shot at them without putting you in danger of exceeding your overall budget. Formulating a solid plan requires you to understand the odds of winning million-dollar prizes.
Do Casinos Control How Much You Win?
Another common question from players is whether casinos control how much you win. To a degree, the answer to that question is yes.
Casinos like BetMGM operate in regulated markets. In the United States, BetMGM is licensed and submits to regulation in four states, including:
- Michigan
- New Jersey
- Pennsylvania
- West Virginia
Regulatory standards in all four of those states impose some limits on the odds for slot games and other factors. Within those confines, casinos like BetMGM do have some discretion to set odds and limit jackpot values.
Online casinos like BetMGM don’t directly determine the result of each play on their slots, however. Slots operate on a random number generator and once that is set for the game, the result of each play is completely randomized.
So while casinos and regulators set limits and the odds, luck decides the rest. If you do get lucky, that’s when you’ll need more information about how to handle the situation.
Do You Have To Pay Taxes on Casino Winnings?
The United States Internal Revenue Service (IRS) considers winnings from gambling taxable income. There can be significant negative consequences of failing to report gambling winnings and/or failure to pay any tax owed.
The IRS plus local and state governments, if applicable, can levy fines and interest for back taxes. To collect on those back taxes, they can seize your assets, garnish your wages, and more.
You can avoid all of those headaches by simply reporting and then paying any tax owed on your winnings. Casinos like BetMGM can be of great assistance in this regard, as they often withhold the necessary tax from your winnings and give you all the documents you need to report your winnings accurately.
When dealing with big wins, the best course of action is to hire financial and tax professionals to assist you. Their expertise might cut down on your winnings but doing things right to begin with can represent long-term savings.
Numerous BetMGM players have dealt with these circumstances. With good information and the right assistance, it can be an exciting time.
Top Stories of the Biggest Slot Machine Wins
Slot players love stories of record-breaking wins as they are proof of what is possible when you take a chance. The biggest slot win on record came to an anonymous player in 2003 who collected almost $40 million at the Excalibur Casino in Las Vegas.
When it comes to historic online slot wins, a player in New Jersey won over $6.4 million in progressive jackpot winnings in August 2024 playing the Fruit Blaster slot at BetMGM. Another thrilling story comes from June 2024, when a BetMGM player turned a 40-cent bet into more than a million dollars playing the BetMGM-exclusive Bison Fury slot.
Huge casino wins are a matter of luck and playing with the right casino. When you register to play with BetMGM, you have half of that equation already solved.
