You’ve gone and done it! You’ve hit the jackpot gambling in Viva Las Vegas but do you know what to do now with all of your winnings? Or maybe, if you have not hit the big time just yet, you are looking for more information on what you could do with all that cash. There are many different avenues to consider when looking at what to do with your winnings and some aspects, such as paying taxes, will be mandatory.
Below, you can find out more about the various ideas of what to do if you win a lot of money in the bright lights of Sin City.
The First Steps After Getting a Big Las Vegas Win
Before you can get your hands on your Las Vegas big win, there is an initial process that players must undergo. The following steps can be expected straight after winning your large sum of cash:
- Confirmation – Before you go ahead and start celebrating just yet, the casino will verify your win with a slot technician
- Marketing – get ready to be part of a big marketing campaign for the casino! You can expect interviews, a huge cheque and photographs. However, there is always the option to refuse this and just accept your winnings
- Paperwork – players will have to provide information such as ID and their bank account details. There may also be tax forms to fill out and players who reside outside of the US can claim their tax back at a later date. For some gambling games, you will have to pay the tax yourself at a later date but with other games such as slots, the tax money will directly be sent to the IRS
- Claim your winnings – When all of the paperwork is finalised, players will receive their winnings. When you win a lot of money, this will usually be awarded to you in the form of a cheque or it will be sent directly to your bank account
When paying your taxes, whether you live in the USA or not, get professional help to ensure you are paying the correct amount. No one wants the tax man at their door at a later date.
Have Fun with Your Winnings
Of course, you will want to be responsible if you get a large win in Las Vegas. No one wants to get a big win and instantly blow it all again on the slot machines, even if the casino really wants this! On the other hand, you will want to enjoy your win and if that means gambling some of it, set aside some money to do this.
There are endless ways in which you could have some fun with your winnings such as going on another holiday, taking family and friends out to a nice dinner, purchasing new clothes and more. How much money you can have fun with really all depends on the size of your jackpot win. Won thousands? Then maybe stick to the smaller purchases. Won millions? Then you might instead want to go bigger and make a purchase such as a car or a once in a lifetime holiday.
An instant reaction to getting a big win in Las Vegas is to post all about it on social media. However, this may be an event that you want to keep secret. When you win a large jackpot, you may have many people coming to you for money. These can be people you do and do not know. People are likely to ask to borrow money from you or will want you to invest in their business. Both are risky ways to spend your winnings and could result in your losing a lot of cash. That is not to say you cannot spend your money spoiling family and close friends with dinners, drinks, gifts and so on, but it should be up to you and you should never feel pressured to hand your winnings over.
The choice is up to you. Some winners cannot wait to share this news with their family, friends and on social media but you must be aware of the potential consequences of opting for this route.
Get Professional Advice
While you will want to keep some money aside to have fun with, for very large wins, you will not want to blow it all immediately. It is important to seek professional advice from a reputable financial planner who can help you make your money go further. This could be through savings accounts, investments and more. Each person will have a different set of circumstances that needs personalised advice. Do not listen to your friends and family members who think they know best here, invest in your future and pay the best professionals!
If you win big in Las Vegas or have already won, now you should know a little more about what to do. Make sure your taxes are paid first, decide whether you want to advertise your win or not, keep some money aside to have fun with and seek professional advice to ensure you do not blow through all your winnings.