The amount of money you can win at a casino depends on the games you play. However, it’s not unheard of to win over £10 million on a casino jackpot game.
In this article, we will explore the different casino games and their maximum winning potential. So, you will discover the best ways to win huge amounts of money by gambling.
All About Casino Winnings
It’s not just about the casino games and how much they pay. There are other variables that can impact your factual winnings a lot. Thus, this guide will answer your questions about:
- Jackpot Winnings
- Slot Winnings
- Table Game Winnings
- Withdrawal Limits
- Jackpot Withdrawals
- Taxes on Casino Winnings
For example, casino payout policies matter as much as the casino software and its win potential. It affects how quickly and easily you may claim your winnings.
Similarly, the gambling taxes in your jurisdiction may change your factual win size as well. Therefore, it’s useful to know whether your casino winnings will be taxed before you play.
Casino Game Winnings
First and foremost, the money you can pocket from gambling depends on the game. Different software or machines can pay differently too. In fact, the maximum payouts can differ hundreds of times.
This variance is best apparent in the jackpot games. These are the most lucrative pieces of gambling software by far.
Progressive Jackpot Winnings
If you want to win more than the most, you should play slots with progressive jackpots. They are the games with huge prizes that are growing every minute until someone snatches them.
The size of these prizes is enormous and the odds to win them are terribly small. For this reason, they can grow into a multi-million sum.
Claiming a progressive jackpot is very unlikely. However, it’s always a life-changer for whoever is lucky enough to trigger it.
Biggest Casino Jackpot Wins
Here are some jackpot win examples from the previous years:
- $39,710,826.36 – the largest ever casino jackpot win (on Megabucks slot machine)
- €18,915,721 – the largest ever online casino jackpot win (on Mega Moolah slot)
- €17,860,868 – 2nd best online casino win (on Mega Fortune slot)
- £13,212,882 – largest ever online casino win paid in pounds (again, on Mega Moolah slot)
While winnings like these are rare, there are hundreds of gamblers who have cashed out millions. This still makes them terribly lucky. However, with more than a few similar examples, it’s a proof that anyone can win just as much.
All you have to do is try your luck at a game with a large current jackpot. There’s no need to risk your month’s salary either. The largest online casino win ever was won by a 25p bet.
Winning Potential of Other Slots
Not all the casino games offer jackpots. Some of them simply don’t have a progressive pot that grows with each player’s bet. This means two things:
- Such regular slots offer smaller wins
- It’s much easier to claim these smaller payouts
Luckily, these potential payouts could be called as ‘small’ only when compared to the jackpots. In reality, they’re still pretty huge and can change your life.
How Much Can You Win on Slots?
Here are some examples of non-jackpot slot games online and their payouts:
- Gonzo’s Quest slot (pays up to £93,750)
- Thunderstruck II slot (pays up to £125,000)
- Wins of Fortune slot (pays up to £275,700)
- Viking Runecraft slot (pays up to £500,000)
- Emoji Planet slot (pays up to £1,000,000)
These games represent the usual payouts of modern video slots. It’s normal to find games with £100,000 or £200,000 max payouts. Some might even pay out a million in a single spin.
However, unlike progressive jackpot slots, these games require larger bets for larger wins. To aim for the maximum payout, you’ll often have to bet £100 or even more per spin.
On the other hand, a 20p bet can still yield around £20,000 if you’re very lucky.
Winning on Casino Table Games
Table games are yet another matter. Thanks to the movies and pop culture, many people think that table games are the most lucrative of all.
When it comes to the maximum winnings per round, they couldn’t be more wrong. In short, casino table gambling is different because:
- Table games can rarely return more than 10x your bet per round
- Instead, you can wager much more per round at casino tables
- These classic games often require both luck and skill
Unlike slots, table games require some skill, not just luck. Thus, you may win a lot on blackjack, baccarat or roulette if you’re good at it.
Plus, there’s the fact that you can stake lots of cash in each round. While online slots rarely allow bets larger than £200, high-limit tables allow £10,000 bets.
How Much Can Table Games Pay Out?
Depending on your initial budget, you can multiply your funds by hundreds. It will take much more time though.
For example, at a high-limit VIP table of blackjack, it’s possible to win hundreds of thousands. The problem is that you’ll have to risk a fortune too.
Here are some examples:
- One Ashley Revell won $135,000 in a single roulette round with a 50:50 bet (by staking the same amount)
- $5.3 million was won by a craps player after 6 hours of playing at a high-street casino
- $10 million is the largest poker win claimed by a WSOP tournament winner in 2014
- £73,887.27 is the largest online blackjack win per single round thanks to online casino linked blackjack jackpot
Casino Payouts & Withdrawal of Winnings
It’s not just the games and their rules that affect your winnings. The factual amount of money you can get by gambling depends on the casino itself too.
That’s because winning money isn’t equal to receiving it in cash or your bank account. There are some additional processes involved.
Withdrawal Policies at Online Casinos
Land-based casinos pay out in cash after you decide to stop gambling and cash out. Online casinos are slightly different because they offer many more payment methods. Still, since it’s a remote service, it takes longer to receive your winnings online.
Aside from that, you should be aware of:
- Withdrawal limits per transaction
- Withdrawal limits over time
- Online casino winning caps
Withdrawal Limits per Transaction
You can’t just withdraw anything at online casinos. There are both minimum withdrawal and maximum withdrawal limits in place.
Usually, the lowest amount of money you can cash out with a single request is £10 or £20. Similarly, there’s a maximum amount which can vary from £1,000 to £50,000 per transaction.
Withdrawal Limits Per Day/Week/Month
Aside from withdrawal limits per transaction, there are limits over time. For example, at Spinit online casino you can cash out:
- £5,500 per week
- £22,000 per month
Similar restrictions can be applied for each day too. So, in this case, if you win £10,000, you’ll only be able to receive a better half of it instantly. For the rest of it, you’ll have to wait another week.
Online Casino Win Cap
On top of the withdrawal restrictions, some casinos have a winning cap that applies to most winnings. Usually, it’s a really high cap, such as £250,000.
However, this still means that you may win less than it seems.
Say you hit it real big and win £300,000 on a slot game. With a cap in place, the amount above that cap (£50,000 in this case) will simply be ignored.
Luckily, not all casinos have such winning caps or withdrawal limits. Still, you should check out each casino’s terms if you don’t want to be groping in the dark.
Withdrawing a Jackpot
On the bright side, many online casinos with progressive jackpot games use different rules for jackpot winnings.
Put simply, the withdrawal limits may not apply to jackpot winnings. Otherwise, if you won £10,000,000, it would take your whole life to cash it all out.
Instead, casinos offer two options to claim your online jackpots:
- It’s either paid in full in a single payment
- Or, if it’s extremely large, the casino may transfer it in monthly portions that both parties agree upon
So, it may take some time to receive your winnings. Yet, regardless of the amount you win, you’ll still get your rightful money eventually.
Taxes on Casino Winnings?
Finally, the amount you can win at casinos might depend on the gambling taxes in your jurisdiction. Of course, they vary in different places around the world.
To put it simply:
- You may have to pay a percentage of your casino winnings
- Or you may not have to pay anything at all
In the case of the UK, the casino operators pay all the gaming taxes. Hence, you get to keep every single penny that you withdraw to your bank account.
Alternatively, gamblers in the US have to pay 25% of their casino winnings as taxes. So, if you get a choice, it’s always better to gamble in tax-free jurisdictions.