What to Do with a Big Gambling Win

December 10, 2013 Posted in Withdrawing by No Comments

This is a topic that might not yet pertain to you (or me), but it’s something worth thinking about anyways. Do you have a plan for what you would do with the money if you won a big jackpot at a casino? And yes, I’m talking about a plan that’s more in-depth than buying a Ferrari and new grill for the back deck.

Big wins do happen at both online and at land based casinos. I read a story a while back about an online slots player from Greece who triggered a progressive jackpot worth nearly $9,000,000. Stories of large six-figure wins are also not totally unheard of. Sure, it doesn’t happen every day, but it does happen somewhat frequently.

I’m not sure if you’ll find this surprising or not, but a large portion of people who win big jackpots at online casinos don’t do anything at all with the money. They just leave it in the casino account and continue to gamble it all away. I’m friends with quite a few people who promote online casinos and many of them have told me that this is what happens the majority of the time.

Unfortunately, this behavior is not exclusive to casino gambling. Most people who are on the receiving end of unexpected windfalls (lottery winners, inheritances, bonuses, etc) end up squandering every last penny. They have a good time with the money for a while, but they quickly lose track of the whole pile somehow.

1. Keep the win a secret at first

Before you do anything, don’t go around blabbing about your big casino win. First of all, you have to make sure everything checks out. Do not tell all 3,000 of your Facebook friends that you just won a million dollars playing an online casino game. Before you tell even a single soul, make sure you actually have the money in your hand.

Secondly, you do not want to tell anyone about your big win because you will be bombarded by people asking for loans and treating you totally differently. A big casino win does help your personal situation, but people tend to think you are suddenly in command of an endless supply of money. Trust me on this one.

2. Contact the casino and confirm that you are eligible to withdraw the money

Before you initiate a cashout, call your casino support team and make certain that you are free to withdraw the money. Don’t let them catch you off guard with some stupid technicality.

For one, make sure you have cleared all pending bonuses. You don’t want to cash out and get caught by some rule that says “all winnings earned from wagering bonus money will be forfeited if a cashout is initiated before the bonus has been cleared.” Some online casinos have funny rules like this, so it’s always worth double checking.

All you need to do is make a quick phone call or send an e-mail to your casino’s support team. All you want to know is if you’re good to go on the cashout. For large wins, they might even help you find a good cashout method that can process large transactions.

3. Visit a financial advisor as soon as possible

Talk to an experienced financial advisor before you do anything with your money. Do not just go to some advisor who is there to sell everything under the sun. Talk to someone who understand money management and who will help you figure out a long term, sustainable lifestyle.

Avoid financial advisors who are there to sell, sell, sell. Many so-called professionals don’t know a thing about money except for how to convince their clients to cough it up. If you have no idea where to start, a good starting point is any major, well-known bank that has a “wealth management” department.

4. Set aside a little play money

After you talk to your financial advisor, set aside some play money. You just won a large chunk of money, so it’s OK to have a little fun. The amount you set aside should be determined by the amount of money you won and what kind of plans your financial advisor helped you create.

If you are lucky enough to have that multi-million dollar win, you just might be able to treat yourself to that new Ferrari. If your win was a little more humble, there are still plenty of other fun goodies you can get your hands on. Just remember to set a “spend limit” that you actually stick with.

If you can’t think of anything worth treating yourself to, here are a few ideas in picture form:

A $625,000 Slot Machine / Watch Thing


How about a $625,000 luxury watch? This particular specimen comes complete with a built-in, fully functional miniature replica of the original Liberty Bell slot machine. Hard to imagine a more fitting luxury purchase than this one.

A $40 Bottle of Water


Yea, I’ll admit this one is pretty lame. But hey, here it is if you really like your water.

A $210,000 Ferrari

Ferrari California

At just $210,000, the Ferrari California is somewhat reasonable and still has the Ferrari logo. Perfect.

A $60,000 Ice Cream Sundae



This one is actually not as stupid as it sounds. The world’s most expensive ice cream sundae can be found at Three Twins Ice Cream. Buy this ice cream sundae and the founder of Three Twins Ice Cream will travel with you to the summit of Mt. Kilimanjaro and personally hand-churn a batch of ice cream using ice found at the top of the mountain. The cost of this ice cream includes airfare, travel expenses and lodging at a five star resort hotel.


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