At present, the biggest recorded win is $39,719,826. The eight-digits jackpot was snatched back in 2003 in Las Vegas, Excalibur Casino. The sum was secured at a Megabucks slot machine manufactured by IGT with just a $100 bankroll by an anonymous male. Reportedly, he was 25 years old at the time of winning. From Florida – Two Big Slot Wins. While this may not make it to the Guinness Book of Records as one of the largest slot wins, a man identified as just Fred S. Made not just one but 2 slot jackpot wins in 2018. The Florida man made the winnings minutes in between. In the first jackpot, we won an incredible $1,291,918 with a bet of 20 bucks. This is my Biggest Buffalo Gold slot machine jackpot handpay win. My biggest win was $1.20 bet with 148 spins and this one just passes that one. Here's a list of progressive jackpot slot machines and the current jackpot totals: Biggest Slot Machine Jackpots. All other progressive jackpots: Slot Machine.
LAS VEGAS, Mar 21, 2003 /PRNewswire-FirstCall via COMTEX/ --
The largest slot machine jackpot in gaming history -- $39,713,982.25 -- was won today on a Megabucks(R) machine at the Excalibur Hotel-Casino on the Las Vegas Strip.
The winner, who requested anonymity, is a 25-year-old software engineer from Los Angeles. He had been visiting family members in Las Vegas and keeping track of college basketball's 'March Madness' with some friends. His uncle had told him about the Megabucks(R) total and suggested that he play it. He said he'd played about $100 on the machine when he turned his head away from it for an instant. When he looked at the machine again, the winning symbols had lined up.
The unmarried winner's birth date contains three sevens and an 11, so this big win may have been in the cards for him. 'I'm still stunned; it doesn't seem real yet,' the winner said. 'But both of my parents are still working, so some of this money will be used to fund their retirement.'
'This MegaJackpot(TM) is nearly $5 million more than the previous world record slot jackpot amount of $34.9 million,' said John Sears, vice president of MegaJackpots(TM) for IGT, the creator of Megabucks(R). 'This one goes into The Guinness Book of Records.'
The $34.9 million jackpot, now the second-largest ever, was hit more than three years ago at the Desert Inn in Las Vegas on Jan. 26, 2000.
In its 17-year history, Nevada Megabucks(R) has produced 58 major winners, whose combined winnings total more than $425 million. Megabucks(R) is a 3- coin dollar progressive slot machine that was launched in Nevada casinos in March 1986. The Nevada progressive system connects 691 slot machines in 160 Nevada casinos to a top jackpot that builds from a base amount of $7 million. The top jackpot is paid in annual installments, upon verification of the win.
For more information on IGT and MegaJackpots(TM), visit the company web site at www.IGT.com.
SOURCE IGT
Copyright (C) 2003 PR Newswire. All rights reserved.
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Players dream of hitting a big jackpot when they play the slots. When that day comes for you, you'll have questions about the taxes you must pay on the winnings.
Hand Pay Jackpots
When you hit the winning combination of symbols for a large jackpot, your slot machine locks up. Depending on the machine, the lights on top of the machine may come on and start flashing, music may play or bells ring. A slot attendant arrives promptly to see what you have won.
On jackpots smaller than $5,000, an attendant verifies that you hit the jackpot and then assists you in claiming your money at the cashier's cage. In the case of a large or progressive jackpot, the casino may have technicians come and check the machine to certify that it was functioning properly when the jackpot hit. If you hit one of the wide-area progressive machines such as MegaBucks, the slot company that operates the game comes out and verifies that machine before giving you a check.
When you hit a jackpot, you have the option of taking your winnings in cash or check. Usually, large amounts are paid by check. In the case of the MegaBucks or similar multi-million dollar jackpots, you receive a check for the partial amount, and then you have 90 days to decide if you want to be paid a lump sum or an annual annuity on the balance. If you select the lump sum option, you receive only a percentage of your actual winnings. For example, the full winnings of one multi-million slot jackpot is paid in 25 annual installments, or you can take a lump sum of 60 percent of the winnings.
IRS Withholding
All casino winnings are subject to federal taxes. However, the IRS only requires the casinos to report wins over $1,200 on slots and video poker machines or other games such as keno, lottery or horse racing. When you have a win equal to or greater than $1200, you are issued a W-2G form. This form lists your name, address and Social Security number. The casinos are not required to take out withholding tax on jackpots under $5,000 as long you supply your Social Security number. If you don't provide your Social Security number, the casinos withhold 28 percent on small jackpots.
You can request a specific amount of withholding tax to be taken out of any jackpot you win. Some players like to do this to avoid a big tax payment in April when they file their income tax returns. The additional withholding may not be necessary if you keep a log book. The law allows you to deduct gambling losses up to the amount of your winnings. You can only do this if you have documentation of your losses. Keeping a diary or log book is the way to do this.
Proper Identification
Biggest Slot Win Ever
Casinos can refuse to pay you until you produce proper identification—a photo ID such as a driver's license, military ID or passport.
If you don't produce an ID, you are photographed and the casino holds your winnings until you come back with proper ID. For this reason, you should always carry a valid form of identification with you when you visit the casino.
When the casino checks your identification, it also checks your age to make sure you are legally old enough to play. The minimum age for gambling varies from state to state, but under-age gamblers are not be paid if they hit a jackpot. This is the law in all jurisdictions, and it has been upheld in court.
Biggest Slot Machine Jackpot Ever Won
Plan Ahead
Biggest Slot Wins
Before you start playing your favorite slot machine you should have a plan for the day you hit a jackpot. Players become excited when they hit the big one, and this may affect the decisions you make about your winnings. It is helpful if you know ahead of time how much withholding you want taken out or whether you want a check for all or some of the amount.
