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If you're lucky, you'll see half of that after taxes.

It's a cruel world, but Uncle Sam wants his cut. How you choose to receive your payout helps determine exactly how much you'll cash in. Here's how it works:. It will be up to you to pay the taxes later. However, if a winner fails to provide a Social Security number, the casino will then take out 28 percent for the IRS.

The IRS will consider your winnings part of your income, which could bump you up to a higher tax bracket. If you hit it really big, expect to pay up to 40 percent in income taxes.

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Most slot companies give winners two ways to receive their money. The choice you make could have important tax implications. This is a set annual payout for a certain number of years. Winners have 60 to 90 days to decide whether they want a lump sum or lifetime payment. It was his boss at Bally Technologies.

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He is one of a four-man team that responds to million-dollar-plus jackpots players hit in Southern Nevada. A technician confirms where the jackpot hit and calls Coyle or another responder.

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Coyle typically heads to Bally headquarters on Bermuda Road before heading to a casino. He has to pick up an oversized check for the winner. Bally designs them with logos from specific games: He keeps an armful handy, just in case.

At the casino, Coyle has to find the winner.

A technician verifies the jackpot and confirms that it was valid. Coyle presents the check to the winner. Most want to remain anonymous and collect their money without a big show. Winners have to provide Coyle with a valid Social Security number to collect their winnings and a bank account number so the cash can be wired.

Winners can choose to take a lump sum payment or monthly payouts, typically spread over 20 years. Within 24 hours of hitting a jackpot, all winners automatically receive one-twentieth of their money wired to their bank account. Sometimes, a representative delivers a real check. As for the giant commemorative checks? They are too much of a hassle to transport. Check this out for a full explanation of our conversion to the LiveFyre commenting system and instructions on how to sign up for an account.

Las Vegas Sun December 20, Currently: By Ed Komenda Sunday, March 9, 3 a. Here's how it works: You cash out and go.

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Please select an alternative: Wild Jack adds new online casino games every month. Unlike brick and mortar casinos, online gaming establishments have minimal operating expenses.

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