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Checks: Large land-based casino winnings are often paid by check. Bank Transfers: Online casinos may prefer direct bank transfers for substantial amounts. Installments: In the case of mega jackpots, winners might be given the option of receiving the prize as an annuity, meaning they get paid in yearly installments.
Each game you play at a casino has a statistical probability against you winning. Slot machine odds are some of the worst, ranging from a one-in-5,000 to one-in-about-34-million chance of winning the top prize when using the maximum coin play.
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    If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 24%. If you didn't give the payer your tax ID number, the withholding rate is also 24%.
    How much are lottery winnings taxed? If you win nearly a billion dollars in the lottery, you definitely owe federal income tax on it. To start, 24% of your winnings are withheld for the IRS.
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                    Last updated 1/2018