A progressive jackpot is a special linked prize found in some online slots. Progressives are also found in some video poker and table games.
Progressive slots feature a special jackpot that can be triggered at random or by lining up special symbols. A small portion of each bet will go towards the jackpot, usually around 1%. As more players bet on the game, the jackpot increases. Once it is triggered, the jackpot will usually reset – or “seed” – to a set starting point.
If you hit the jackpot, the game will pause and you will be informed of your win. Each online casino has different rules on how the prize should be paid, and when. Microgaming casinos that feature progressives like Mega Moolah will pay jackpots in full to the player. The player is free to withdraw all their cash in one hit.
At New Jersey’s Virgin Casino NJ, the progressive Community Jackpot is credited to the winner’s account immediately. There is sometimes a 72-hour delay on receiving winnings.
Other casinos will limit the number of withdrawals the player can make each week. You might be restricted to taking out $10,000 a month until you have cashed out the whole jackpot. IGT casino slots tend to pay the same as their land-based cousins.
Winnings may be paid out over the course of a year into the player’s account. You may have the option of a partial payout followed by a lump sum later in the year.
If you live in the US, you will also need to be prepared to report the win on your IRS tax return. All progressive winnings over $1,200 are reported by the online casino. You will need to fill out a Form W-2G, supplied by the casino, which will then be sent by the casino to the IRS. Most legal online casinos in New Jersey won’t release progressive jackpot funds until you have filled in a W-2G.
It’s important these are filled out in a timely fashion so you can pay the right amount of tax on your juicy jackpot win.