Winning a jackpot or a big cash reward is every casino player’s dream. However, knowing how to manage money when it hits your bank account is the difference between amateurs and expert players. Furthermore, everyone hopes to win but no one expects it to happen.
“ I didn’t expect to win the jackpot…I will buy a car first, maybe a home and see what’s next.” – Henrik, after winning 4,610,000 from Mega Fortune.
Our bankroll experts did thorough research on how different casino winners spend money from their big wins. Unfortunately, there are several who have ended up broke due to poor spending. However, if you ever find yourself with a huge win or a jackpot, here are some smart tips from experts that you can use to manage the cash.
Soak in the victory
To prevent impulsive spending, it is wise to soak in the big win mentally, before spending even a coin of that prize money. Think deeply about how much you have won. Some money experts even recommend for players to wait a few days before spending the money. This is because new money comes with a huge rush of dopamine.
According to a Harvard Research article about the link between new money and brain activity, making money decisions when you have high dopamine will likely lead to poor choices.
Unbelievably, some people have lost all their wins after trying to gamble their current wins for more gains.
Make a list of things you want to do
Once you are fully cognizant of how much money you have and the excitement has worn off, go on to make a list of all the things you would like to do with the money. Start with the most important stuff and finish with the least. You can classify them into ‘Must’ ‘Needs’ and ‘Wants.’
You can use a budget planner app or go the traditional way and make a manual list on paper.
Separate your money into different accounts
Now that you know what you want to spend your money on, it is time to separate your big casino cash win into different accounts. Not only will this help you stick to your budget, but it prevents you from experiencing regrets after going over budget.
Chief Financial Advisor at Forbes recommends at-least 4 different accounts; a miscellaneous account with petty cash, a locked savings account, an account for emergencies and another for your recurring expenses.
Start celebrating
With all your money safely tucked away, it is now time to celebrate your win. This is where you take a vacation, hold a party and shop for all the things you wanted. If there is any social or golf club you want to join, this is a good time to do so. However, players should indulge responsibly and remember they need their health to spend the rest of the money!
Pay off Debts
Winning a jackpot or huge sums of money from a casino gives you an opportunity to pay off any outstanding debts. This could be your mortgage, car payments, or school loans. Whatever debt you have, paying off some of it will surely lift that weight off your shoulders!
Invest and Plan for the Future
Investing is the next and most important step if you want to ensure financial success and sustainability into the future. A report by The Economist proves that investing in get-rich-quick schemes is a bad idea. You are more likely to make a consistent profit if you invest in an industry you are interested in.
If you are unsure how you want to invest your money, seek the assistance of a professional finance advisor. It is better to have your money intact than to make poor investing decisions and lose it all!
Another way of securing your future is taking care of your health. So spare some money to invest in yourself and your well-being. Visit healthcare specialists, get a full body checkup, and attend to any lingering medical issues.
How do you get cash from your big casino win?
How and when you receive your jackpot money depends on a few facts.
- Withdrawal limits at the casino—Choose a casino site that offers favourable or no withdrawal limits to verified customers. Read the guide to UK sites with the fastest payout rates and choose one from the list.
- The online casino’s policies on jackpots – You might find casinos that only allow players to go to the casino’s offices to receive their jackpot cash. So, if you are not in the UK, you might have to fly in!
The bottom line is that winning a jackpot is great, and there are so many things you can do with that much cash. You never know when you’ll win on a jackpot game, so prepare yourself by signing up for a top, reliable casino that will give you your cash as seamlessly as possible. If you are not sure where to start, check out this list of fast withdrawal UK casinos at BestCasino.
