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Title: Casino Jackpot Payout Question Post by: cowboygames on February 26, 2012, 02:09:06 PM Maybe this has been covered before, but I'll bring it up again if that's the case. I was reading the link below and it always makes me wonder...why do casinos get 20 years to pay out on progressive jackpots? Sure, it can be millions of dollars, but that's petty cash for most of the casinos/manufacturers that end up paying it. If I lost any amount of money on a casino account they sure as hell wouldn't let me out of the building without paying it. And it's not a benefit to the winner to take annual payments as the amounts we're talking about don't have a tax benefit either in payments or lump sum. It would seem the only benefit is to the casino that gets to collect interest on the winners money for 20 years and in the right investment situation may make enough interest to cover the payment and not actually LOSE any money at all
http://www.foxnews.com/us/2012/02/25/marine-credits-karma-for-2-million-jackpot/ (http://www.foxnews.com/us/2012/02/25/marine-credits-karma-for-2-million-jackpot/) |