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Disbursement Confusion

A video poker player in the UK won a huge progressive bonanza jackpot recently, but he is a tad confused by the payout method. Traditionally, online casinos and internet poker or betting sites pay out player winnings in cash. But interestingly, Pharaoh’s Casino.com plans to pay the UK winner his $117,248 win in monthly installments rather than a full lump sum as most expected. Though not unheard of in the online casino industry, the announcement was unexpected and the player is currently looking to clarify why the casino plans to disburse his winnings in this manner.

The online casino is looking to pay Gavin an initial $20,000 down payment on the win, then an additional $10,000 each month thereafter. And though that is a route that gamblers occasional choose if they fear they would blow a lump sum, the online casinos will not pay interest on the money, so in the long run, Gavin would be better to take the lump sum, take the tax hit, and invest a portion of his winnings.

But that beyond that issue with the win, the online casino video poker winner is thrilled to have won such a large sum and already has plans for how he will spend a portion of his winnings. Gavin recently graduated from a University in the UK, and has plans to continue for his Masters. And with those educational goals, he is definitely pleased that he can eliminate student loans and continue his education without the accompanying debt. He also notes that though he is an occasional online casino player, he has never won such a large sum of money from gambling.

Gavin comments, on his plans for the online casinos winnings, “It will also fund my further study. Not being in debt at the end of Uni is a huge relief; to be honest, it's my first ever really big win and such a large amount of money that I think it will take a while to sink in!"