There are plenty of types of online jackpots and games out there, from those which drop daily to the area-wide progressives that accumulate over time. When it comes to the really big ones, how the prize is paid out can vary greatly from one provider to another.
Imagine hitting a huge jackpot, a massive multi-million euro prize. When the magnitude of the win sinks in, you’ll probably start thinking about how you’re going to spend it. Will you buy a house? Take a dream vacation? Customise a Lamborghini? All very reasonable and affordable, you might think, depending on the size of the jackpot win.
But for massive jackpots, these may be paid in either lump sums or annuities. In a nutshell, lump sum payouts are exactly what they sound like – you receive all your winnings at once, in one ‘lump sum’. If you were the lucky winner of a €2 million jackpot, you would receive all €2 million at once (more than enough to buy that Lamborghini).
Annuity payments are a bit different and will vary greatly across platforms, casinos and jurisdictions. But the overall gist of it is that you will receive your winnings in smaller payments. So, while a lump sum gives a winner exactly that, an annuity might only pay out a few thousand every month (you may have to wait for that Lamborghini).
Players spinning for their chance to win on any of the Microgaming progressive network games, including those featuring the WowPot jackpot, needn’t worry about receiving potential winnings in dribs and drabs, as all winnings are paid out in a lump sum in the currency the winning player was playing in. And as Microgaming’s progressive jackpot network has shelled out over €1.2 billion in winnings since inception, that’s A LOT of lump sum payments!
Just remember that games like Wheel of Wishes and Mega Moolah have the potential to award big jackpot wins, but gambling should never be seen as a way to make money. Please always gamble responsibly – that is, within your means and for fun, not profit!