Limiting Losses after a Huge Jackpot Win
Today’s article is going to cover the topic of how you can limit your losses immediately after you have just spun in a huge jackpot win! Irrespective of whether you are playing slot games in a land based casino or at an online casino!
By limiting losses we mean you put your winnings out of harm’s way by putting in place a system whereby as soon as that magical day comes and you strike it lucky, you are not left at the mercy of the lure of the slot games and get carried away and lose back what you have just won!
Have a look at these tried and tested systems and consider putting them into place when the day arrives, as you never know when that day will come when all your prayers get answered and you win big playing a slot game!
Request a Winning Payout via Bank Transfer or Cheque
If you win the jackpot when playing a slot game in a land based casino, then instead of waiting to get paid your winnings in cash by the slot attendant, ask them would it be possible to pay you by cheque or a bank transfer or even as a refund to your debit card.
By doing this you are going to not have the cash in your hand which can often burn a hole in your pocket and be too much of a temptation, and you could end up playing and losing a fair amount of those winnings back.
Many casinos these days will be happy to arrange payment by cheque, bank transfer or as a refund back to your debit card, and whilst you are waiting for those funds to clear and show up in your bank account you will have time to reflect on the best and most sensible way to spend them!
Request a Withdrawal and Self Exclude Yourself for a Short Period of Time
Should you be playing at an online casino then you will have your jackpot winnings credited to your casino account instantly the very moment they have been won. This will pose one of several problems for you as you may suddenly find yourself playing with those winnings for very high stake levels, the like of which you may never have played before.
Even if you do immediately visit the casinos banking interface and request a winning payout, those funds can often stay pending and therefore reversible for a few hours and occasionally several days.
If you do win big and have requested a withdrawal, then consider self excluding yourself from the casino for a few days, you may be able to do this online via the casino software or you may have to contact the casino support staff.
Let them know the reason you are self excluding is that you wish to take a break from playing so you do not run the risk of losing back your winnings, and this will ensure you will not be able to log back into the casino for the time period you have selected, so make sure you allow enough days for your winnings to be removed from their pending state and to be processed and sent to you!
Leave the Casino and Never Look Back!
When you do win a mega sized winning payout, it is often just a one in a lifetime achievement, and as such the one reason anyone plays progressive slots or any slot offering such a huge jackpot is of course to win that jackpot.
As soon as you have won it then you have achieved that often very elusive goal and some jackpot winners have felt somewhat deflated after the initial excitement of winning wears off. One way of handling a winning situation is to consider giving up gambling, for you have achieved your goal and are unlikely to ever win such a huge jackpot again!
It may be a hard decision to make if you enjoy the occasional gamble, but nothing is going to replicate that one day when you win big, unless you really do beat the odds and win another jackpot! So although a very tough decision to make it may be one worth taking to safe guard your winnings!
Spend, Spend and Spend Some More!
One final way of being able to limit any further losses when you have won a huge jackpot is to go out and spend those winnings. Obviously the best things you can spend a substantial amount of cash on are paying off your mortgage or any outstanding loans or bills you may have and this is something you should seriously consider doing.
Also look into the possibility of opening up a long term savings account, ideally one that requires you to give a long period of notice to make a withdrawal, and then invest your money in that account. You can always keep some money back in reserve to allow you to have a few ongoing slots playing sessions if you like!
If you do win big though always keep on playing the slot games in much the same way as you did, never be tempted to increase the stake levels at which you play, and above all else always set a limit as to how much you will gamble when you are in a slot playing mood and always stick to those limits!
You will have to be a very strong willed and determined slot player to be able to call it a day and stop playing as soon as a huge paying jackpot win has come your way. However, that is exactly what you must do, for we have been aware of lots of players who have been unable to control their urge to carry on playing when they have just won a large jackpot and that is when you run the very real risk of losing all those winnings back to the casino!