5 THINGS TO DO WHEN YOU WIN A BIG AMOUNT OF MONEY
Every bettor is waiting for that moment when he'll "hit the jackpot" and win a big amount from a combo bet with many selections and big odds. This rarely happens, but you never know when you can be the lucky winner, so it's better to be prepared. Although many people think about winning big amounts in order to fulfill some of their biggest dreams, they never know what to do with the money once they have it.
We're going to tell you 5 important things you need to do if you win a big amount of money from an online bookmaker (regardless of category, it can be from sports betting, casino, live casino, poker etc.).
1. Once you win big, you need to stop gambling right away! It's in our human nature to want more, but once you manage to win a big amount, don't push your luck too much! You've probably heard of stories with bettors who won thousands, tens of thousands or even hundreds of thousands and then lost all the money; you don't want to be like those people. After you win, it's better to withdraw your winnings asap and stop playing for a while.
2. Prepare your documents. It doesn't really matter if you're already verified by the online bookmaker, because they'll probably request (again) the same documents and even more in order to prove your identity (ID card, passport, utility bills on your name, photos with you holding a document etc.). Usually, before paying a large amount they need to be 100% sure you're real and everything is legit.
3. Prepare to wait some time before receiving the money. Large payments are usually delayed because bookies need to verify your documents and activity before processing any withdrawal request. If you won as a consequence of a 100% correct activity and the account you use has real data, then you'll definitely receive your money, but you need to be patient. Don't start spamming the operators with emails if they don't answer you in a minute.
4. Choose wisely the payment method. Most online bookmakers usually request you to withdraw the winnings using the same payment method you deposited with, but in such cases they can make exceptions and allow you to withdraw through any payment method you want. In this case it's good to use a payment method which will accept large incoming transactions and which will not charge you big fees. If using a bank wire, it's good to contact the bank before and ask about all the details (limits, fees, declarations etc.).
5. Don't forget to pay your taxes. in most of the cases you need to declare your winnings, especially if they are big winnings and pay taxes. If you don't do it, there's a chance you'll be contacted by authorities and fined for tax evasion. Therefore it's better to be a good citizen and fulfill your obligations.
You may also want to read the following:
Big winnings payout problems
Do bettors have to pay taxes from their winnings?
Maximum winnings
