Do you win real money on Mega Moolah and how is the jackpot paid out?
There are many odd questions that people ask about the Mega Moolah progressive jackpot slot. It is almost as if some people cannot believe that you can log into your casino account, deposit into your account and then play through spins, often as low as 0.25 per spin, and stand a chance at winning a life-changing amount of money, worth at least a million and often considerably more than that.
You can perhaps forgive their scepticism. They may come from an era when online gambling was but a mere inkling of what was possible in the distant future. Yet a trawl through some of the more common searches for Mega Moolah reveals that one of the most commonly asked questions is "Do you win real money on Mega Moolah?" which is a bit of an odd thing to ask, as if it wasn't real money, what do those people think that Mega Moolah offers?
The cause of the confusion?
I think part of the problem here could well be that if an online casino offers a customer a chance to sign up to their casino with an offer, then this offer usually has a number of terms and conditions attached. For example, Zodiac Casino offers customers the chance to earn 80 Spins on the Mega Moolah slot for just a £1 deposit. However, there are certain terms and conditions regarding this offer which must be met.
Firstly, if a player wins cash using their offer bonus on the standard Mega Moolah game, or in Free Spins, then they need to complete a wagering requirement in order to withdraw the funds to spend. This is standard practice across the industry for almost every type of casino offer you can find today.
The reason for this is simple, if casino's didn't have the wagering requirement, then they could risk going bust as players take up the offer, make a small profit off their spins and then withdraw the money. The player loses nothing and the casino has all the risk. This is not the best business model in the world!
As such, casinos need to have these wagering requirements in place to ensure they can continue to offer these promotions to players. Players are happy to receive them as they get more spins for their money.
However, what Microgaming have stipulated is that if a player wins the Mega Jackpot on Mega Moolah, regardless of the situation regarding their bonus, they must be able to receive their prize in full. So, if you win the Mega Moolah jackpot on your qualifying spins as part of a starter bonus, then you will receive the cash in full.
This does apply to progressive jackpot wins only. Wins on the Mega Moolah base game, Free Spins or similar are still subject to the standard wagering requirement for the casino.
Mega Moolah rules
Microgaming do have some pretty stringent rules in place regarding the progressive jackpot prizes on the Mega Moolah slot and any casino offering the game would have to abide by these rules in order to offer it to its customers.
Chief amongst these rules is that if a player wins the progressive jackpot prize, then they will be allowed to receive their prize in its entirety, in the currency that their qualifying bet was made in, in one transaction.
This means that you avoid a situation like you get in the US where a player can win, say $800 million on a lottery game, but due to the laws in the country, they may only receive a small fraction of that as a lump sum. The rest go into federal and state taxes.
Furthermore, it is worth remembering that in the UK, any Mega Moolah win is tax-free. This is not the case in some other countries where gambling wins are subject to taxation. Greece is one such country where the government has introduced a "gambling winnings tax" in an effort to plug its budget deficit. The way it works in Greece is that winnings below €100 will go entirely tax free, but anything above that and up to €500 will be taxed at 15 percent, then then winnings above that will be taxed at 20 percent. So winning a Mega Jackpot on the Mega Moolah, which stand at 2.7 million, a Greek winner would have to pay around half a million euros in tax.
What Mega Moolah could offer instead of a lump sum cash prize
So now we have ascertained that Mega Moolah does indeed offer its winners clear, verifiable cash as the winning prize should they land the big massive jackpot, let's now head to an alternative reality where the Mega Moolah slot still exists, but where this slot can pay out its jackpot in a number of different formats. If this was possible, how would you choose to have your Mega Moolah jackpot paid to you?
Could you imagine asking for your jackpot prize to be awarded to you over, say, five years? There is a reason why winners of the big US lotteries take their winnings in a lump sum and never choose to take it over 30 years, which is an option for them. After all they would have a steady income stream for the next 30 years! The reasoning is quite simple; we never know what happens in the future. It's also about scale - if it's a smaller amount that you receive over many years, your investment risk is proportionally higher. It's better to take the whole amount and make an investment decision for your entire windfall.
Given that, Microgaming made the best choice possible and pay Mega Moolah winners in cash and let the individual decide how best to spend it!
Byline: This article was published by Mega Moolah expert Henry. Media and other enquiries.