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BIG WIN – WHAT NOW?

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Did you know that, at any time, there are progressive jackpots worth millions in play? Head online and you can easily check the status of every progressive slot and see where every jackpot currently stands.

At the time of writing, the total jackpot pool is a mind-blowing £86,590,947.00. It changes every time a slot if played. At the Casino Listings website, they have been monitoring progressive slot jackpots since 2009. The total paid out: £2,603,105,596.00. Yes: that is £2.6 billion.

Most of that total is from relatively small wins of less than £1,000. However, there are 100s of new millionaires who hit a fat win on a lucky spin. The bottom line: they may be very rare but jackpots do land.

What do you do when you score a big one? Here’s our top ten guide to getting wise with those winnings.

1. Kill the Credit

It’s no secret that credit and store cards are some of the most expensive ways to borrow money. The typical Annual Percentage Rate (APR) on a credit card ranges from 16% to 25%. For store cards, the APR is even higher, with an average of around 25%.

Basically: you are paying money to borrow money. In the case of these cards, it’s often a lot of money. Clear these debts first and enjoy the freedom.

2. Home A Loan No Longer

Mortgages are one of life’s essential hardships: huge loans that enable us to buy our own home. The lender takes a risk and it comes at a cost: interest. Fixed or variable, we all pay a huge amount to borrow that money and it takes decades to clear.

Extending a mortgage is often the cheapest way to borrow money but – as you have just pocketed that progressive jackpot – you no longer need that loan. Clear the mortgage and own your home. Do watch out for early mortgage closure penalties in your contract. It might pay to wait a few months before settling to avoid additional charges.

3. Keep It Real Estate

Someone famously once said that ‘landlords get rich in their sleep’. House prices can rise and fall but Rockefeller, Carnegie, and Trump can all vouch for the value of property. It’s hard to lose and difficult to steal. Get a well-behaved tenant and it can also make you a nice income.

4. Get A Pension

Windfalls can come with a heavy tax liability. One way to claw back some of that cash is with a pension. Seek a reputable financial advisor and futureproof that jackpot win. Bet on the future, and make sure you’re still smiling about that lucky spin in your golden years.

5. Get Arty

Investing in art is not only a sensible way to lock up some money. It’s also a lot of fun and looks great on the wall. The one golden rule: buy what you like. This way, if it tanks in value, at least you get to enjoy it.

One good way to lock in the value of your arty asset is to buy ‘a name’. Investing in a Banksy, Warhol, Hirst, or Emin is a fairly safe bet. These artists have been around for a while and their art holds its price. Make sure anything you buy has good provenance.

6. Accelerate and Accumulate

If you have got the willpower to park it in the garage, a classic car is always a rock-solid investment. Consider the Ferrari 250 GTO. Only 39 were ever made. In 2018, a mint condition 1962 model sold for $48.4 million. Don’t leave that in the layby overnight.

7. Wine On

The key to being a successful investor in the world of rare wine is not to drink your assets. Away for the weekend?? You better make sure they don’t make a bowl of punch out of that 1945 Domaine de la Romanee-Conti. It sold for £424,000 in 2018.

But seriously, wine is a good investment with some great returns. A diminishing asset that holds its value. Take advice.

8. Coins, Comics, and Other Collectables

A little knowledge can be a dangerous thing but, if you are passionate about comics, coins, or any other collectible, you can indulge your hobby with a jackpot win. Now you can afford to buy that gold sovereign, first edition of Batman, or Gibson guitar that Eric Clapton played when he was in Cream. At worst, you’ll get a kick out of them.

9. Cryptocurrency

The world of Bitcoin is a rollercoaster. Siphon off a little bit of your jackpot win and explore cryptocurrency. This is definitely not a safe investment but there is money to be made, if you dare ride the waves of Bitcoin and other digital currencies.

10. Enjoy

You’ve invested. You’ve been sensible. Now, it’s time to enjoy your jackpot. Take that holiday of a lifetime, turn left when you enter the plane, cruise the world, buy that five-carat shiny rock. You only live once and, as someone famously once said: if you do it right, once is enough. Good luck winning that jackpot!

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