Florida Man Wins $10.3 Million on Megabucks
A man from Florida has won a massive $10.3 million at the MGM Grand in Las Vegas almost exactly a year after a woman won $17.3 million playing the same game, IGT’s Megabucks. Mark Hodos, an executive producer of “All American Christmas Carol” has said that the money will go back to his Hollywood production company.The Megabucks jackpot was also won last month at the MGM Grand, the largest casino on the Las Vegas Strip. All the Megabucks slot machines are on the same IGT Nevada pipeline which means that the jackpots grow very quickly; furthermore, each time it is won the jackpot resets to $10 million.
Megabucks has been available in Las Vegas for 19 years and has made numerous people multimillionaires. However, winning on the slot machine can be a bit of a financial nightmare. If a player wins $35 million then they will initially only receive roughly $1.4 million.
The winner then has a month and a half to decide if they want to receive the balance in 25 annual installments or a lump sum which will be 60% of the actual win. If the player chooses annual installments then they are likely to have to pay around 40% tax per year.