When Winning Isn’t What it’s Cracked Up to Be

Say you’ve hit the jackpot at your casino, and you’re beyond elated. You’re going to buy a car, go on a shopping spree and send some to your mom, as well as put some aside for a rainy day. You may be excited and think that nothing can go wrong in your life for a while, but the truth is that even with such a lucky windfall, it’s still possible that you’ll run into a few snags.

big-win

Claiming

Firstly, you might not get paid at all; the casino can easily claim that you’ve won on a technical malfunction, like in the case of Veronica Castillo, who was a millionaire for a few minutes in November of last year, only to have it all taken away by the casino, saying that she only won because of a glitch in the system. Incredibly disappointing, which is why Castillo decided to hire an attorney.

Wins Are Taxed

The second thing to consider after you’ve won is how to properly declare your taxes. The HMRC, for instance, has very specific rules on how gambling losses and wins need to be declared and deducted for your tax return, and if you don’t understand them you risk committing tax fraud.

Help is on the Way!

These things and more can require not only a good accountant, but a good attorney that handles everything from intellectual property rights to mergers, as well as individual investments.

Family

Finally, there is also the personal aspect of winning a large amount of money, which can mean changing interpersonal relationships and tension between partners, as well as distant friends and family suddenly coming out of the woodwork to see if they can get something off of you. People might even start suing for grievances they’d never have considered bringing up.
Hope this helps you to claim and enjoy your winnings with fewer complications. Enjoy!