Online casinos might not be legal in India but there are several casinos where it is legal for Indians to play. With a surge of online casinos that offer large jackpot wins, many can now explore the world of online gambling in a safe way. It is no longer a grey world where you are unsure of how the games are designed, surety of wins and of getting payouts as per terms mentioned.
For the Indian audience, it brings in more options in online entertainment. As with the rest of the world, the growing consumers of smartphones and tablets and online services are large in India. Though gambling is yet to get a legal presence in this country, there are many domains that offer alternatives where one can play games of chance and gain wins as well.
Wins and Payouts
If you are wondering what kind of payouts you can get with online casinos, the RTPs are a fair indication of the kind of returns that players can get from different games. Though slot games are largely popular, their returns range between 95 to 98% which is lower compared to table games and live casino dealer games even. Nowadays casinos have live sports betting as well, where you can not only enjoy your favorite sports such as River Combat but also earn prizes and cash on your bets.
However, most of the slot games come with the added attraction of jackpot prizes. There are many which include millions, especially those that include progressive jackpot wins.
Jackpot Wins and Taxes in the US
If you are in the US and have won the lottery, you might be delighted to find that the win amount is higher. For instance, Powerball draws promise lottery wins of about $381 million. Though the chances of winning the Powerball is equivalent to 1 out of 292 million, however, if one does land that lucky chance, they would find about 24 percent of their earnings being withheld due to federal taxation policy. That might not be the only amount they pay as most lottery earners have learned. Much more becomes due to the IRS in time.
Mega Moolah Slot Wins
There are many online casinos that offer multi-million jackpot prizes in their games. One such legitimate portal is Leo Vegas online casino. It is one of the portals with an international presence and many games here include jackpot prizes that are in millions. One such popular slot known for its multi-million prize is Mega Moolah Slots and its online jackpot India. As with most casino portals, this popular slot game by Microgaming is a favorite of most players. In 2019 itself the total payout in the first half of the year has been 53 million for this game across different gambling domains.
The average payout of this slot has been 8,841,497 in this year itself; indeed, as per statistics of game payouts, there are few other titles that have offered such large payout sums as this particular title. The Jackpot bonus round is triggered at random but with a fair return percentage of 94%, this slot’s RTP remains lower than most. Even then, as with lottery prizes and their win probabilities, the more people spin the reels, the more chances of one ending up lucky with a large sum to take home.
Taxes in India
When it comes to taxes in this country, lottery wins of any kind attract about 30% in taxes. It is a steep figure and could also be 35% as per the income tax category that one falls under. Hence, any mega win from any lottery or slot game online would attract taxes accordingly.