Question: When a person wins the jackpot on a progressive slot, when do they receive the money? Do the winners have an option of receiving their money in a lump-sum payment or via annual payments over a period of time?

Leon in Columbus, Ohio

Answer: I'm going to use this opportunity to talk about all jackpot payouts, in case you are lucky enough to hit one.

Jackpots up to $1,199.99 are paid in cash on the spot. If you hit those individual progressive slots (like the Blazing 7s) or one of the smaller jackpots worth several hundred dollars, flag down a casino attendant and she will hand you the cash. If you are playing one of those ticket in, ticket out machines, it will spit out a ticket for your winnings that you can cash in at the casino cage.

Non-progressive jackpots above $1,200 are also paid in cash, or , if you prefer, for larger amounts. But you have to fill out an IRS form first. That's right, the government gets its cut on anything above that amount. Make sure you have a valid ID on you because you'll have to show it to collect your dough.

The payout on progressive jackpots depends on who is managing the jackpot (the casino or a slot machine operator) and how much it is. Many hotels have their own banks of progressive slots, where the jackpots are worth thousands or even tens of thousands of dollars. Most of the time these will paid just like the non-progressive jackpots listed above, usually with a check or a combination of cash and check.

The progressives that are managed by slot machine companies are a different story. This applies to the progressive jackpots that are accumulated through play in a multiple casinos such as the Megabucks, Wheel of Fortune, Elvis, Regis' Slot Club and others.

In most instances, the casino in which you won will take care of all of the forms, but you'll actually receive your check from the slot operator. Most of the big jackpots (above $1 million) are paid in installments over 20 years or more, and there is no lump-sum payout option, although you can negotiate with the jackpot administrator to take a payout.

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