When you play at any land based casino, if you win a progressive jackpot you’re paid out in full immediately. So you would be forgiven if you simply expected online casinos to do the same.
For the most part, Microgaming powered online casinos do pay out progressive jackpot winners in full, but lately there has been a re-awakening of the topic on the CasinoMeister player forums regarding Playtech powered casinos who do not payout progressive wins in full but instead pay their progressive jackpot winners in instalments. Of course these “maximum withdrawal” and “instalment” rules are included in their terms and conditions, but are definitely predatory terms.
Discussions surrounding the topic bring back memories of the seemingly lucky player known as “Sylvia P” hit a progressive jackpot to the tune of almost $4.2 million at Joyland casino in 2009, which the casino paid out at $9,000 per month in spite of receiving the jackpot total in full from Playtech.
With this payment arrangement in place, it meant that even without taking interest into account, the casino would have taken nearly 40 years to pay the player out in full! Not to mention the fact that the player had to bear the risk of the company going out of business or changing hands, which it actually did.
Once the new management was in place, they pressed their advantage in the precarious situation and offered the player a “deal” of half of the jackpot value in cash but they did so using an unofficial e-mail address – perhaps to distance themselves from the questionable offer. After months of attempting to resolve the dispute, the player decided that she felt that the casino was dishonest and underhanded and opted to take the $2.3 million offered to her to ensure that she in fact got something out of her win, meaning that she walked away with little over half of what was actually owed to her and the casino actually closed her account so that she could not play there again.
When approached on the matter, Playtech took the casino’s side in the matter, stating that the casino was covered by the Terms and Conditions to which the player had agreed.
After this matter, Joyland Casino was acquired by the William Hill group and of course, they found no evidence of the unpaid portion of the jackpot which had been paid out by Playtech, it had seemingly vanished without a trace.
This is just one example of what can happen if you play at over 40 Playtech powered online casinos that include the “instalment” and “maximum withdrawal” clauses in their terms and conditions. These clauses are completely unnecessary, given the fact that Playtech pays the casino out in full for progressive jackpot wins – and the question remains why can’t they pay their winners in the same way?
It is unethical and unfair for a casino operator to make the player bear the risk of the casino going out of business without completing payments or simply enjoying the benefits of earning interest on substantial sums being retained in their accounts while the player is doled out small monthly instalments over decades.
While many Playtech powered online casinos are trustworthy and offer excellent games and service, with these types of clauses in place if you’re a progressive jackpot games fan, it would be better to play at a Microgaming powered online casino like Spin Palace.