Snowballs, Progressives And Coveralls
Do You Check The Terms And Conditions?
Be honest folks, how many people read the full terms and conditions when they register on a bingo site? I know that I certainly don’t. I can probably count on one hand the number of times I have actually read them. However, it's certainly something I would recommend, as I think you might find it both surprising and shocking, especially when it comes to many of the big million pound jackpot games out there.
Using one of my favourite online bingo sites as an example, let's look at Wink Bingo. I looked into the terms and conditions of their jackpot coverall games and was surprised to find that if you had purchased the winning ticket on the £5 million coverall and won the full amount, you won't get it all at once. The payments are paid out over 30 years at £166,666.66 per year. Not an amount to be sniffed at but not quite as attractive as a bank balance with £5 million in it, especially if inflation carries on the way it is!
According to the break down of winnings and payment terms, if your winning ticket won you £500,000, it actually equates to £16666.67 per year for 30 years. Sadly not enough to give up the day job but would certainly cover the household bills, pay for a nice holiday and allow you to play bingo without worrying what the bank manager will say. I must stress though, these restrictions only apply to the big coverall jackpot and not to Wink's monthly big £10,000 games. You get that money straight away and in one lump sum. Wink Bingo aren't alone in doing this, the big £1,000,000 game run on most Globalcom / 888 Holdings sites all have the same restrictions in place. If you win the £1 million jackpot, you'll be enjoying £33,333 a year for thirty years, but you'll never technically be a millionaire.
The same applies to big slot game wins and some other online lotteries. I believe it's something to do with the insurance they need to actually run the games in the first place. As it happens, this £1,000,000 prize is pretty difficult to win given the extremely low numbers required to win. I don't think one's been won yet, but when it is, it will be interesting to see if the winner actually looked at the terms and conditions first and doesn't get a nasty shock!
Posted 2:19 AM |
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