Gambling is about one thing and one thing only – winning!
Nobody gambles to lose, and the chance to win big is what drives everyone who plays slots, bets on football or the lottery.
For those dreaming of winning big, there’s one slot of choice that has set the bar time and time again for big payouts – Mega Moolah.
Developed by the titan of online gaming that is Microgaming, this progressive jackpot game promised a cool minimum of £1M guaranteed when it launched. Since then, it has become synonymous with big payouts. Best of all, slot payouts tend to be instant, and when they are in licenced and regulated markets, a company’s operating funds and betting funds are kept separate, so you won’t have any problems getting your hands on the cash.
In 2021 some lucky so and so walked away with a truly impressive NGN 11,523,417,757 from playing on this
At the time of this review, the Mega Moolah jackpot was already climbing well above NGN 3,218,296,249.
Which begs the question – what would you buy first if you won big? Build a rocket ship, a roller coaster or a new wardrobe?
The first thing you’d need to pay is the taxman. All winnings from betting in Nigeria are subject to taxation. Expect to pay about 20% on winnings, which means if you won NGN 3,218,296,249 you’d pay NRN 643,659,249 in tax. Even so, that’s still plenty of money to have some fun with after you’ve paid your dues.
So, what would you buy?
Petrol heads looking to splash out on a brand new Porshe 911 Sport Classic won’t have much change from NGN 120,997,500, while a Porshe Macan T will set you back NGN 27,890,200.
If you’re looking to use your newfound wealth to boost your social standing, buying the home of one of Nigeria’s elite wouldn’t be a bad move.
Purchasing a luxury home like the one owned by famous business tycoon Mike Adenuga might set you back NGN 80 billion, but it would mean you’re now mixing with the social glitterati of Lagos.
Fans of the open seas might plump for a luxury yacht. As the old saying goes, “if you have to ask the price for this indulgence, you can’t afford it”. But be under no doubt you won’t get a lot for your money for less than NRN 221,606,919.
Of course, with all this newfound wealth, you might need some additional protection. Hiring a bodyguard might be a good idea, but it could cost around NRN 664,936 a day.
All of these suggestions are pretty par for the course when it comes to what we would spend if we won big.
But some of those who have already won big have gone in an altogether different direction.
People have built water parks, others have created TV shows, and some have even bought cosmetic surgery for their loved ones.
One thing that most people will consider with a jackpot win is giving to other people in need of support. And there are plenty of good causes to choose from in Nigeria, including the Breast Cancer Association of Nigeria and The Candlelight Foundation, to name a couple.
Giving away money to those in need has to be high on your to-do list should you win.
But be warned, it’s not all pleasant sailing. You will no doubt be deluged by others asking for your help.
And giving to others can cause further problems.
One British winner of the EuroMillions jackpot has given half of her £155M jackpot to charities and says she’s addicted to giving.
Theme parks, luxury yachts and good causes aside, there are a couple of more sensible options when it comes to winning big.
Firstly, it’s probably a good idea to pay off any of your outstanding debts.
Secondly, prioritise friends and family if you’re planning to give them anything. You need to be aware of their feelings. They may be upset if they see you splashing the cash and not sharing any of your wealth because you’ve got caught up in the moment and forgot to give them anything.
Lastly, plan what you’re spending your money on and look at longer-term investments. A mind-blowing 70% of big lottery winners end up broke, with a third declaring bankruptcy.
One of the best pieces of advice if you win big is to see a specialist investor. Living for the moment is all well and good, but what happens two years down the line when you’re back to where you started with no cash?
Why not start your own property business, invest in low-risk shares or buy long-term passive assets such as holiday homes?
