Casino vs. lottery payback to the player

The differences between casino and lottery winnings

Everyone certainly dreams of winning the lottery, but realizing it often just feels like a distant dream. However, with online casinos, winning large sums of money has come closer to us than ever. Now anyone can become a millionaire just from their couch at home. However, there are differences between lottery winnings and casino winnings which of are good to be aware of before choosing where to put your money. That is why we at Nordicspin compiled the most important information on how casino games and lotteries differ and what the difference between the winnings from them really is. Finally, we will go through the issues related to the taxation of profits.

How are casino games and lottery different?

Many are familiar with the traditional lottery and maybe even a bit of casino games, but may still wonder what the differences between the two at the end of the day really are. The biggest difference between online casino games and lottery is probably, first of all, the way in which winnings are made. Where lottery always or at least most often requires the filling of a lottery ticket, you can reach casino games from the comfort of your home couch. Of course, today many online casinos also offer lottery games, but they are less often similar to the traditional Finnish lottery.

However, online casino games have a completely different thrill compared to lottery. Slot and other casino games involve the player more than scratching regular lottery numbers. The excitement of gaming is also more present, as winnings often accrue spin-by-spin. As a result, an online casino player may feel more present in the game than in a regular lottery.

Which has safer and bigger wins – the lottery or the casino?

However, the most significant factor behind choosing a game type is probably the chance of winning that comes with it. The lottery is advertised as a jackpot of big numbers and every now and then we read that someone has won millions. In fact, the probability of winning such a jackpot is very small, and once you win the lottery the amounts are relatively small.

Casino games, on the other hand, offer a whole new kind of opportunity, as there is not just one jackpot on offer, but numerous different games from different game providers where it is possible to win big ones. Thus, winnings from casino games are both more typical and greater than in the traditional lottery. Many slot games also offer a jackpot section where you have the opportunity to win amounts like the main lottery in just one spin.

Do I have to pay tax on my winnings?

One of the most important questions when comparing winnings from casino games and lotteries is probably related to the final amount. The good news is that both online casinos and Veikkaus lottery winnings are tax-free for their players, so no nasty surprises are promised in this regard. However, there is a significant difference in payout between the two. Where online casinos can make a win almost immediately after taking verification of your ID, in large lottery winnings, you have to wait up to 21 days for Veikkaus. Of course, there are also differences between these casinos in these matters.

Now, we have gone through the main difference between lottery winnings and casino winnings and found that casino winnings are generally higher than the probability of hitting the lottery jackpot. To find the best casino winnings, you should head to Nordicspin’s online casino, where the winnings are tax free and big!