|Nevada gaming regulators Thursday recommended approval of a new slot that offers players a chance to win a jackpot of weekly payments for the rest of their lives.|
The game, called “Cash for Life” is from Alliance Gaming Corp, and it guarantees winners a minimum jackpot of $1.4 million, paid in weekly installments of $1,000,000 over the next 20 years. The jackpot could go higher depending on the total amount gambled.
Players who die before the 20 years would have the payments sent to their heirs for the remainder. Those who live longer than 20 years will receive the payments as long as they live, a unique feature according to Alliance officials.
Players can choose to receive the installments or a lump-sum payment. The lump sum would be equal to the regular payments made over 20 years.
The state Gaming Control Board needed to approve the game concept because of a rule that requires jackpot payments on progressive machines to be at least 1/ 20th of the total jackpot each year. Alliance still must receive regulatory approvals for the actual games once they are developed. The slots could be launched in Nevada casinos before the end of the year, Alliance's Chief Financial Officer Robert Saxton said Thursday.
The lifetime jackpot slots will be hooked up over a Wide Area Network (WAN), meaning that players from different casinos play for the same jackpot.
The playing of slots over Wide Area Networks raises an interesting question in light of the Department of Justice’s recent ruling that all internet wagering is illegal in the US. Sure, playing slots over a WAN within Nevada is legal, but there are plenty of progressive jackpot slots on the Internet that, strictly speaking, are illegal in the US. The only thing illegal about these is that they are played from a PC from another US state.
In light of the recent DOJ opinion on Internet Gambling, the Nevada Gaming Commission will now look at Internet gambling in-state. If the Cash for Life slots take off, this could spur Internet Casinos to pursue in-state only betting.