Mediaset’s TV quiz shows are changing their skin and, above all, changing the payment of winnings: from prizes in gold tokens, they are moving to prizes paid with real money.
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A historic turning point that truly radically changes the idea of the game: not that gold tokens were insignificant winnings, quite the contrary. But between currency exchange, taxes, and other factors, the amount was always far less than the nominal value advertised on television.
Since February 1st, the change occurred for the first time at Mediaset, in one of its flagship programs like “La Ruota della Fortuna” hosted by Gerry Scotti, who will soon introduce the new payout in another successful format: “Chi vuole essere Milionario?“.
Let’s look at the details.
Mediaset Quizzes: Gold Tokens and a 70-Year History
In the beginning, there was Rai. In the mid-fifties, TV began to spread in the country, and the only channel available, Rai 1, brightened Italians’ evenings with various programs, including the famous “Lascia e Raddoppia”. For contestants who played the game, there was the possibility of winning significant prizes, especially considering the cost of living at the time.
Winnings in Gold Tokens: this was the stroke of genius to increase individual winnings, which after conversion and tax deductions resulted in the lucky contestant receiving much less than the gross amount. Certainly not a scam, quite the opposite: but a peculiar way to encourage people to participate in TV quizzes and invest less money than advertised.
To be clear, 100 million gold tokens never had the same value as 100 million lire (about 60 million in old currency): or to stay with current times, 100,000 euros is not 100,000 euros in exchange. The fact is that contestants in the history of TV quizzes, once they received their winnings, always had to convert the gold tokens into real money.
Here comes the first obstacle, in light of a gold market that experiences roller-coaster rides, with extremely high peaks and unbridled descents. Those who can wait, wait for the ideal moment to exchange the gold tokens, but many exchanged those winnings in a short time and often found themselves in a phase of decline in the gold market.
Once the winnings were converted from gold to real money, here comes the second step: deducting taxes, which over time have risen to the current 20%, VAT, and other charges. For a practical example, in case of winning 300,000 euros in gold tokens, the conversion into real figures would be between 180 and 190 thousand euros: all this due to currency exchange, 22% VAT deduction, 20% taxes, plus 5% costs for gold shipping and melting.
In short, a tortuous path, complicated for many and now obsolete for everyone. Thus, after 70 years, the epochal turning point arrives, paving the way for the retirement of winnings in Gold Tokens and opening a new era: at least in Mediaset programs, while waiting to see how competitors like Rai will move.
How the Conversion from Gold Tokens to Real Money Works
The nominal winnings in gold tokens, on average, suffer a deduction of over 40% of the nominal value due to gold exchange rates, VAT (22%), withholding tax (20%), and melting/shipping costs (approximately 5%). Gross winnings of €100,000 are reduced to approximately €60,000-€65,000 net, often converted directly into cash by metal dealers.
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Key points on conversion:
– Taxation and Costs: Winnings are subject to a 20% withholding tax and VAT (22%).
– Conversion via Metal Dealer: The fastest method is to have the equivalent value credited in cash by an authorized Metal Dealer, with an additional 5% commission.
– Gold Value: Tokens are usually 18-karat gold (750 fineness), with rare exceptions.
– Physical Option: The winner can request physical shipment of the tokens but must manage the sale, shipping costs, and security.
– Timelines: The regulations stipulate delivery or conversion within 180 days of broadcast.
Mediaset Quizzes: How the Payout Changes
And we arrive at the present. Mediaset, after a very long wait, has broken the deadlock and changed winnings from Gold Tokens to real winnings. The debut took place on Sunday, February 1st, within the well-known program “La Ruota della Fortuna“: a format born in the United States in the 80s and arrived on Canale 5 in the early 90s, hosted by the legendary Mike Bongiorno.
After over 30 years, the program is now hosted by Gerry Scotti, who, by his own admission, stated: “I’ve been asking for the change in winnings for at least 20 years. Finally, we are entering a new era, and after La Ruota della Fortuna, “Chi vuol essere milionario?” will also change its winnings soon.” Two flagship programs for Mediaset. Uncle Gerry is also breaking all audience records.
Returning to Sunday’s episode, the first historic contestant to benefit from the new payout is Paolo: a 19-year-old student who won 20,000 euros in the game. The young man will receive a bank transfer of 16,000 euros, with a deduction of 4,000 euros (20% tax) which will go to the Italian treasury.
A procedure that is certainly more streamlined and less convoluted than Gold Tokens, but above all more profitable for the players. To return to the example we made earlier of 300,000 euros in gold tokens, let’s see how much remains net with real winnings. A prize of €300,000, net of the 20% tax (the famous “tax on luck” applied to winnings exceeding 500 euros), is €240,000, with the state coffers receiving €60,000 in return. A clear monetary difference, for both players and the treasury.
What Will Competitors Do?
Will the payout change in Mediaset quizzes have a domino effect on rival TV quizzes? Almost certainly yes. The new prize format is undoubtedly a calling card that not only changes the history of games but risks creating a clear divide between Mediaset and other competitors if the latter decide to stick with winnings in Gold Tokens.
As we have seen, both in terms of procedure and net winnings, Gold Tokens are obsolete prizes today compared to prizes in real money. The examples provided by us, as well as the first winnings awarded on La Ruota della Fortuna, show how vast the gap between the two types is.
Therefore, we can expect an epochal change soon on Rai networks, as well as on other networks, to avoid being left in a bygone era and prevent a sort of hemorrhage of contestants, who in turn will decide to participate only in quizzes that offer real money prizes.
Time will tell if this prediction is accurate or not. In the meantime, to put it like Mike Bongiorno: “Allegriaaaaa!!!!“.
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