Are you looking for booming jackpots from slots? Progressive slots are what you are looking for. Progressive machines are some of the most popular slots in casinos, as they offer very impressive prizes running to millions of dollars. Players flock these machines in casinos as no other games offer such lavish pay-outs.
We are going to learn what casinos mean when they say progressive machines, their benefits, and how they work. Read on.
What are Progressive Jackpots?
Progressive jackpots are pay-outs on gambling machines, such as video poker machines and slot machines, in casinos. They are usually marked as progressive machines, so players may be aware of that before they sit down to play.
Each time the machine is played, the combined jackpot winnings increase by small supplements. The casino sets the small chunks by which the jackpots are increased. On numerous occasions, these machines are linked so that the total increases faster as multiple players playing at different machines concurrently.
Each of the slots has a meter that displays the amount of the jackpot and the winning combinations that are needed. On a slot machine, for example, you might need five cherries showing to win. Once you have won the jackpot, the meter resets to the lowest level, and the process starts again.
Gamblers usually have to wager the maximum bet per play to qualify for the jackpot winnings. When the maximum is not wagered, the bet will still contribute to the jackpot, but the player is not allowed to keep the jackpot winnings should it hit on that play.
The Benefits of Progressive Machines
Though casinos have progressive slot machines to lure players to play, the number of machines in the casino are not many. The casino is usually willing to make a small contribution to the progressive jackpot winnings, but the odds always give the casino an edge over the players.
Gamblers love progressive jackpots because if they win, they win big. The size of the jackpot can quickly escalate from hundreds to thousands. Players risk their losses by feeding the slot for a chance to hit the progressive jackpot.
Progressive jackpot machines usually don’t pay out jackpot winnings frequently, because the casino presets the increments. The machine needs to be played for a while. The odds of winning faster pay-outs are on progressive machines are not as good as on regular slot machines.
How Progressive Machines Work
As already mentioned, progressive machines are distinct from other slots because their jackpots increase with every bet. The idea behind is quite simple: a small percentage of every bet feeds the pool of cash until one player hits the winning combination, which sets off the jackpot pay-out. Logically, the highest jackpots are won on games that have the most top wagers and the most players.
When a player hits the progressive jackpot, a few things happen. First, the machine locks up, lights flash on and off, and the player is instructed to call an attendant. The machine then sends an electronic signal to the control to notify the casino about the win.
Most of the progressive jackpot winnings are huge. They range from $10,000 to $1,000,000. Before the winnings are paid, the casino has to send someone to verify that the machine was operating well when the player hit the jackpot. The casino must confirm that the win is genuine.
The player who hits the jackpot can either be paid in cash or check. When the winnings are more significant, the pay-outs could be split. An amount could be paid by check on the day of winning, then the player can set time, say 60-90 days when they can collect the rest of the jackpot or an annual annuity.
Here are a few interesting things that you might need to consider before investing in a progressive jackpot
- Qualifying- this is one of the most important things that a player needs to learn. This is because not every wager on a progressive machine leads to winning an attractive pay-out.
- Jackpot Meter- the jackpot meter is another essential aspect of progressive machines. When the jackpot has been won, the amount of the highest pay-out resets and goes back to the lowest level from which it started.
- Odds and Expected Return- the odds of hitting the jackpot on a progressive slot are usually very thin, sometimes smaller than winning the lottery. If you remove the jackpot from the calculation, the house edge becomes different.
Who Pays Out the Jackpots?
Smaller pay-outs are paid by the casinos or I-casinos (online casinos). These include the lower level jackpots.
In bigger prize pay-outs, the software company is involved, primarily when the linked progressives are hosted in multiple locations.
The Biggest Progressive Jackpots in History
The highest progressive jackpot ever recoded is $39.7 million. It was won in the Excalibur Casino, Las Vegas, on one of the most famous slot games, IGT’s Megabucks. For a very long time, Megabucks was only available on physical slot machines across many gambling facilities around the globe. This was until recently when IGT added it to a portfolio of online games. Online slots are however, yet to hit such high pay-outs, but they are rapidly gaining popularity and making pay-outs to more and more players.
For example, Mega Moolah is known for the big pay-outs it regularly gives to players across the world. The game is commonly referred to as “The Millionaire Maker.” In 2015, a British army soldier, J. Heywood, won £13,213,838.68, by placing £0.25 bets on Betway. Canadian Marcus Goodwin won CA$11,633,898 in 2016. A Maori man in New Zealand took home NZ$10,144,395.82 a few months before that.
Another remarkable pay-out was of €17,861,813 unexpectedly won by an anonymous Finnish man in January 2013 at Paf Casino. The man got the right combination while playing NetEnt’s Mega Fortune. In 2011, a Norwegian student who was trying his luck with free spins won €11,736,228, while playing the same game.
In mobile jackpots, the highest pay-outs have been at Microgaming’s Mega Moolah. On August 28, 2016, a woman hit a jackpot of €7,968,311.26. She was playing the game on her mobile phone. It was the most prominent mobile win ever recorded until less than a year later in April 2017. A mobile player at Tipico Casino won €8,012,153.35
Progressive jackpots are very popular as they provide stunning pay-outs. They are pay-outs on gambling machines, like slots and poker machines. They are usually marked out in casinos so that players are aware.
The number of progressive machines in casinos are not many. The jackpots winnings also don’t happen as often because the house sets the increments. The odds of scooping the progressive jackpot are minimal compared to other games such as lotteries.
The casino pays smaller progressive jackpots while the software company pays larger ones.