Progressive Jackpot Odds
The Glam Life PROGRESSIVE JACKPOT $3,840,000.00 3,840,000.00 PLAY NOW. Greedy Goblins PROGRESSIVE JACKPOT $120,046.00 120,046.00 PLAY NOW. Props and futures odds. The advantage of wide-area progressive jackpots is that the amount of the jackpot is many times higher. The disadvantage, though, is that the odds of winning it are much and much slimmer. Sometimes, players prefer to play for smaller jackpots, knowing that the odds are better. As the name suggests, progressive blackjack offers a prize pool that grows over time. Whenever a player makes a side bet, a portion of the wager goes into the jackpot. Over time the jackpot rises until a lucky fan lands four suited aces to win the prize. Of course, online games with progressive blackjack isn't an all or nothing proposition. It is a slot player’s fantasy to hit that life-changing progressive jackpot, thus making their life easy in the future. But there is one truth that every slot player knows that progressive jackpots are very elusive. The reason is that the odds of hitting the progressive jackpot are minimal.
As for the betting options, you’ll basically find online slots with progressive jackpots offering much less flexible odds than a regular fixed jackpot game has in store, (or a flat-top casino slot, as seasoned gamblers would call it). However, the price of such a condition is the tremendous jackpot, the one you couldn’t even dare to imagine!
Who Wants to be a Millionaire? You do!
Megabucks, Mega Moolah, Major Millions, Mega Fortune, millionaires have been
made courtesy of these mega games.
Progressive jackpots have been a part of the slot experience since Megabucks
first hit the casino floors in 1986. IGT’s creation has turned hopeful players
into instant millionaires. Megabucks is a networked slot game with 750 machines
in 136 Las Vegas casinos.
You don’t need to walk through actual casinos doors to get in on this type of
jackpot opportunity, though. I-Casinos have Mega Moolah, Wheel of Fortune, and
dozens of other options available to players right in their livingroom or even
on smartphones and tablets on the move.
As the name implies, progressive jackpots have increasing top prizes that are
tied into the amount of betting volume. A small percentage of every wager goes
toward building the pot and the longer it’s not claimed, the bigger it gets.
There are three types of jackpot games:
- Stand alone – one-off games where a portion of the bets goes to
increase the grand prize for that particular game only - In-house progressive – these are much more common in brick and
mortar casinos and included linked machines but only in-house and not through a
big casino network - Networked – here’s where the massive money comes in as networked
slots are hosted in several locations whether in person or through iCasinos to
build a bigger prize pool through more player interaction
Slots Pay Big
When we talk about the advantages and disadvantages to slot play, one of the
top benefits is always “big payout potential.” Slots may have the largest casino
edge, but they also provide some of the highest rewards through networked games.
$39,710,826! Can you even imagine? In 2013, a Los Angelian playing at the
Excalibur put in $100 and walked away with the
largest jackpot in Las Vegas history on the Megabucks machine. He beat the
odds of one in 16.7 million (an extremely conservative estimate), and can
honestly say that his life changed that day.
That record setting money was won in person, but online players are not left
out either. A Guinness Book record-setting €17.86 million was awarded on
NetEnt’s online
Mega Fortune machine. At any given time, you can find different casino sites
featuring million-plus prizes. Mega Moolah always starts out at £1 million even
if the prize was just claimed. The more you play, the more you’ll know the games
to look for as there are some that are singled out as the best jackpot machines,
even in the virtual world.
Don’t Disregard the Smaller Payouts
There are a handful of those massive payout games, but even more with
ever-changing amounts that range from over a thousand to £50,000, £100,000, and
even in the £500,000 range. Availability depends on the particular iCasino and
the software it uses, as every company will vary.
You can typically find these types of slot games through a dedicated
“Jackpots” link, or if you scroll through the list of games, the current payouts
should be posted as well.
Relatively smaller payouts don’t just apply to the top prizes as some games
have more than one jackpot level. Mega Fortune has a Rapid, a Major, and then
the Mega prize. Approximately 1% of every bet goes to fund the Rapid, another 1%
to the Major, and then 5% goes into the Mega prize pool.
Not Just for Slots Anymore
We’ve referenced a few slot games that stand out, especially for regular
players who are well aware of the top paying games, but other casino games
provide progressive payouts as well. Video poker can have a rising Royal Flush,
and Caribbean Stud, Hold ’em, or Draw are well-known table progressives with
jackpots triggered by side bets.
There are Blackjack progressives, and even roulette can be converted to this
type of game. Microgaming’s Roulette Royale pays players every time a number
repeats. If the number comes out five times in a row, the player is the lucky
(and happy) recipient of the current jackpot payout.
Progressives on Mobile
You won’t find that all progressive games transfer over to mobile casinos,
but a good many of them do, and more and more are being added as new apps are
created. There is more of an emphasis being placed on smartphone and tablet
access as mobile play is on the rise.
In 2015 another Guinness Book World record was broken through the £13.2
million Mega Moolah jackpot, this time the winner was using the mobile casino.
Odds, Strategy, Payouts, and More
What Are the Odds of Winning a Million-Plus Prize?
Odds will vary depending on the game itself. With networked progressives, the
odds should be consistent regardless of your chosen casino, though. One site
wouldn’t be able to offer better odds than another as fairness needs to be the
top priority.
The one thing that does affect odds, though, is the amount of the
wager.
Higher denominations provide a slightly better chance of hitting your
target. The actual odds of winning are not publicly promoted by the slot
providers. In fact, when the Megabucks winner was announced, odds of winning
were mentioned to be nearly one in 17 million, but some say it could be as high
as one in 50 million.
What is the House Edge?
You may be familiar with the term payout percentage or house edge and what it
refers to is the overall percentage that the casino retains from a long-range
series of bets. It’s averaged out factoring in over a million spins, and slots
typically claim anywhere from 82 to 98% as payout percentages leaving the casino
with 18 to 2%. Again, these numbers vary with the machine, the provider, and
with time. For the most part, though, jackpot progressives will be providing a
lower payout percentage to players as that big top payout number needs to be
funded, plus the casino still needs its take. For many of those big name games,
the casino take could be as high as 10 to 15%.
Who Pays Out the Winnings?
The smaller payouts are issued by the casinos or i-casinos, and that would
include the lower level jackpots. The software company only gets involved in the
bigger prize payouts, especially the linked progressives hosted in multiple
locations.
Is the Jackpot Paid Out All at Once?
We hate to be vague but, again, this does depend on the game, the software
provider, and the terms and conditions of the casino itself. As a general rule,
if the software company pays, it will be paid out all at once. If the casino
pays, there could be monthly withdrawal limits that may extend overall payment
issuance by months or even years. Some sites list $5,000 a month of £20,000 a
month as the most that it will issue, so the total winnings are divided out
accordingly.
Because payouts differ so wildly between i-casinos, we’ll use the
example of
Megabucks instead. If a player wins the top prize that starts out at $10
million, he or she receives a check for 1.4 million straight away and then has
60 days to opt for payout in annual installments or lump sum. If the upfront
payout is chosen, the actual check is for 60% of the total prize, and that’s
before taxes. Annual installments spread payments out for 20 years, so most opt
for the 60% scenario and call it a day.
Is There a Strategy to Better the Odds for Progressive Games?
Obviously, there’s no guarantee, but there are a few considerations that may
make a difference.
Step 1 – Find a Random Jackpot Game
If you are very limited on betting funds and
want to play for that big money prize, you are better off selecting a game like
Mega Moolah with a random bonus set-up. That means that the bonus round isn’t
triggered on pay lines. It could pop up at any time. One of the
biggest game winners was only
betting 25p.
Step 2 – Always Bet the Maximum When Required
Although not across the board, most
progressive jackpot games are dependent on a maximum wager. If you’re playing
one of those, you can’t cut corners and lower your bet, or you are totally out
of contention for the progressive amount and may end up with something like a
few hundred instead.
Step 3 – Play the Same Game For as Long as You Can
Play the same game for as long as you can – this could be debated,
but many experts say that you have a better chance of winning if you stay
consistent and play the same jackpot machine for as long as you possibly can to
increase your overall odds.
Why Would I Play Anything Else?
There are a few reasons why progressive jackpots are not always the game of
choice.
- The odds are not in your favor…
The odds of winning are much less
as opposed to a game with a relatively lower prize pool. Extended playing time
is needed to build up that significant jackpot amount, so odds will then be
established accordingly. - Top paying games pay less along the way…
Again, that prize money needs to
come from somewhere, and it originates from the players. If more cash is being
dedicated to one big payout, then you’ll see much few low tier wins on your
quest. - It can be expensive…
Unless you’re playing one of those random jackpot
versions, a maximum bet is required, and the betting can get steep. Even if it’s
a three-reel, one line game and the denominations are one pound, you’re putting
up £3 every time you press spin. Move to a multi-pay line game and the
investment is that much greater. 25 pay lines = £25 if you’re still paying a £1
denomination.
Some Online Progressive Jackpots
Pretty much anywhere you go to gamble online these days; you’ll find a
collection of jackpot games as the appeal of these large money prizes is so
enticing.
Microgaming is one of the largest providers of online jackpot games, and its
collection goes well beyond slots although it is the creator of the popular Mega
Moolah, the game that never dips below the £1 million payout mark. It also
produces Roulette Royale that we previously mentioned. It’s a regular Roulette
game, but players get paid whenever a number repeats. The big prize is claimed
if a number recurs five times in a row.
It seems nearly impossible, but it has
been done, several times in fact.
Other Microgaming progressive jackpot options:
- King Cashalot – a “pick until you collect” bonus game where players opt to discard current winnings for a bigger jackpot
- Poker Ride – a straight flush claims 10% of the jackpot prize pool
- Triple 7’s Progressive Blackjack – allows for a range of betting denominations
- Major Millions – the slot game that starts out with a minimum £250,000 prize
- Tunzamunni – a nickel progressive that’s just a three-reel, one line game and, the current top prize is more than £84,000
- Cash Splash – two versions being a three reel, three coin primary game or the five-reel, 15 line option
- Supajax – Jacks or Better video poker with a Royal Flush progressive
Playtech is another manufacturer of many progressives. It initially provided
a Marvel super hero collection but lost the licensing. Fortunately, super hero
fans are still well accommodated, though, as the
DC Superhero Jackpot is currently over £700,000 and includes games like:
- Batman and the Joker Jewels
- Batman and Catwoman Cash
- Superman I and II
- Green Lantern
All super hero slots are networked together and offer the same jackpot payout
potential.
The Pros and Cons of Progressive Jackpot Games
Progressive Jackpot Pros- Instant millionaires are made
- Now available in most online casinos and their corresponding mobile casinos
- 24/7 access to the action
- Many have lower level jackpots as well
- Non-networked progressives will have better odds
- Entertaining with different themes and bonus rounds
- Maximum bet may be required
- Smaller wins aren’t as frequent
- Prize payout may not be issued all at once
- Greater house edge than regular slots, video poker, or table games
- Table game progressives require a bigger bet
Conclusion
We all know that the biggest progressive jackpot prizes come with odds
similar to winning the lottery. But, if you’re going to play slots anyway, it’s
fun to know that it “could” happen. New games are consistently being released,
and there are games out there to accommodate all budgets. Why not throw your hat
in the ring? You just never know.
Progressive jackpot games are some of the most popular, both online and at land-based casinos. What sets these apart from regular games is the possibility of the player walking away with a major win from a 'pot' of funds that builds up over time.
This pot is created as a small portion, usually around 1- 2%, of all the money staked on the game is set aside for one player to scoop. For some time, it has been possible to link machines together, first at bricks and mortar casinos, and more recently at online casinos.
As there are now so many online casinos, with thousands, or hundreds of thousands of people playing the same progressive games, these jackpots can climb very quickly, to massive amounts. To check out many of the top slots games, visit the Progressive Jackpots site, which not only details what games are available, but also the current jackpot levels, where to find them, and how to claim exclusive bonus deals from the casinos that feature these exciting games.
But what are the odds of hitting a jackpot on a slot machine, Video Poker game, or even Bingo? Are they statistically worth playing, and will you still enjoy the games even if you don't come away significantly richer?
Slot machine progressive jackpot odds
Mega Millions Odds Jackpot
The biggest online jackpots come from slot machines. Games like Mega Fortune, Mega Moolah and The Dark Knight Rises have made people millionaires in just a few seconds of play, and there are many others that carry jackpots worth more than enough to buy houses, cars, holidays or every other luxury imaginable.
To work out the actual odds of hitting the progressive jackpot prize, you need to look at how many reels the machine in question has, and how many symbols are on that reel. You also need to consider how the jackpot payout is triggered, as all of these variables will be different across the many progressive games online.
As an example, imagine a slot that has 5 reels, and each reel has 20 symbols across it, with one being a jackpot symbol. If the progressive prize is won by lining up the jackpot symbols across a payline, the actual odds of winning progressive jackpot on it are 20 X 20 X 20 X 20 X 20 which equals a 1 in 3,200,000 chance of the symbols lining up in your favour.
However, you are just one of many players, and it could be that your next spin is the one that triggers that huge prize payout. This is just an imaginary game however, and in reality the chances of winning progressive jackpot prize can be higher or lower.
Bear in mind that games pay out a percentage to the players, usually between 90 - 97% of the amount paid in, so the progressive jackpot odds are actually slightly lower than this. Known as the Return To Player, or RTP, the remaining percentage is the House Edge, or what the casino earns. Although games can be carried across many casinos, the pot is held by, and paid by, the developer, as it would be unfair for the casino whose customer hit the jackpot to have to pay out all of the prize.
Slots that have massive jackpots, like The Dark Knight Rises will have lots of people playing them at any one time, across multiple online casinos. This means that although just a tiny bit of each wager is going towards the jackpot prize, it still grows very quickly, and the jackpot is frequently hit. The game developers make sure that even if you don't win the jackpot, there is still plenty to entertain you, so many of these games have bonus rounds, free spins, multiplier prizes and so on.
Other games like Bingo and Video Poker can often be found with progressive jackpots. For Bingo games, players typically win the major prize if they get a Full House within a certain number of calls.
Lottery Jackpot Odds
Video Poker progressive jackpots tend to be hit with a Royal Flush, where the cards are the 10, J, Q, K and A from one suit, which occurs on average once every 650,000 hands. Because this is more frequent, the prizes can be somewhat lower, but still life-changing, and again the actual odds can vary from machine to machine.
Progressive Jackpot Odds
Whether you like the slots, Bingo, Video Poker or all games, you can review the biggest and best ones at Progressive Jackpots, where current jackpot values, biggest wins, where to find the games and how to claim the biggest welcome bonuses can all be found.