Progressive Jackpot Slots Explained + Best Paying Games
June 16, 2021
Progressive Jackpot slots are games with special prizes that reach several million dollars. The standard progressive slot model involves accumulating players' bets and crediting them to the prize pool. Typically, each developer has 1 to 5% of each player's bet going into the progressive jackpot account.
Best online slots with a Progressive Jackpot
(players from United States are welcome)
With the great variety of online casino slots, jackpot feature slots are particularly important to players. If a player says that he has never dreamed of winning a large sum of money in a casino, he is definitely lying. Agree, after winning a colossal sum, anyone's life will change forever for the better. That is why such casino games are incredibly popular.
Ever since the first progressive jackpot slot was introduced, the gambling industry has been shaken by the news of how players have managed to win unprecedented amounts of money. Over the past few years, the luckiest online casino visitors have become several million euros richer! The most legendary case of a progressive jackpot win happened in 2018 when €20 million was won on the Mega Moolah slot.
The progressive jackpot feature is not only built into slots. Other types of games, including poker, roulette, wheel of fortune and blackjack, also have a chance of winning. In this way, every player's needs are covered. Anyone has the chance to become fabulously rich just by playing the game they love.
What is progressive jackpot slot?
The progressive jackpot is a special prize in a slot machine. Each time players wager on a slot, a percentage of the amount they lose goes into the prize pool. This tends to accumulate until the lucky player makes a winning bet. Then the prize money is reset to the slot's built-in amount and it all starts again.
So the difference between regular slots and jackpot slots is immediately apparent. While in the latter the winnings are formed in the fund, the winnings in the former are influenced by multipliers and odds. However, the specifics of simple slots are not capable of achieving such amounts as in slots with the jackpot feature.
Many people wonder: so how can I win the jackpot? The answer to this question is simple and complex at the same time. It all depends on your level of luck. Progressive jackpot games do not differ in their mechanics from regular slot machines. That is, you can win the jackpot at random, as well as after the activation of the bonus game. No strategies will help here. This means that your chances of winning are no higher than those of other players.
Before you settle on one of the slots, analyze its reputation and the slot machine's compliance with international quality standards. If you're not worried about anything and are sure you want to try your luck, note that there are different requirements for winning at a particular slot. These can be grouped into three types:
Winning the bonus round
Playing at the maximum stake and number of lines
The appearance of a certain combination of symbols.
How do progressive jackpot slots work?
The operation of progressive jackpot slot models is quite simple. A percentage of each player's bet goes into a special fund, programmed by the mechanics of the machine. Most often it is 1-5% of the bet. And this applies even when the same slot is presented in several gambling establishments. In terms of the amount generated, it is quite common to see such a notion as a "counter". To attract attention, operators create a visually appealing banner that displays the jackpot amount online.
Let's take a look at how the jackpot accumulates as an example of Microgaming's best-selling Mega Moolah. This slot has long been the most popular slot among players on all continents. This is due to the fact that the initial jackpot amount is one of the largest in the industry. This slot is one of the biggest operators trying to get the slot in their library, as it creates good publicity for their establishment. Accordingly, dozens if not hundreds of players play this slot at the same time every day at various online casinos. A share of each of their bets from various establishments automatically goes to a specially formed account. This is how the fund is built up. The more often the wagers are deducted, the higher the prize pool. This explains the largest payouts in the history of Mega Moolah winners. However, there is a downside to playing the much sought-after machines - the more players try to win the big one, the less likely it is that you will be the winner.
How often do progressive jackpots hit?
There are several types of progressive jackpot games. Depending on which type of jackpot you encounter at an online casino, your chance of winning may depend on it:
In-house. This type of progressive jackpot can only be found within a single gambling establishment. It involves one or more slot machines with a small prize pool. The amount you can win is often small, but you also have a better chance of winning. In some cases, several gambling establishments, which are part of the same managed company, create a common jackpot network. In such a case, the jackpot size increases slightly, but not significantly. This type of jackpot has been known to result in players winning up to a million dollars
Stand Alone Progressive. This is a type of progressive jackpot that accumulates within a single machine and is not linked in any way to other games within the overall network. It is the smallest type of cumulative jackpot in terms of the prize pool. The jackpot rarely exceeds 10,000 USD, but it has the highest possible winning percentage
Area Wide. This jackpot is formed from bets placed at all online casinos that operate on the same platform. The chance of winning, in this case, is as low as possible, but a lucky player can take away anywhere from a few hundred thousand dollars to infinity. With such a jackpot, the maximum amount has no limit, which means players' lives can change forever after a winning spin.
Knowing this information, you can shape your own requests in relation to the number of winnings. If you want to win often, choose some slots; if you want to win rarely, but a lot, look for others.
Bet size and odds to hit progressive jackpot
Each slot with a cumulative (progressive) jackpot has its own wagering requirement. Before you start playing, make sure you are able to meet them. Suppose your bet is lower than the slot rules allow. You may still play and win. However, if you win, you will get a fixed prize. It will be many times smaller than you would have won had you complied with the bet size requirement. That's a shame, isn't it?
If you have to play the jackpot at the maximum wager, be prepared to have at least 500 USD in your account. A larger amount will give you a better chance of activating the bonus game. From this, we can conclude that if you do not have such a large amount, bet smaller amounts but in larger amounts, do not neglect the minimum bet rule. In the case of small bets, your chances of activating the bonus round are much lower.
Separately, there are some slots that have no wagering requirements. These include Mega Moolah, for example. The mechanics of the slot allow you to place minimum bets for a chance of winning.
There are also slot machines that require you to make a separate bet. Such a condition is found in jackpot slots, which were created by Playtech. In this case, in such games, the prize fund is not formed from a part of players' bets.
Withdrawal limits for progressive jackpots winnings
Suppose you are lucky enough to "beat" a slot machine. Your account has received several million or, in the worst case (if it can be called that) thousands of dollars. But you are faced with a casino rule, according to which you can not withdraw more than a certain amount at a time. Most often it does not exceed a few thousand dollars a week, and sometimes even less. Agree that in the case of a big win, you would have to wait for years for a full payout if the operator paid out within the limits.
No need to worry! Normally no limits at legitimate casinos. Many operators state in their casino rules that limits do not apply to progressive jackpot winnings. That means you are guaranteed to get your winnings in one payment. If you are unsure about a payout rule, you can always ask the support team. It is ideal to take a screenshot of your conversation in case of a disagreement.
You're wondering why the limit rule doesn't apply to the progressive jackpot. We will explain it to you now. The reason is that the prize pool is generated by the software provider. More often than not, it is the software provider that pays out the entire prize. This avoids the hassle of negotiating, contracting and executing obligations. This is due to the fact that in this case, the supplier would have to draw up hundreds of contracts with each online casino that uses its products on its site.
There are cases where the cumulative jackpot is paid out in a 90% Provider, 10% Operator scheme. However, not every online casino decides to take this step. It is not known when the winning bet will be played. Until then, the game club may go bankrupt or not have the amount to pay. That's why only the best online casinos use this payout scheme. They have an impressive positive balance and are confident in their solvency even after a long time.