Progressive Slots Jackpots
When it comes to progressive jackpots, most people think of slots. In 2020, online slots have become synonymous with progressive jackpots, but it’s worth noting that these thrilling jackpots are not limited to slots alone. Games like video poker, blackjack, and roulette also offer progressive jackpots, adding an extra layer of excitement and anticipation to these classic casino games. Whether you’re spinning the reels or playing a hand of cards, a progressive jackpot can be triggered by a random event, making it accessible and winnable by any eligible player.
In land-based casinos, you may encounter network progressive jackpots. These jackpots are linked to multiple slot machines across different casinos, creating a wide area network. These networks are typically confined to a single state, with Nevada and New Jersey being particularly notable for their concentration of linked slot machines in Las Vegas and Atlantic City.
What is a Progressive Jackpot?
A progressive jackpot is a constantly growing payout that begins at a base level and increases with each bet placed on the game. A certain percentage of every wager made by players is added to the jackpot, causing it to accumulate and reach staggering amounts. The trigger for a progressive jackpot is often random, rewarding one fortunate player with a life-changing sum of money before resetting to its initial value, ready to start growing once again.
Types of Progressive Jackpots
Standalone Progressive Jackpot
Standalone progressive jackpot slots, as the name suggests, are not linked to any other machines. In online casinos, multiple virtual versions of the same machine can be played simultaneously by different players. While there is a risk that another player might hit the jackpot before you do, the potential payout is usually higher due to the standalone nature of the jackpot. In land-based casinos, playing a standalone progressive jackpot means that only you are eligible to win the jackpot as long as you’re playing that specific machine. However, it’s important to note that standalone slot machine jackpots are typically lower than those linked to other games.
Local Progressive Jackpot
Local progressive jackpots are tied to a specific location rather than an individual machine. In online casinos, local progressives can be tailored to a single title or made available across various games from the same software provider. In offline casinos, local progressive slots function like the LAN (local area network) gaming of the past. Multiple machines within a single venue are connected to a single jackpot, which can be won on any one of these machines. Typically, all the machines linked to a local progressive jackpot are duplicates of the same game, increasing the chances of winning.
Network Progressive Jackpot
Network progressive jackpots offer the largest potential payouts and are what most people associate with progressive slot machines. In online casinos, network progressive jackpots are available across multiple venues that feature games from the same provider. One popular example is Mega Moolah, which can be found on numerous sites powered by Microgaming, and the jackpot can be won at any of these sites. In land-based venues, network progressive jackpots are linked to multiple slot machines in different casinos, forming a wide area network. These networks are typically confined to a single state and are highly concentrated in areas like Nevada and New Jersey.
How Do Progressive Jackpots Work?
Progressive jackpots start at a base level and increase with each bet placed on the machine. However, it’s important to understand how the money is distributed within the jackpot. A portion of each wager goes towards reloading the base jackpot, ensuring that it can be offered again when the game resets. The remainder of the money goes into building the progressive element of the jackpot itself. Once the base jackpot is replenished, which often happens quickly in popular games, all contributions go towards the climbing element of the jackpot. Despite common misconceptions, there is no scientific evidence to support the idea that a slot won’t pay out soon after resetting. In fact, progressive jackpots become even more enticing to players once they’ve had time to build up.
How Are Progressive Jackpots Paid?
When it comes to paying out progressive jackpots, there are a few factors to consider, including the software provider, the casino, and the size of the jackpot. Progressive jackpots can be paid out in different ways, either as a single lump sum or in instalments. Larger jackpots are not necessarily paid out in smaller increments. For example, Microgaming’s Mega Moolah jackpot, one of the most well-known progressives, is typically paid out as a single large payment. Winners of these massive jackpots may choose to have their photo taken with a giant novelty check if they decide to go public. However, it’s not uncommon for big progressive slot machine jackpots to be paid out over an extended period, sometimes spanning over a decade. In these cases, payments are often made on an annual basis and referred to as “annuity payments.”
Biggest Progressive Jackpot Wins
One of the most thrilling aspects of progressive slots is the fact that they offer the potential for huge jackpots, often with a low qualifying bet. This accessibility makes progressive slots appealing to players with all types of bankrolls. Many jackpot winners choose to remain anonymous, particularly considering that the biggest progressive jackpots can reach tens of millions of dollars. Mega Moolah continues to reign as the most lucrative progressive slot machine in 2020,
