A Quick Overview of Progressive Slots
Progressive slots did not exist initially; they became possible in the early 1980s when microchips were added to slot machines. Even so, it wasn’t until March 1986 that slot machine manufacturer IGT introduced the first multi-site linked progressive slot machines.
Because the same jackpot is fed from multiple machines (often spread across numerous casinos), these progressive jackpots can quickly grow. For example, I’ve heard of Las Vegas casinos where slot players have won over $8 million in a single win on a progressive jackpot.
The Mechanism of Progressive Jackpots
Progressive jackpots grow by taking a percentage of each bet; their payout rate on average wins (non-jackpot wins) is lower than that of a standard slot machine. However, the payout remains the same if the progressive jackpot is included.
For example, suppose you were playing a linked progressive slots machine in a Las Vegas casino with a fixed $5 bet per spin. Your money could be split: 25 cents goes towards the progressive jackpot, $1.25 goes to the casino, and the remaining $3.50 is paid out in non-jackpot wins. If you were to play a non-progressive slots game at the same casino, your money would most likely be divided as follows. $1.25 was paid to the casino, and $3.75 was paid out on winnings.
The example above assumes the casino has a 75% payout rate; however, payout rates at land-based casinos typically range from 70% to 87%. This starkly contrasts online casinos, which usually have payout rates ranging from 89% to 99.5%!
So, at a typical online casino with a 95% payout rate, the money you pay for a $5 per spin online progressive jackpot slots would be split up as follows. The online casino receives $0.25, the progressive jackpot receives $0.25, and the remaining $4.50 is paid in non-jackpot winnings.
Given these figures, it’s easy to see why so many traditional slot players are now playing online from their computers.
Progressive jackpot games on the internet
Apart from the free drinks, playing online appears more appealing as a player (in that you should win more). However, I have already mentioned how large jackpots can be at land-based casinos, so your next question will undoubtedly be how large progressive jackpots are at online casinos. The answer is that they are constantly increasing; the current record is $1.76 million. Interestingly, the same slot machine that paid that out in December 2005 now has a Jackpot of more than $3.5 million, which is still rising! The slots game in question is the millionaires club progressive jackpot slot, and when it is won, it will set a new record for the highest progressive slots jackpot won by any online casino to date.
I do not doubt that even after that jackpot is won, a new record will be set within less than a year; the rate at which progressive jackpots online are growing is incredible; only a few years ago, a bank of slightly more than $1 million held the record. Online casinos will pay the most prominent banks out of casinos within the next few years.
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