How do jackpots slots work
Jackpot slots have always been among the most-played online slot machines. The opportunity to win that multi-million jackpot at any random spin makes them extremely appealing to players who dream of becoming overnight millionaires. However, getting that jackpot is no easy task. First of all, there’s the matter of choosing from dozens of jackpot slots produced by numerous software providers. But don’t panic just yet as we’ve put together a detailed guide as well as tips on how to make the most of slot machines with progressive jackpots.
How do Jackpot Slots Work?
To better illustrate jackpot slot mechanics, we’re taking Mega Fortune from NetEnt as an example. This slot has five reels and 25 paylines, and it’s equipped with a Rapid jackpot, a Major jackpot, and the Mega Fortune Major jackpot. To get a chance at any of these jackpots, you first have to play until you get the bonus game. This means getting three or more bonus wheel symbols on a payline.
In this bonus game, you will get a wheel with three layers. The outer layer contains several prizes, as well as the opportunity to advance to the next (blue) layer since every other slot on the wheel is the arrow that takes you further in the bonus game. If you advance to the blue layer, it’s time to spin the wheel again and hope you land on one of the four arrows that take you to the inner layer. From here, you have only one spot that can award you the Mega progressive jackpot.
Progressive Jackpots Slots
We’ve covered the process of winning the big prize enjoying a progressive jackpot slot. It’s time to cover the mechanics behind how the jackpot pool is achieved. And things are relatively straightforward, every bet placed on a progressive jackpot slot is split into three bits:
- The largest chunk goes is used in the base game to get the reels spinning
- A small percentage of every is used to supplement the progressive jackpots
- Another, even smaller percentage, goes to the jackpot pool ( the amount that will become available instantly after the jackpot is won)
Standard Paying Jackpot Slots
The slots that have a fixed jackpot instead of a progressive one are much simpler to figure out. You can win one of the jackpots by getting certain symbols on the reels. The amount won is either pre-determined and displayed on top of the reels, or it can be a multiplier of your bet size. Check the jackpot slot’s paytable to see how many times your bet will be multiplied for each jackpot available in the slot. And that’s about it. If you were wondering how do progressive jackpots work, you now have all the answers.
How to Win on a Progressive Jackpot Slot
There’s a common misconception about what gives you better chances of hitting a jackpot in a progressive slot. The belief is that the higher you bet, the greater your chances of getting the jackpot will be. However, that’s not true at all, as the bet size isn’t connected with your chances of winning the jackpot. If anything, betting higher will increase the jackpot value but you can only do that for another player to get it. Since there’s a lot of info available from previously-won progressive jackpots, the average wager is €5.
Instead, if you want to really increase your winning chances, you should check the average trigger of that progressive jackpot slot. The average trigger refers to the usual amount when the jackpot was won previously. For example, looking at Divine Fortune slot from NetEnt, the average trigger is €80,000. So, it would be a good idea to start playing it if you see the Mega jackpot reached €85,000.
How are Payouts Awarded on Progressive Jackpot Slots?
Winning a huge progressive jackpot is, without doubt, a joyous event. However, you must not forget that there’s a big chance winning will be taxed according to the legislation in your country. So, if the tax on gambling winnings is set at 10% and you win €1,000,000, you’ll only get €900,000 after taxes.
After applying taxes, there are four scenarios to receive your progressive jackpot prize:
- The slots developer will pay the full amount directly to your bank account
- You’ll get the prize in monthly installments – usually around €10,000
- Another option is to skip the monthly installments and just accept a smaller amount on the spot
- The software provider transfers the funds to the casino and you get the prize in monthly installments as indicated by the casino’s maximum withdrawal amount
What are the Largest Jackpot Wins Ever Recorded?
Now that you know pretty much all there is to know about progressive jackpots, let’s check out some of the biggest progressive slot jackpot wins so far.
- Mega Moolah €18,915,872 million won at Grand Mondial Casino in 2018
- Mega Moolah €17,879,645 won in 2015 by a soldier from the UK at Betway casino
- Mega Fortune €17,861,800 awarded at Paf Casino to a Finnish player
- Mega Fortune €11,736,375 won by a Norwegian player at Betsson casino
- Mega Fortune €8,576,254 won by a Norwegian player at Folkeautomaten
Is Playing Progressive Jackpot Slots Worth it?
If you attempt to answer this question based on RTP alone, the answer would be “no”. The added bonus symbol means the potential payout is lower compared to a standard slot. Also, you will very rarely find a progressive jackpot slot with free spins or other bonus features. So, if you’re looking at things from the perspective of a player that wants to increase the winning chances, progressive slots aren’t recommended. However, if you just play for fun and you feel like spending €50 with the possibility of getting a multi-million jackpot, go for it!