A brief history of progressive slots
Progressive slots weren’t available in the beginning. This was only possible after microchips were added into slot machines. IGT, the slot machine manufacturer, introduced multi-site progressive slot machines only in March 1986.
This is because the same jackpot can be fed from multiple machines, often distributed across several casinos. It means that these progressive jackpots could quickly grow to be quite large. I’ve heard that Las Vegas casinos have seen players win more than $8 million from a single progressive jackpot.
How Progressive Jackpots Work
Progressive Jackpots grow because they take a certain amount of money from every bet. This is why their payout rate on regular wins (non-jackpot) is lower then that of regular slots machines. But if you add the progressive jackpot to the equation, the payout will be the same.
You could play at a Las Vegas slot machine linked to progressive jackpots with a fixed $5 wager per spin. Your money could be split in the following manner: 25 cents goes toward the progressive jackpot, $1.25 is given to the casino, and the $3.50 remaining is distributed as non-jackpot winnings. However, if you were to play a non-progressive slot game at the casino, it is more likely that your money will be split as follows. $1.25 to casino and $3.75 on winnings.
Although the above example assumes a 75% casino payout rate, actual payout rates at land-based slots casinos range from 70% to 87%. This contrasts sharply with the payout rates at online casinos, where payout rates can range from 89% up as high to 99.5%.
In other words, a typical online casino paying out 95% would divide the $5 to get a $5 per-spin online progressive jackpot slot. $0.25 for online casino and $0.25 for progressive jackpot. The rest of the $4.50 winnings are paid out in non-jackpot wins.
It’s easy to see that many of the most seasoned slot players now play mega888 online.
Online Progressive Jackpot games
Playing online is better for you as a player, aside from the bonus drinks. Although I have already discussed how large jackpots could be at land-based casino casinos, the next question you will likely ask is how large progressive jackpots online. The short answer is that they’re growing. The current record is $1.76million. Interesting enough, the exact same slot that paid out that amount in December 2005 now has a Jackpot worth more than $3.5 million. This is the Millionaires Club progressive jackpot slot. It will eventually set a new mark for having the largest progressive slots jackpot online.
I am certain that even though that record has been broken, another record will be set in less time than one year. The speed at which progressive Jackpots online are growing is astonishing. Just a few years back, a record of $1 million was held by a jackpot worth just under $1 million. In my opinion, the online casinos will soon pay the highest jackpots.
So, how do you select a winner in this case?
It’s not hard to pick the progressive jackpot that you want. Once you have a good idea of where the progressive jackpot begins, how high it paid and what its average payout is, you can choose which one to play. There are a number of slots sites that give you this information including the any of the progressive jackpot reviews at slotsjam.com.
You have a greater chance of it paying out if the jackpot is larger than its historical average. Also, if the payout exceeds the previous highest payout, your chances increase even further. For the best chance to win big, avoid playing the games right after the jackpot is won.