One of the first game details that will catch your eye is whether or not it is equipped with a progressive jackpot. The name here is pretty self-explanatory, but there are still a few more things you will need to know in order to fully understand the concept. There are three main groups of jackpots – guaranteed jackpot (with the fixed amount of money), random (with the high degree of amount fluctuation) and finally, progressive jackpot, which is why we are all here.
How Do Progressive Jackpots Work
Progressive jackpot amount will gradually increase as the certain percentage of each bet is added to overall jackpot figure, making it a huge winning potential. This type of jackpot can be divided into three subcategories and since we all enjoy a good category subdivision every now and then, the list follows below:
Stand Alone Jackpots, which are not linked to other slot machines, deduct a percentage of your bets and add it to the prize. Having this in mind, it is easy to conclude that this type of jackpot is not on the higher end of the winning potential – under $10,000.
Local Progressives refer to jackpots where the slot machines are connected within a certain casino (therefore the percentage is deducted from other player’s wagers as well, contributing to the jackpot). The network can include anywhere from a dozen to a hundred or more machines, depending on the casino. The jackpots in this case are under $1,000,000 or in most cases under $100,000.
Wide Area Network Progressives is where we come to the heavy artillery, as they link slot machines from a number of online casinos. This means that the jackpot can accumulate to over $10,000,000. The exact amount of money you can win at each given moment will be displayed on the screen, as an important reminder that a life-changing payout may be just a click away.
There is no known proven strategy of winning the progressive jackpot, although some believe that the chances increase together with the amount of money. This is no rule, as you can land the winning combination in two weeks or even two years time span, depending on whether or not luck is a lady.
Pros and Cons of Progressive Jackpots
The obvious benefit of progressive jackpot is that it can change a lucky winner’s life in the matter of days. There is a general opinion that non-progressive games are less exciting and have a lower expected return than the progressive ones. With the progressive jackpot, after some time a breakpoint can be reached which turns your wager into what is known as a positive expectation bet with the return rate higher than 100%. That said, one also needs to know that progressive jackpots take time and patience – since you are going for big bucks, there will be no smaller wins to keep you motivated. Together with time and larger bet amounts that are required, a player should also be prepared to a higher loss potential. In other words, you will need to invest more time and bet higher in order to win but it will take less time to lose more money. The risk is proportional to the size of the jackpot and whether or not you will be willing to take it depends on your own objective.
Biggest Progressive Jackpot Winners
Now let’s talk numbers. We have already mentioned that the approximate amount you can expect when embarking into this type of game is tempting to say the least even if it can take a while before someone snatches it. It is still much more than an average Joe can earn in a lifetime, so time will probably not be the crucial factor when one is waging personal pros and cons about progressive games.
Mega Fortune slot game turned a lucky man from Finland into a multi-millionaire as he pocketed $24 million in January 2013, with the same game awarding few more life-changing wins in the past.
UK Player Jon Heywood won $20,000,000 won by a on the famous Mega Moolah progressive slot in October 2015, while a Norwegian slot enthusiast landed $16.7 million back in September 2011 playing Mega Fortune.
Some recent jackpots payouts include $2,638,540 in Beach Life, $2,044,539 won in Cleopatra’s Chest, $1,217,626 in Big Top Tombola.
For more details, you can also turn to specialised jackpot trackers that offer latest information about hundreds of current progressive jackpot amounts, the games that feature them and the final payouts.