Have you ever noticed an advert on your favorite online casino indicating a massive jackpot up for grabs? Well, you’ve probably seen a progressive jackpot. So, in this article, you’ll learn what precisely a progressive slot is, how it works, and the varying types of jackpot progressives. Keep reading!
A progressive jackpot is a casino offering that pays out huge amounts on a particular casino game. In most cases, the prize continues to climb until a lucky winner strikes luck. Also, progressive jackpots come in video slots, most notably Microgaming’s Mega Moolah.
However, it’s important to note that most progressives require players to place maximum wagers to win the jackpot amount. Therefore, if a player hits a winning combination but hasn’t wagered the required amount, he/she won’t scoop the progressive.
As said, a progressive jackpot increases with time until a lucky player unlocks it. After that, they reset to the seeding level and start all over again. For example, Mega Moolah has a whopping £1 million seed.
But how does the amount increase on a jackpot progressive? Does the casino add in all lost wagers? Well, that’s partially true because the casino takes a percentage of each bet made on the game and adds the rest to the progressive. That can be 10%, 20%, or even 30%.
Meanwhile, the percentage that goes to the jackpot is what funds the next reset amount or seeding. For instance, if the rate is 10%, 1% may go to the reset amount, whereas the remaining percentage makes the progressive. Some game developers fund the reset amount themselves, so the whole 10% goes to the progressive jackpot.
In most casinos, you’re most likely to find three kinds of progressives. However, the reward varies depending on the number of players contributing and the reinvested percentage.
Still, despite the slim chances, almost all jackpot progressives have been won at some point. So, don’t lose hope and keep trying. The trick is to try harder when the prize is sky-high. Also, play on regulated casinos as the gameplay here is fair and entertaining. But nothing is certain in the complex betting industry.
Just like the lottery, punters will always try to take down a big progressive jackpot. But as said before, defying these odds isn’t anybody’s cup of tea. You must be fortunate to do that. So, play for fun. You never know! Your name might be next on the multi-million-dollar payout.