Big Jackpots When Playing Online Slot Gambling – By playing online slot gambling games you as a player can get wins and jackpots in various ways.
Having the same jackpot awarded from a number of different machines (often spread over a number of different casinos) means these progressive jackpots can quickly grow to be very large. I have heard of casinos in Las Vegas where slot players have won over $8 million in a single win on the progressive jackpot.
How Progressive Jackpots Work
Progressive Jackpots grow by embezzling a certain amount of money from each bet; this means that their payout rates on normal wins (non jackpot wins) are lower than regular slot machines. But if you take into account the progressive jackpot, the payout will be the same.
For example if you play in a Las Vegas casino on a linked progressive slot machine with a fixed bet of $5 per spin. Your money can be divided as follows, 25 cents added to the progressive jackpot, $1.25 goes to the casino and the remaining $3.50 is paid out in non-jackpot winnings. However, if you play non-progressive megaslot games in the same casino, chances are that your money will be divided as follows. $1.25 to the casino and $3.75 paid out for winnings.
The example above assumes the casino has a payout rate of 75%, in fact slots at land-based casinos usually have a payout rate ranging from 70% to 87%. This is in stark contrast to online casinos which usually have payout rates from 89% to 99.5%!
So in a typical online casino with a payout rate of 95%, the money you pay for $5 per spin of the online progressive jackpot slot will be divided like this. $0.25 for the online casino, $0.25 is added to the progressive jackpot and the remaining $4.50 is paid out in non-jackpot wins.
Given these statistics, it’s not hard to see why many hard core slots players are now playing online from their computers.
Progressive Jackpot Game Online
So apart from the free drinks, playing online sounds more profitable as a player (because you have to win more). But I’ve already said how big the jackpot is at land-based casinos, so your next question is how big is the progressive jackpot at online casinos? The answer is that they are growing all the time, the current record is $1.76 million and what is interesting is that the same slot machine that paid for it in December 2005 currently has a Jackpot of over $3.5 Million and is still growing! The slot game in question is the millionaire club progressive jackpot slot and when this jackpot is finally won it will set a new record as the highest progressive slot jackpot of any online casino to date. I have no doubt that even after it has been won, a new record will be set in less than a year, the growth rate of online progressive jackpots is amazing, just a few years ago the jackpots were slightly more. $1 million holds the record. In my opinion, in the next few years the highest jackpots will be paid out from online casinos.
So how do you pick a winner?
Choosing which progressive jackpot to play isn’t really that complicated. Once you know where the progressive jackpot starts, what is the highest payout and what is the average payout amount. There are a number of slot sites that provide you with this information including a progressive jackpot review at slotsjam.com.
Obviously the jackpot in question is higher than its historical average, the payout odds are greatly increased, and if the value is higher than the previous highest payout, your odds increase even more. So if you’re after the biggest jackpot, don’t play the game right after the jackpot is won, instead wait until after the game’s historical average payout has passed for the best chance of winning big.