In the world of gambling, innovation is seemingly endless. Each year, the developers behind the best gambling experiences work tirelessly to create new systems, games, and methods to make placing wagers online more accessible and enjoyable.
Although not particularly modern, one of the most incredible innovations in gambling was the launch of progressive jackpot slots. These have revolutionized winnings worldwide and are responsible for countless record wins that have forever changed certain players’ lives.
If you’re thinking of playing a progressive jackpot slot sometime soon, keep reading to find out precisely what they are and how they operate.
What Is a Progressive Jackpot?
Simply put, a progressive jackpot is any large prize (particularly a jackpot) that increases incrementally each time someone plays a slot but doesn’t win the top prize. This jackpot starts at a set amount (which is usually generous) and can climb exponentially until it is won.
Although the first is quite rare, there are two types of progressive jackpots.
Singular Progressive Jackpots
These types of jackpots are progressive but restricted to only a single machine or game session. Each time a player places a wager and fails to claim the jackpot, a portion of the bet goes into the jackpot pool—increasing it until the ultimate prize is won. However, only bets made on that local machine or game session contribute to this increase, making increases slower.
Linked Progressive Jackpots
This is the more common type of progressive jackpot, and it operates similarly to singular ones. Each time a player spins but fails to win, a portion of their bet is added to the prize pool.
However, unlike singular options, which are locked to a single machine or session, these are linked—with all machines or sessions offering the same game contributing to a single combined jackpot. Combining wagers from multiple machines makes these jackpots climb rapidly, resulting in some truly impressive jackpots.
History of Progressive Jackpots
The first progressive jackpot was launched in 1986 alongside the release of the popular Megabucks game. Developed by International Game Technology (IGT), the slot was an instant hit and spurred the development of more progressive jackpot games that quickly rolled out internationally.
The technology was adapted to online slots with the advent of online casinos in the early 1990s. Microgaming, one of the most popular development studios in the industry, was the first to launch a new game using the tech. The game, Mega Moolah, is still one of the most popular even today.
How Do Progressive Jackpots Work?
Generally, a progressive jackpot has two primary parts: the seed and the feed. These work hand in hand in calculating the total amount of the pot for the lucky player who gets the correct combination of symbols to snag the winning spin.
The seed is the primary amount that any progressive jackpot starts at. It is the lowest amount the pot can be and is usually a decent amount. Mega Moolah, for instance, has a seed of €1 million (approximately $1.05 million).
The feed amounts consistently paid into the jackpot pool increase the seed as players enjoy the game. This feed is a set percentage of the wager amount per spin for every spin in the game.
The feed amount is commonly set by the casino offering the slot game. Generally, it is set at a small percentage of the bet amount—meaning that the casino still receives a decent income while money is fed into the jackpot.
For example, on a $1 wager, if the feed is set at 5%, $0.05 will be added as a feed amount to the total of the progressive jackpot. Over the course of 100 spins, this equates to $5. If the jackpot is linked to 50 machines or gaming sessions, this will add up to 5,000 spins—increasing the top prize by $250.
Winning a Progressive Jackpot
The dream of many players is to snag a progressive jackpot that will instantly change their lives and free them from all financial worries. However, winning these jackpots is not as simple as just playing until you’re lucky enough to win. Many casinos have specific criteria to fulfill before you can win a progressive windfall. The most common is that you must be playing on maximum bet.
While some players regularly do this (and can afford to do this), playing in this manner is out of the reach of many due to the cost associated with it. Doing this can quickly eat up player credit and lead to less time spent enjoying the entertainment the best slots offer.
Although the wagers of maximum bets help these jackpots reach incredible amounts relatively quickly, it also makes winning them substantially harder, especially if financial constraints are in play. For players looking to have fun without worrying about the cost of playing, online casinos deemed the best for playing demo games are better alternatives, even if it means they won’t be able to cash out any of their wins either.
The Biggest Progressive Jackpot
Even though these jackpots are notoriously hard to come by, when players are lucky enough to achieve them, they more than fulfill their requirements to make dreams come true. This is because there have been numerous times when progressive jackpots have extended past the $10 million mark.
The most significant progressive jackpot in history occurred in 2003. Visiting Las Vegas to watch a sporting event, a 25-year-old software engineer decided to play the famous Megabucks slot. With 157 machines throughout the city linked and feeding the jackpot, it had grown to a substantial figure.
The lucky winner achieved a win of $38.7 million that freed him (if he was smart with how he spent it) from financial burden for the rest of his life.