Progressive jackpots have always been an existence, and where originally used by land-based casinos to attract customers with the multi-million payouts. When the online casino became popular, they realised that these jackpots could be even bigger online than live, and therfor the game providers created pooled or shared jackpots, which can be played across many Casinos. Everytime a player make a spin in one of the casinos, a small fee or jackpot contribution is taken to the overall Jackpot. Therefor the jackpots, in some games, can reach payouts over 15 millions.
How do progressive jackpots work?
Progressive jackpots work in a simple manner, there are selected slot machines and sometimes table games that are interlinked electronically and when someone makes a wager, on any of the games, a small amount of the wager will be put in a separate pot contributing to the progressive jackpot. And from this progressive growth of the pot; the name progressive jackpot was coined. The pot will grow larger and larger as more people play the games in the progressive jackpot network. Since your chances of winning the jackpot are slim, this gives the pot more and more time to grow to huge amounts and they will usually reach to millions before a luck punter wins it. For the jackpots to grow fast, they are attached to slot games in online casinos.
With regards to the jackpots, there are things you need to know about them.
There are jackpots which are associated with a single game and this is not a progressive jackpot. Every slot has a jackpot but not a progressive one.
Another thing that’s important to learn about is that you will not win a jackpot unless you play the maximum number of coins. There’s no worse feeling than hitting a jackpot and realizing that you did not make maximum wagers.
The third thing is that jackpots will always be played in their advertised currencies and not the currency you have set for your casino account.
Note that chances of winning the progressive jackpot are small and your chances of winning the lottery are twice better.
Types of jackpots available
These are also referred to standalone jackpots or independent jackpots. These are jackpots that are set at a fixed amount and are almost in every slot game. They do not grow like the progressive jackpots and will be replaced after they are won.
Standalone progressive jackpots
This jackpot grows and grows every time a player makes a wager on a game. A certain amount of the bet you place will be fed to the progressive jackpot. As for the standalone progressive, it is not networked with other games and will only grow when a wager is placed on the specific game.
Local progressive jackpot (Proprietary)
This is the progressive jackpot that is linked to other games and will grow when a bet is placed on any of the slots networked to the progressive jackpot. This kind of jackpot is interlinked with games in one casino; they are also known as local progressive jackpots.
Wide Progressive Jackpot
This is similar to the proprietary jackpot but the games networked to the progressive jackpot are not in one casino but are in several casinos. A good example is when the games are from one software provider. The jackpot will be available to games being provided by the software provider in all the casinos they operate.
Greater prize; greater house edge
As you might have thought, when you have a much greater prize, you will have a greater house edge on it. This makes it really hard for you to win the jackpot since the odds of being a winner in a progressive jackpot are lower than when you played the standard slot game. But this should not bar you from hunting the progressive jackpot since you will be making smaller wins when playing the game. When you win the progressive jackpot; this will be a life-changing experience since it is usually jackpot is worth millions.