A brief History Of Progressive Slots
Progressive slots were not available in the beginning M88. This was only possible after microchips were added into slot machines. IGT, the slot machine manufacturer, introduced multi-site progressive slot machines only in March 1986.
This is because the same jackpot can be fed from many machines (which are often spread across multiple casinos), so these progressive jackpots can quickly grow to become very large. I’ve heard that Las Vegas casinos have seen players win more than $8 million from a single progressive jackpot.
Progressive Jackpots: How They Work
Progressive Jackpots grow because they take a certain amount of money out of every bet. This is why their payout rate on regular wins (non-jailbreak wins) is lower then that of regular slot machines. But if you add the progressive jackpot to the equation, the payout will be the exact same.
You could play at a Las Vegas slot machine linked to progressive jackpots with a $5 fixed bet per spin. Your money could be split in the following manner: 25c goes to the progressive Jackpot, $1.25 is to the casino, and the $3.50 remaining is paid out as non-jackpot winnings. However, if you were to play a non progressive slot game at the casino, it is more likely that your money will be divided as follows. $1.25 to casino and $3.75 on winnings.
Although the above example assumes a 75% casino payout rate, actual payout rates at land-based slots casinos range from 70% to as high as 87%. This is quite different from online casinos that have payout rates as high at 99.5% and 89%, respectively.
In other words, if you have a 95% pay rate at an online casino, the money you deposit for $5 per play on progressive jackpot slots online would be split as follows. $0.25 for the online casinos, $0.25 more to the progressive Jackpot and the rest $4.50 are paid out in non-jackpot winnings.
These stats make it easy for you to see why many of the most seasoned slot players play online.
Online Progressive Jackpot Jackpot games
Playing online is better for you as a player, aside from the bonus drinks. Although I have already discussed how big jackpots can appear at land-based casino casinos, the next question you will likely ask is how large progressive jackpots work at online casinos. The short answer is that they’re growing. The current record is $1.76m. Interestingly, the exact same slot that paid out that amount in December 2005 now has a Jackpot worth $3.5M and it’s still rising! The progressive jackpot slot Millionaires Club is the one in question. It will become the most progressive online casino jackpot to date when it is won.
I am certain that even after this record is set, another record will be set in less time than one year. The speed at which progressive Jackpots online are growing is astonishing. Just a few years back, a jackpot worth just over $1,000,000 held the record. In my opinion, the highest jackpots from online casinos will be paid within the next few years.