A brief history of progressive slots
In the beginning there were no progressive slots; They only became possible in the early 1980s when microchips were added to slot machines. Even then, it wasn’t until March 1986 that slot machine maker IGT introduced the first linked multi-site progressive slot machines.
Having the same jackpot powered by different machines (which are often spread across different casinos) means that these progressive jackpots can quickly grow to very large. I’ve heard of Las Vegas casinos where slots players have won over $ 8 million in a single win on a progressive jackpot.
How progressive jackpots work
Progressive jackpots grow by extracting an amount of money from every single bet; this means that your payout rate on normal winnings (winnings without jackpots) is lower than that of a normal slot machine. However, if the progressive jackpot is taken into account, the payout would be the same.
For example, if you were playing in a Las Vegas casino on a linked progressive slot machine with a fixed bet of $ 5 per spin. Your money can be broken down as follows: 25 cents is added to the progressive jackpot, $ 1.25 goes to the casino, and the remaining $ 3.50 is paid out in non-jackpot wins. However, if you daftar slot online were playing a non-progressive slot machine in the same casino, your money would likely be split as follows. $ 1.25 for the casino and $ 3.75 paid for winnings. The example above assumes that the casino has a payout rate of 75%; in fact, traditional casino slot machines generally have payout rates ranging from 70% to 87%. This is in stark contrast to online casinos which generally have 89% to 99.5% payout rates!
So, in a typical online casino with a 95% win rate, the money you pay for $ 5 per spin online progressive jackpot slot would be divided as follows. $ 0.25 for the online casino, $ 0.25 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 now play online from their computers.
Online progressive jackpot games
So, free drinks aside, playing online seems more favorable as a player (meaning you should win more). However, I have already mentioned how big the jackpots can be in brick-and-mortar casinos, so your next question will surely be: how big are the progressive jackpots in online casinos? The answer is that they are growing all the time, the current record is $ 1.76 million, and interestingly enough, the same slot machine that paid all of this in December 2005 currently has a jackpot of over $ 3.5 million and so on. . The slot in question is the Millionaires Club progressive jackpot slot and when this jackpot is finally won, a new record will be set for being the highest progressive jackpot of any online casino to date.
I have no doubt that even after winning it, a new record will be set in less than a year, the speed at which progressive jackpots grow online is incredible, just a couple of years ago a jackpot of just over $ 1 million held the record. In my opinion, at some point in the next few years, online casinos will pay out the highest jackpots.