Are you planning to play progressive slots? For sure! Sooner or later, every slot enthusiast gets enticed by the thrilling prizes progressive slots offer. Standard slot prizes are usually attractive, but progressive slots take them to a very high level. Currently, it is easy to find progressive slots reaching seven or even eight figures! Some casino players refer to progressive slots as “the fastest lottery”. You can play by investing only a few bucks per spin and see win big in seconds. Honestly, the chances to win are narrow, but if you win, such enormous prizes can really be life-changing! Of course, everybody wants to try hitting it big and become the new millionaire in town. Or even better, move from the town and leave all the annoying neighbors forever! Ok, I guess I got carried away a bit. This is what you must know about progressive slots!
What are progressive slots?
Progressive slots, such as Mega Moolah or Mega Fortune, are a type of digital slot game or machine in which the jackpots increase as players make bets until someone wins. With each play, the jackpot rises progressively by a small, specified amount, known as the player’s contribution to the jackpot. Let’s say that every time a player places a bet, between 1% and 5% of that money goes to the progressive jackpot. The rest of the money he or she bet goes to the casino’s earnings and the standard payouts.
When someone wins a progressive jackpot, the prize amount resets to a predetermined base value -the seed value- for the next round and starts growing again.
The conditions for winning the jackpot of a progressive slot vary by game. Some require a specific symbol combination on a payline, while others may feature a bonus game where you can win the jackpot. Players sometimes must place the maximum bet to be eligible for the progressive jackpot. You must always read the terms and conditions to clearly understand all the rules to win the prize of a progressive slot. Imagine wasting your time thinking you are playing for the big money when you are not. What a waste!
Types of progressive slots
Standalone progressive slot machines
Progressive slots can work in different ways. Some operate on a single machine in a specific online casino, known as standalone progressive slots.
LAN progressive slot machines
Others are linked to all slots of that online casino, creating a Local Area Network progressive slot. A LAN party, just like in the 90s!
WAN progressive slot machines
And then there are those that are linked across a network of machines in multiple casinos worldwide, known as Wide Area Network progressive slots. These types of slots create a jackpot pool that grows with each bet placed by players. As you can guess, the last ones offer the most significant jackpots, as bets from all connected machines contribute to the total prize. More players, more bets, a higher jackpot! This is the big difference compared to standard slots, where the jackpot amount is fixed. In progressive slots, the jackpots can grow to millions! I am craving one already.
Progressive slots are not new in the gambling landscape, but they have kept growing in the number of games and popularity over time. How not? This potential of winning thrilling prizes (progressive jackpots) introduced in 1986 increased slots’ level of excitement. The history of slots and the creation of progressive jackpots is fascinating.
What you must know before playing progressive slots
If you are already making plans with an astonishing progressive jackpot, wait there! Wake up! Daydreaming can be fun, but not when it comes to gambling. Be cautious and keep some things in mind before you dive in. Some of the following points are hard-to-swallow doses of reality you must understand.
Odds of winning
For example, the odds of hitting the jackpot in Mega Moolah are about 1 in 50 million, while in Mega Fortune, the odds are slightly better at 1 in 4 million. It is possible to win a massive prize while playing progressive slots, but be aware that the odds of hitting the progressive jackpot are very low for different reasons. Progressive slots often have a large number of possible symbol combinations on the reels. The more symbols and reels involved, the lower the probability of hitting the specific combination required to win the jackpot because of the vast number of possible outcomes.
The progressive nature of these slots means that a portion of each bet goes towards increasing the jackpot rather than increasing the frequency of payouts. The game is designed to ensure that the jackpot grows steadily over time to create engagement and big expectations, so winning has to be complicated.
Besides, digital progressive slots use a Random Number Generator (RNG). An RNG is a computer program that generates random numbers, which are then used to determine the outcome of each spin. This randomness means that the odds of hitting the jackpot are purely based on chance, with no influence from previous spins.
All this significantly reduces the likelihood of landing on the exact combination needed to trigger the jackpot.
The Return to Player (RTP) rate matters
Before playing, check the payout percentage or RTP of the progressive slot you are interested in. Higher RTP means better long-term payouts, although it does not guarantee short-term wins.
Progressive slots often have a lower RTP compared to standard slots. For example, the RTP is around 88% in Mega Moolah, while in Mega Fortune, it’s slightly higher at 96%. A significant portion of the total bet amount contributes to the jackpot, meaning less is available for regular payouts. This design inherently reduces the chances of frequent wins.
Variance of the slot
Progressive slots usually are high-variance games, so they pay out less frequently but have the potential for more significant wins. For example, the variance is high in Mega Moolah, while in Mega Fortune, it’s slightly lower. High variance slots are designed to create excitement through potential big wins, but this comes with lower chances of regular winnings. You have to know this to ensure it aligns with your risk tolerance.
The maximum bet is required to win the jackpot
Features and the minimum bet requirements among progressive slots can vary, but there’s a common rule: you must bet the maximum to be eligible for the jackpot. Playing with less than the maximum bet, you can still win, but you won’t be able to claim the top prize.
Check the minimum bet requirements before playing on that progressive slot
If the maximum bet for a game exceeds your bankroll, it’s wiser to choose a game with a smaller max bet where you can afford to play max credits. It could be so disappointing to land the winning combination only to realize you aren’t eligible for the jackpot because you didn’t place the maximum bet.
Who will pay you out the huge progressive slot jackpot?
Contrary to what you probably thought, online casinos are not the ones who pay those enormous progressive slot jackpots but the game manufacturers. The casino separates the progressive jackpot funds from regular slot machine revenue. The game manufacturer manages the money displayed on the progressive meter, not the casino itself.
Slot machine makers have insurance policies to handle these big payouts, reducing their financial impact when someone hits the jackpot. When a huge jackpot is won, it can take several hours to process the payout because the casino, the game manufacturer, and an insurance company representative must verify the legitimacy of the win. For instance, there have been instances where progressive jackpots were voided due to machine malfunctions or shady actions. With such a large amount of money at stake, everyone involved wants to ensure the win is legitimate and free of technical issues or foul play. So in short, start celebrating and leave your job, after you already see the millions in your account.
Taxation entities will demand a portion of your magnificent prize.
Once you hit the jackpot, you will have to deal with the many friends that will sprout around you like mushrooms after the rain, as well as with the tax authorities. Yes, these last will also knock on your door, claiming a piece of your prize.
In the U.S., when you hit a taxable jackpot (anything over $1,200) on a regular slot machine, you can decide whether to take the total amount immediately or have taxes deducted upfront. However, with major progressive jackpots, you don’t have a choice—the casino will automatically withhold taxes from your winnings.
How much will they take? It depends on the market and your country of residence rules, but about one-third of a significant progressive jackpot is usually set aside for taxes. This withholding happens even if you’re from a country that doesn’t tax gambling winnings or has a tax treaty with the U.S. In such cases, you will have to work with your home country’s government to recover these withheld funds.
It might be frustrating to see a large portion of your winnings go to taxes, but this is how it works, so you better keep this in mind.
Understand the game mechanics
Before playing, familiarize yourself with how the progressive slot works, including how the jackpot increases and what combinations or symbols trigger the jackpot.
Check the jackpot reset value
Find out the initial value the jackpot resets to after somebody wins it. It can help you to gauge the potential growth of the prize.
Progressive jackpot size
Consider the current size of the jackpot. Some players prefer to play when the jackpot is significantly high, assuming it is “due” to hit soon.
Play at reputable casinos
Ensure the online casino you want to play at has a valid license. It should comply with regulations to guarantee fair play and secure transactions. Remember that the experts of Online-gambling.io research and verify this information for you. Check our casino reviews and play safe!
Always gamble responsibly
Set time limits for your sessions, take regular breaks, and seek help if you feel you might have a gambling problem. Also, set a budget for your gambling session and stick to it. Progressive slots can be enticing, but you must never exceed your financial limits. Manage your expectations and play with the primary purpose of entertaining yourself. Keep the game in a healthy zone. Don’t let it become stressful or a threat to your finances, work performance, personal and social life.
Conclusion
This is what you must know about progressive slots! They are enticing and fun but not necessarily a direct ticket to massive wealth. Millions of players worldwide share the fantasy of becoming millionaires through one hit, which perfectly aligns with the progressive slots’ promise of huge prizes. If that fantasy moves you to play, ok, just keep both your feet on the ground while gambling, and don’t let it become an obsession.
Having said that, what would you like to try first? The Wheel of Fortune, MegaJackpots Cleopatra, Mega Fortune, or Mega Moolah? There are many popular progressive slots you can play. You can read this if you want to dig deeper into why we love slots, or choose a gambling site. Good luck! We hope you hit the jackpot!