The exact amount paid out in any game offering a jackpot is dependent on a number of factors and whether we are talking about slots, keno, table games, or scratch cards, these are basically the same. The amount that a game provider or casino is willing to pay out in a jackpot will be worked out using a calculation based on the cost per play of the game, the frequency of the jackpot and the house edge. To put it simply a jackpot needs to be built up before it can be paid out, so with any game, the more money that is put in for each play and the longer the interval between jackpot wins, then the greater the amount of money there is available in the jackpot pool. The flip side of this is that the larger the jackpot is, the lower the odds of winning it will be.
Jackpots come in two different types, fixed and progressive:
Fixed Jackpot
The most common form of jackpot is referred to as being ‘fixed. Often this means that the amount to be paid out on winning is an absolute amount of money such as €100 dollars. However it could also mean that the amount paid out is variable but based on a fixed equation. In other words, the game has a jackpot that equates to a fixed multiple of the player’s bet. Players are often drawn in by games with a jackpot of a fixed amount, after all a sign offering a jackpot of €250,000 dollars is certainly tempting but it is also worth looking at the details on other games. For example, some slots offer jackpots of 50,000 times your bet, so a bet of only €5 dollars would net the player €250,000 but a bet of €10 would double that to €500,000. As you can see it can make a big difference.
The main advantage of a fixed jackpot is that a player knows exactly what the potential prize will be every time they play.
Progressive Jackpot
Unlike a fixed jackpot, a progressive jackpot can change depending on when you play its associated game. A progressive jackpot keeps increasing until someone wins it, so if it has been a long time since it was won the amount can be vast. The most common example of a progressive jackpot is in a lottery. If the jackpot is not won in a particular draw then the amount rolls over to the next one and this keeps happening until it is won. One example of this was in October 2021 when a player won €220 million in the Euro Millions lottery, the largest amount ever won on a lottery in Europe. This prize was so large because it had not been won for six weeks.
There are three types of progressive jackpot:
- Single Machine Progressive – In this instance the jackpot continues to grow with each player of the game until the jackpot is hit, the longer that takes then the bigger the payout.
- Multi Machine Progressive – In this instance there are several games within a casino which each pay into the jackpot pool. Obviously with more machines contributing the jackpot can grow very large, although of course it also means that the odds of winning it decrease as a player is competing with players on all of the connected machines.
- Networked Progressive – With the digital age came the opportunity to expand the number of machines it is possible to connect beyond one building and with a networked progressive jackpot that is what you get. Machines from several different venues are all connected and each contribute to the total pool. In this case the amount it is possible to win can become huge and the largest ever jackpot on a slot machine, totalling $39,710,826.36 was won at the Excalibur in Vegas on a bet of only €100! Of course, this same principle works online. Slot players from multiple casinos can all contribute to the same jackpot pool and the largest progressive jackpot ever won online was €18,915,721 from Microgaming’s slot Mega Moolah.
How the jackpot works in various games:
- Scratch Card Jackpot – On scratch cards the player scrapes of the covering of a grid with a series of symbols. These symbols indicate whether the player has won and how much that prize might be. If the jackpot symbol is revealed then the player has won the top prize. With physical scratch cards there are a limited number of cards of each type printed and usually only one of these offers the jackpot prize. It can be a good idea to check the paytable to find out how many cards there are and therefore, your chances of hitting the jackpot. For online scratch then there is obviously no physical limit to the number of cards but you will still be able to look up the probability of a win.
- Slots Jackpot – Winning the jackpot on a slot machine usually entails having the correct symbols displayed across the reels. However, every slot is different and the exact symbols used and the combination that a player needs can vary a great deal from one to another. The amount paid out from machines can also be very different. Penny slots are machines which cost very little to play and usually payout the jackpot frequently. However, because of this the jackpot is usually quite small so no-one will be retiring from their penny slots winnings. Slot machines do come in all shapes and sizes however, and in some machines the jackpot can be huge. It is worth remembering that the house edge on all slot machines is usually around 5%. So whether it is one rare large payout or more frequent smaller ones the odds are usually about the same. Some slots also offer progressive jackpots which can pool the prize across many different slots. It is even possible to have a jackpot linked to machines in different casinos, this is where the jackpots can become truly massive, these are known as wide area progressive jackpots or linked progressive jackpots.
- Video Poker – Because you are not playing against another person the skills of bluffing and reading the intentions of other players aren’t required in video poker. In many ways video poker is similar to slots in how it is played, and how it is won. As with slots, some video poker machines offer either fixed or progressive jackpots and the size of the jackpot will change from one machine to another. Generally speaking the larger the player’s stake in the game and the less frequent the payout then the larger the jackpot is likely to be.
- Keno – The jackpot in Keno is often a networked progressive one and builds up over time. In Australia for example, there is a game run nationally which thanks to the sheer numbers of players can have jackpots of colossal sizes, such as one man who won $7,898,799.30 at the Northumberland Hotel in Lambton.
- Table Games – In most cases table games do not pay out jackpots, instead basing the payouts on the wagers place and the odds attached to those bets. However, in some games there are also side bets a player can make which if they are successful the player receives a jackpot. For example, in progressive blackjack games, players who have placed the side bet will win the jackpot if they are dealt a particular combination of cards. In Casino Poker, the same principle applies. Those who have placed the progressive side bet will be win the jackpot if they are dealt a hand such as a Royal Flush. There are also progressive roulette games. These often have a special segment on the wheel and if the ball lands on it, then a bonus game is triggered that may award the jackpot.
Glossary
A Complete Glossary of how jackpots work and the associated terminology.
A
Annuity – When a jackpot is paid out in small amounts every year rather than as one lump sum.
B
Big Hit – A slang term for a large win or jackpot.
F
Fixed Jackpot – A jackpot which is either a fixed amount or based on fixed odds.
G
Hit and Run – To play a machine for a short period of time before moving on to the next machine in the hopes of finding a machine ready to hit the jackpot.
Hot/Cold – This refers to whether a game or machine is paying out to the player or not. If a slots player is getting consistent wins they are playing a ‘hot’ machine.
House Edge – The mathematical average that a casino doesn’t pay out in winnings over a certain time. This is usually shown as a percentage.
J
Jackpot – The maximum payout available from a given game.
Jackpot Pool – The amount of money a cash jackpot is worth.
M
Multiplier – A bonus which will multiply the jackpot by a certain amount.
N
Near Miss – To almost hit the jackpot.
Networked Progressive – A jackpot which builds up until it is won, it is built up by several different machines based in different locations and can be won from any of them.
O
Odds – The calculation used to work out the amount paid out on a bet. This is usually a ratio, 2:1 for example will pay out twice the original stake.
P
Paytable – The financial information for a game such as odds, jackpot amount and house edge.
Primary Jackpot – Some games will have a primary jackpot and secondary jackpots. The primary jackpot is the largest.
Progressive Jackpot – A progressive jackpot is one that builds up over time until it is won, it then resets to a default amount.
Progressive Baccarat – A baccarat game with a side bet that offers a progressive jackpot.
Progressive Blackjack – A blackjack game with a side bet that offers a progressive jackpot.
Progressive Poker – A poker game, wither it is Casino Poker or Video Poker, with a side bet that offers a progressive jackpot.
Progressive Roulette – A roulette game with a side bet that offers a progressive jackpot.
Progressive Slot – A slot machine linked to a networked progressive jackpot.
R
Random Number Generator – Abbreviated as ‘RNG’ this is the software that generates the numbers in Keno or simulates the spins of a Slots reel.
RTP – Short for ‘return to player’ this is the average percentage bets placed on a game that is paid out in winnings.
S
Slots Candle – The light on top of a slot machine that lights up when the jackpot is won.
V
Variance/Volatility – The likelihood of a payout per spin on a slot machine is referred to as variance, low variance means regular small payouts whilst high variance means less frequent but larger jackpots.
Craps Terminology: A Complete Glossary
Keno Terminology: A Complete Glossary