A short History of Progressive Slots
Progressive slots were not possible at first. They only became possible when microchips were introduced to slot machines in the 1980’s. The first multi-site linked progressive slots machines were introduced in March 1986 by IGT, a slot machine manufacturer.
These progressive jackpots can grow quickly because they are fed from many different machines, which is often spread across many casinos. There have been casinos in Las Vegas where players have won more than $8 million on one win by winning a progressive jackpot.
How Progressive Jackpots work
Progressive Jackpots are created by taking a percentage of each bet. This means that the payout rate for normal wins (non-jackpot wins) is lower that that of regular slots machines. The payout rate would still be the same if you include the progressive jackpot.
If you were playing in a Las Vegas casino and placed a $5 per spin bet on linked progressive slots machines. The following could happen to game slot your money: 25 cents goes to the progressive jackpot; $1.25 goes towards the casino; the rest $3.50 is distributed in non-jackpot wins. It is possible that you would see your money split if you were playing non-progressive slots at the same casino. $1.25 to the casino, and $3.75 for winnings.
This example assumes that the casino has a 75% payout ratio. However, payout rates for slots at land-based casinos can vary from 70% to 87%. This contrasts with online casinos, which have payout rates ranging from 89% to as high as 99.5%.
A typical online casino would have a 95% payout rate. The money you pay for $5 per spin to play online progressive jackpot slots would then be split up in the following manner. $0.25 goes to the online casino. $0.25 is added to the progressive jackpot. The remaining $4.50 is paid in non-jackpot winnings.
These statistics make it easy to understand why so many players of hardcore slots are now playing online.
Online Progressive Jackpot Games
Apart from the complimentary drinks, playing online seems more favorable for players (in that you can win more). As I’ve already mentioned how big jackpots can be in land-based casinos, your next question will be how large progressive jackpots are at online casinos. They are growing every day, the current record stands at $1.76million. The jackpot on the same slot machine that paid it out in December 2005 is currently worth over $3.5 million. And that’s just the beginning! This progressive jackpot slot is called Millionaires Club. When it wins, it will set a new record as the largest progressive slots jackpot at any online casino.
It is certain that the new record for the highest progressive jackpot online will be established within the next year. Only a few years ago, a record of just over $1 million was held. My belief is that the internet casinos will pay out the largest jackpots in the next few years.