Tag: progressive jackpots

While the potential to win big can be somewhat irresistible, players need to understand how these jackpots work.

When it comes to online casinos, progressive jackpots, and payouts are what dreams are made of! It’s hard to beat the rush and excitement one feels when watching the numbers continue to climb as you spin the wheel until someone finally hits that fateful winning combination.

Progressive jackpots and payouts add a layer of fun to an already entertaining casino game but add the possibility of earning big.

Progressive jackpots normally offer prizes consisting of an above-average amount of money. The more players there are the higher the prize pot. There are many popular games with jaw-dropping figures. Think along the lines of Mega Moolah, Jackpot Giant, and Wheel of Fortune, to mention but a few.

There are lots of providers offering these titles, Mr Green Casino, being one of the most renowned ones we can think of off the top of our heads.

From casino experts to rookies, it’s hard to resist the draw of progressive jackpots, especially if it means you can theoretically secure life-changing amounts of money by just inputting pocket change.

However, while the potential to win big can be somewhat irresistible, it’s also important for players to understand how these jackpots work so they can take their casino experience to a whole new level.

What Is A Progressive Jackpot?

As its name suggests, a progressive jackpot is a jackpot commonly found both in land-based casinos and their online counterparts.

However, what sets it apart from the other payouts is the fact that the prize pool is not fixed with a predetermined maximum payout but rather continues to increase over time as more and more players participate in the eligible games.

This happens because a portion of each player’s bet is added to the jackpot pool whenever they are placed, and as such, the jackpot will continue to accumulate, growing larger and much more attractive until somebody secures the prize.

In some cases, the progressive jackpots are even linked to multiple gaming platforms, allowing players from various countries to contribute to the prize pool, making it grow at an even faster pace.

A common misconception when it comes to understanding how progressive jackpots work is that casinos generally take a major cut of the final prize fund. However while yes progressive jackpots act as an enticing way to get players to bet more money in the hopes of winning life-changing sums of cash, this is not exactly the case.

Whatever the amount is listed by the end of the game is the amount the casino will pay out without taking a cut. In actuality casinos bank on the fact that it’s pretty hard to win the jackpot as such they profit off the losing players chasing success.

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Local Vs Wide Area Progressive Jackpots

What many players may not know is that there are two types of progressive jackpots: local and wide-area. Also known as standalone progressive jackpots, local progressive jackpots are restricted to a single casino or casino owned by the same company.

This means that this prize pool is derived from bets placed on a specific slot machine or game, all owned by the same company or operated by the same casino.

For example, if there is a local progressive jackpot on a game of Caribbean Stud Poker and the casino has three tables offering the game, then all three tables will share the same progressive. As such, the prize pool is generally much smaller since the number of players contributing to it is limited.

While local progressive jackpots also tend to build up at a much slower rate compared to their wide-area counterparts, they are more frequently won due to the smaller pool size.

A wide-area progressive jackpot, sometimes called a linked jackpot, tends to build up much faster because the prize pool is shared across games, usually slot machines, as well as a range of properties, allowing for more players to contribute.

As a result, this type of progressive jackpot often leads to headline-grabbing figures, offering life-changing wins for lucky players. However, players need to understand that the likelihood of winning a wide-area progressive jackpot is quite slim.

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What Happens When You Win?

While winning a progressive jackpot can be quite rare as you need to hit a specific combination to trigger the payout, it can happen and once it does the jackpot will reset to the predetermined starting value for the whole process to begin anew.

If you are ever fortunate enough to win a progressive jackpot then the game will automatically halt with the screen confirming that you have indeed won.

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Now while the process of obtaining your winnings may vary from casino to casino, you will typically need to provide relevant documentation confirming your identity to ensure the jackpot is being paid out to the correct person. The casino will then also need to verify the win to ensure no poor gaming practices took place and that everyone is legitimate.

This process will generally take a few days as it requires the casino to conduct thorough research, once it is complete and now issues are found then you can obtain your winnings.

When Do You Get Your Money?

When calculating the amount of money you will receive will depend on the progressive jackpot you have won as well as any applicable taxes and fees. However, it is important to note that because the large cash pool is very significant, there is generally a waiting period, so players cannot instantly access their funds once they have won.

Additionally, while some casinos may pay out the progressive jackpot as a lump sum, others may pay it out in installments on a month-to-month basis, helping players exercise control. Progressive jackpots are also only ever paid out in bank transfers, which is something players should keep in mind.