Progressive jackpot slots are among some of the most exciting games at the casino. They continuously break records when it comes to providing the biggest payouts at online casinos. Anyone who likes slots and is looking for the chance of a jackpot, should make their first stop at slot games that boast a progressive jackpot. In this quick guide, we'll break down what a progressive jackpot is, how it works and whether or not they're the slot games that you should be playing. Spoiler alert, yes you should, because they're pretty great!
What Is A Progressive Jackpot?
The hint is really in the name. Nearly every slot game has a maximum amount that can be won, which is known as the jackpot. Slot jackpots never really change in amount, always offering the same maximum jackpot at all times.
Progressive jackpots are named as such, because they don't remain at the same value. Sometimes they'll be lower in value and other times, they'll offer much more to win. But their key feature is that they always change and increase exponentially until they're won.
Where Does The Money Come From?
Progressive jackpots are made from the losses of players betting on the slot. For all the money that is wagered and lost on progressive jackpot slots, a small percentage of that lost money is taken and added to the jackpot. As more players lose money, the jackpot increases.
This is good news, because slots with bigger jackpots attract more players, which makes the progressive jackpot even higher. So progressive jackpots will often reach much higher values than anything non-progressive jackpots can ever come close to.
Why Can They Offer More Than Regular Jackpots?
We're glad you asked! In regular jackpots, the amount that is set to be up for grabs is set by the slot provider, based on what they can afford to lose. The money comes from their pockets and is all based on the probability and risk of how often players will win it.
For example, say there is a 0.000001% chance of a player winning the jackpot. The slot provider will have to work out how much money they are likely to make during that period and set the jackpot lower than that amount in order to make a profit. If a slot provider sets their jackpot at £2m, but players were able to win the jackpot on each spin, that company would go out of business very quickly. It's all about risk and reward on their end, so they'll play it as safe as possible, which ultimately leads to lower jackpot prizes.
Progressive jackpots are made up of money that players have already lost, so the money for the jackpot is provided by the players and not the slot developer themselves. That way they can afford to let the jackpot tick up for as high as it can go, since they never go out of pocket when it's won. That's why progressive jackpots can easily go into the tens of millions, while regular jackpots barely go over a couple of million.
What Are The Different Types of Jackpot?
All progressive jackpots aren't made equal and progressive jackpot slots often have multiple jackpots which differ based on their prize fund. This makes a lot of sense, since it gives more people an opportunity to win more money. Instead of only having a single mega jackpot for one player to win every few months, most progressive jackpot slots have a selection of lower jackpots for more players to enjoy. These jackpots will usually be divided into:
- Mega Jackpots – A single huge jackpot, usually worth tens of millions
- Midi Jackpots – A middle jackpot usually worth up to a million
- Mini Jackpots – Several smaller jackpots worth anything from a few pounds to a couple of grand
Of course, all progressive jackpot slots are designed differently, but this is the general rule you'll find across the board. If you were worried about progressive jackpots being too sparse, with only a handful of players winning life changing money, then the slot providers are one step ahead of you and have created more jackpot types, to give you more to play for.
Why Should I Play Progressive Jackpot Slots?
Of course, those big numbers sound good, but there must be a downside. Well surprisingly, there really isn't. Progressive jackpot slots rarely, if ever, cost more per spin than regular slots. You can enjoy a slot like normal, winning smaller amounts on successful spins, but with the additional possibility of winning a huge progressive jackpot.
If there ever was a downside, progressive jackpots usually don't break the bank when it comes to innovation. Most progressive jackpot slots come with a base game, a extra spins round and then an additional bonus round where you play to win the jackpot. You won't find any mind bending features, but as compensation, you get more money to play for.
I Get It Now!
That's great news, and if you didn't get it, then why not go and give the guide a read again. Either way, we hope you found this guide useful and hope it has helped you make up your mind about whether or not progressive jackpot slots are for you. Many players still might not be interested due to progressive jackpot games not having the innovative and new features found in the more interesting releases and that's perfectly understandable.
But those who like the excitement of playing for a jackpot, but have found regular jackpots very lacking, a progressive jackpot might just be the thing that gets you interested all over again. So read about the currently biggest progressive jackpots and give them a whirl!