What is a progressive jackpot

The rapid development of online casinos has been the impetus for the development of interest in gambling. But when starting to play, many people are confused by the abundance of previously unknown terms. The slot, the jackpot, and the winning lines are all a mystery shrouded in darkness to the uninitiated person. So in this article, we will try to deal with one such term: jackpot. More precisely, we will talk about its subspecies, the progressive jackpot.

In essence, a jackpot is the maximum winnings on a machine (slot). But more often than not, it is understood to mean winning only on a particular slot. A progressive jackpot, very different from the usual maximum winnings. So what's the difference?The uniqueness of this type of jackpot lies in its formation. The value is made up of deductions made not by a single slot, but by multiple slots. These slots, during a certain period of validity, deduct some part of the invested money, thus adding up to the amount of progressive jackpot. Agreed, hitting the jackpot on several slots at once at the same time is much more pleasant.

Progressive jackpots were first introduced in major casinos in 1986. The first progressive slot machine was Megabucks, developed by International Game Technology (IGT). Each time a player participated in the jackpot drawing but did not hit the jackpot, a part of the winnings was accumulated to the main jackpot, increasing unlimitedly. On February 1, 1987, the player won the first progressive jackpot, which amounted to $4,988,84217.Progressive jackpots can form in three ways:

1. In-house: The progressive jackpot generated by this method is administered by one online casino. Only his slots take part in its formation. The total value of the progressive jackpot generated by this method is directly related to the total number of slots you have invested in.

2. Stand alone progressive: Creating a progressive jackpot this way may seem less appealing to players. The formation percentages are deducted from the turnover of other slots. A player who wants this subspecies of jackpot will win less on the main payouts when playing slots, thereby increasing their chance of scooping the full value of the progressive jackpot.

3. Area-wide: A method of forming the largest progressive jackpot by its amount. The scheme of its creation is as follows: several online casinos unite in a network and begin to jointly form the value of the progressive jackpot. Its management is placed in the hands of an independent participant. It is often the case that online casinos that openly compete with each other can also participate in this method of formation.

In conclusion, I would like to tell you about a small disadvantage of such a jackpot. As already mentioned, the usual traditional payouts on slots involved in the creation of the progressive jackpot are slightly lower than those of similar slots not involved in the formation of the jackpot. This happens because a certain percentage of money is spent on the formation of the total jackpot, and therefore withdrawn from the payout fund of this machine.