Progressive Slot Jackpots

Progressive Slot jackpots only became possible back in the early 1980’s when microchips were first being added to slot machines. It wasn’t until March of 1986 that the first multi site linked progressive slot machines were introduced by the slot machine manufacturer IGT.

How Progressive Slot Jackpots Work

Progressive jackpots grow by skimming an amount of money from each and every bet. What this means essentially is that their payout rate on normal wins is lower than regular slot machines. However, taking into account the progressive jackpot payout would be the same.

For instance, if you were at a Vegas Casino on a linked progressive slot machine with a fixed $5 bet per spin. Your money could be divided up like this: .25 cents adds to the progressive jackpot, $1.25 goes to the casino and the remaining jackpot of $3.50 is paid out in non jackpot wins. If you are playing non progressive slots at the same casino, in all likelihood your money would be divided up like this: $1.25 to the casino and $3.56 paid out on wins.

The example outlined above assumes that the casino has a 75% payout rate. In reality slots at Vegas casinos usually have payout rates that range from 70% up to as high as 87%. This is in contrast to that of the online casino which typically has payout rates that range from 89% and up to as much as 99%!

Online Progressive Jackpot games

So, just how large are progressive jackpots at online casinos? There is no easy answer to this question other than to say that they are growing all the time and at rapid speeds. The current record is $1.76 million and the exact same slot machine that paid that amount out in December 2005 currently has a jackpot of over $3 million dollars and growing. The slot game in question is Millionaires Club Progressive Jackpot Slot and when the jackpot is eventually won it will set a new record for highest progressive slot jackpot of any online casino as of present.

How do you pick a winner?

Picking the progressive jackpot to pay is really not as complicated as you may think. Once you know what the progressive jackpot starts at, what is its highest payout and what is the average payout. There are numerous slot sites that will give you this information including progressive jackpot reviews if you just take a moment and do a search using Google or Yahoo!.