You have probably heard of players being really lucky and winning millions of dollars from a single small bet. Is it really possible to win that much from online gambling? Yes, it is, with a Jackpot win.
The word ‘Jackpot’ comes from Poker, where players accumulate their bet in a single pot. Eventually, a player could use a Jack to start bidding for the pot. An online casino jackpot works in the same way. Everyone who plays the game contributes a small amount to the pot. Over time, the pot builds up until it is worth hundreds of thousands or millions of dollars.
There are many different types of online casino jackpots. In this post, we will talk about these jackpots, how to win them, as well as a few of the biggest jackpots ever won before.
What Online Casino Games offer Jackpots?
Most jackpots you will encounter while playing at an online casino are from Slot machines. There are several types of jackpots offered by online slots.
Slots are not always the best game to play at an online casino when you want to win real money. For starters, slot games have different volatilities that can affect how often and how much you win. Another thing is that online slots have a lower RTP than games like Blackjack or Roulette. Table games can reach up to 97% or 98% RTP, while most slots titles have 94-96% RTP.
RTP stands for ‘Return to Player’. It measures how much of your money you can expect to get back from a game after playing it for a long time. This is based on ‘average luck’. So, if you are lucky and win various bonuses and features, you can get back much more than this. That will lead to a profit.
Jackpot slots at online casino sites actually have even lower RTP than that – anywhere from 90% to 95%. The low RTP is because the actual jackpot win is not counted in the RTP. However, to compensate for the jackpot, the chances of other smaller wins is slightly lowered. Don’t let that stop you from aiming for the Jackpot.
Types of Jackpot Slots
You can find out Jackpot slots in a couple of ways. The easiest way is to search or filter for jackpot slots from the online casino’s game library. Most slots are usually labelled as a ‘Video Slot’ or ‘Jackpot Slot’. Another way is to check the Rules or Paytable info from inside the game. If the game has a jackpot, it will be mentioned there.
There are actually two kinds of Jackpots in slot games: Set Jackpot and Progressive Jackpot.
A set jackpot is fixed to a certain amount. This amount will be a specific number or a fixed multiplier on your bet. An example of this type of jackpot is a win worth “5000x the total bet.”
Set Jackpots are more common, but they also pay less. For example, a game with a 5000x set jackpot may have a maximum bet of $15, leading to a payout of only $75,000.
The other type of jackpots is progressive jackpots. As the name suggests, this jackpot progresses over time. The jackpot amount is variable, as it accumulates over time. When players make spins at a progressive jackpot slot game, a small portion of their bets are added to the jackpot instead. When millions of players worldwide are playing the same game, the jackpot amount builds up quickly.
Progressive jackpot slots tend to have lower RTP compared to other slots. This is due to the higher costs. However, progressive slots are the only type of game where you can become a millionaire with a single spin worth $1. The allure of the chance at jackpot is too great.
As you know, online casino operators do not develop all the games on their site. Casino software developers do this. In progressive slot games, the software developers also control the jackpot. It is shared across all the casinos the game is hosted on. A few of the biggest jackpots in the world are:
Developed by Microgaming, Mega Moolah holds the world record for the biggest progressive jackpot payout. In 2018, it paid out a win worth $20.06 million.
NetEnt’s Mega Fortune does not payout as often or as big as Mega Moolah. The biggest Mega Fortune payout was €17.86 million.
How to Win the Jackpot
The exact mechanics of a jackpot win varies from slot to slot. However, one part of it is constant – the jackpot wins are tied to the bonuses. Therefore, the best way to earn a jackpot is to focus on maximizing the game’s bonuses.
Casino Jackpot Strategies
There is no surefire strategy that will lead a player to the jackpot. The only way to get a jackpot is to keep playing until you get lucky. Fortunately, there are a few strategies to help with that part.
- Pick a reliable and trustworthy online casino.
- Make a budget, known as a bankroll. Use a small portion of the bankroll on each spin. If you lose a few rounds and exceed the budget, stop playing.
- Take advantage of promotions and bonuses. Online casinos offer lucrative bonuses on slot games.
- Study each game before you play it. Make sure you understand the mechanics of the game before you start spending money on it.
Winning a jackpot is the dream of many players. Casinos glorify jackpots as a way of becoming a millionaire overnight. Even a smaller set jackpot can be worth a life-changing amount of money – you could buy a new car, put a down payment on a house, or get a degree. There are so many possibilities to consider.
Before you get swept away by dreams, keep in mind that there are only a handful of jackpot winners every year. It’s an exclusive club. Very few are lucky enough to join. Persevere, and you might find yourself a member of it one day.