Casino Slots Big Jackpot
When it comes to slot machines, you have two broad categories. There are flat top slot machines, and there are progressive slot machines.
A flat-top slot machine is more common, and it’s a game where the top prize is a fixed amount. 1,000 coins is a common prize, but it varies by machine.
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Progressive slot machines, on the other hand, have top prizes (jackpots) that grow over time until they’re hit. They can be compared to lottery games in that respect. You know how the lottery gets bigger every week if there was no winner the previous week? Hitting the progressive on jackpot on real money slot machines is just like that.
How Big Does the Jackpot Get on a Progressive Slot Machine?
The obvious first question is, how big does the jackpot on a progressive slot machine get? The answer is that it varies based on the game.
You can find progressive jackpots that rival lottery prizes in size. The Megabucks slots in Nevada have the biggest progressive slot machine jackpot in the world. The jackpot starts at $10 million and grows until someone hits it.
When I wrote this post, the jackpot was at $15 million and growing. The biggest the jackpot ever got was in 2003, when it had risen to almost $40 million before getting hit. It’s also gotten as big as $35 million before being hit, too. But that’s on the outside end of the spectrum.
Progressive jackpots can also be much smaller, depending on the casino and the specific game. You can find plenty of progressive jackpots on the other end of the spectrum, too. Online progressives can be as low as $500 or $600.
The advantage to lower-sized progressive jackpots is that you’re more likely to win one. The odds of winning something like Megabucks are astronomically small.
What Does a Progressive Jackpot Do to the Expected Return?
If you’re not familiar with the expression, the “expected return” for a slot machine is the percentage of the money you get back in the long run when playing the machine. It’s expressed as a percentage, and it’s always less than 100%.
Here’s what that means: If you have a slot machine with an expected total return of 94%, you expect to get back 94 cents for every dollar you put into the machine.
If you’re an average slot machine player, you might make 500 spins per hour. If you’re playing for a dollar per spin, you’re putting $500 through the machine per hour.
94% of $500 is $470, which means you’ll lose an average of $30 per hour on that machine.
That’s no guarantee, by the way. That’s an average you can expect in the long run, over dozens of hours. In the short term, you might see an hour or a session where you were up $30 or even $300. You might see other hours or sessions where you lost $60 or $120 or even more. That’s why it’s random.
The Size of the Jackpot Has an Effect on the Actual Return
The actual return on a machine is the actual amount you get back. This is opposed to the theoretical return on the machine, which is what most people mean when they talk about expected return.
But when you’re dealing with a jackpot that has such a low probability of being hit, its theoretical return might as well be zero. After all, if the probability is so close to zero that you might not expect to hit it in a lifetime of play, it might as well not even count.
Megabucks is a good example. The odds of winning the jackpot are about 1 in 50,000,000. How long would it take to make 50,000,000 spins on Megabucks?
At 500 spins per hour, you’re looking at 100,000 hours of play. If you played Megabucks 40 hours a week for 50 weeks a year, you’d get in 2,000 hours of play. That’s 50 years of playing Megabucks as a full-time job.
No one I know would want to spend 50 years playing for that jackpot. So, you might as well subtract the expected value for the jackpot from the overall expected return for the game.
Usually, this means that the expected return for a big progressive jackpot is effectively lower than it would be if you were playing a flat top slot machine game.
What Kinds of Progressive Jackpot Slot Machines Are There?
I mentioned before that I like to categorize things, and I’ve found that categorizing progressive slot machines is easy. You have three types:
- Individual machines
- Local area-networked machines
- Wide area-networked machines
An individual machine with a progressive jackpot has a jackpot that grows as you play it. The jackpot also grows when someone else plays it. But it doesn’t grow when it’s not being played. A percentage of each bet “fuels” that jackpot, so the jackpot ticker doesn’t move when no one is playing the game.
It’s a jackpot ticket for an individual machine. Local area-networked machines are slot machines in a single casino and sometimes in the same bank where your play on any of the networked machines that fuels the jackpot. When someone on any of the networked machines wins, the jackpot resets to its original amount.
Generally, the gambling games with the biggest jackpots are wide area machines, and the games with the smallest jackpots are the individual machines.
What Happens When You Gamble and Win a Jackpot?
First, the machines don’t pay out immediately in coins when you win a progressive jackpot. Such a payoff would be impractical.
A flashing light usually goes off on a progressive jackpot machine when it’s hit, and a slot machine attendant will visit you. The casino will set things up for you so that you get paid. If it’s a huge jackpot like Megabucks, it’s similar to winning the lottery.
You don’t just get a check handed to you. But you do get paid. Also, keep in mind that gambling winnings are taxable income. The casino will provide you with an earnings report. You should keep a diary of your gambling expenses so that if you do win big, you can defray at least some of the taxes you owe with these expenses.
You can’t defray expenses unless you’re a winning player, though, and you can never claim more in losses than you’ve won in a calendar year.
This is true for any United States casinos, and it applies to any winnings at the casino over a specific amount. Small wins like $50 are no big deal and don’t get reported, but once you get into progressive jackpot territory, they definitely get reported.
How Do You Win Progressive Jackpot Casino Slot Machines?
There’s no magic trick to winning at progressive slots. They’re like the lottery. No amount of superstition or astrology can help you win. You just have to get lucky.
It also doesn’t matter where the slot machine is located in the casino. For years, people have suggested that the loosest slot machines are the ones nearest the walkways in the casinos, but that’s just one of the common casino myths. It might have had some basis in truth at one time. But as far as I know, no casino or casino manager makes it that easy to spot the “loose” progressive slots.
Conclusion
Hitting the jackpot with progressive slot machines is something most of us will never achieve. If you do become a progressive jackpot winner, it will probably be on one of the games with the smaller jackpots—the individual machines.
Still, it’s fun to watch the jackpot ticker grow constantly, and it’s even more fun to daydream about what you’re going to do when you win all that money.
There isn’t a single casino enthusiast who hasn’t dreamt about winning the jackpot. What could be more satisfying than taking a spin on a slot machine to have a $100,000.00, $1 million or even $10 million jackpot triggered that would change your life forever? Not much!
But how do you win the jackpot at a penny slot and how is it possible that winnings can reach such enormous amounts? These are just two of the questions that we will be answering in the following guide. In this, we will also take a look at some of the biggest penny slot winners online, as well as in Vegas, and share useful strategies that you may want to apply when going after the life changing reward.
This Is a Penny Slot
The term penny slot is used to describe any slot machine that allows you to bet 1 cent per payline. While this may sound obvious, the reality is that more often than not you will be paying 10, 20, 25 or even up to 50 cent per spin. This is because the vast majority of today’s slot machines don’t allow you to change the number of paylines that you would like to play with. So if a penny slot comes with 20 fixed paylines, the minimum bet will be 20 cents.
Modern slots are very different from how slots used to be back in the days. In the late 1990’s, many slot machines only had a single payline. Back then it made sense for a penny slot to actually be played at a minimum stake of 1 cent.
How Do Jackpots in Penny Slots Work and How Big Can Winnings Get?
Penny slots that offer jackpots are not much different from any other slot machines. Depending on how you define the word jackpot you could even say that they’re identical. This is because jackpot is sometimes thrown around as a term to describe a really big win or the maximum win of the slot machine and all slot machines have a maximum win. It would be quite weird if they didn’t, now wouldn’t it?
However, most of the time when someone speaks about a jackpot in a penny slot, they’re referring to a progressive jackpot. In difference to a fixed amount that can be won, this means that the jackpot is constantly growing bigger as players are spinning on the machine. A certain percentage of every stake that is made will simply contribute to the jackpot, which keeps growing until it has been won.
For instance, if 5% of every stake is contributing to the jackpot and you make 100 spins at a stake of $1 each, you would solely increase the jackpot amount by $5. A total of $100 has been spent and 5% of this has been added to the big prize.
Since the jackpot has no upper limit to it, this means that lucky penny slot winners can become filthy rich if they play a slot at the right time and manage to hit the jackpot. Winnings can easily reach several million dollars. Some slot machines even have their jackpots set to a $1 million starting value.
Not All Jackpots Can Pay as Much Though
As jackpots grow bigger and bigger until someone has won them, there are two things that affect their likelihood of reaching a certain amount. The first thing is the probability of hitting the jackpot. The harder it is to hit the jackpot, the more likely it is for the cash prize to grow big.
The second thing that matters is the percentual contribution. If players pay more of their stake towards the jackpot, it’s obviously going to grow quicker and become larger.
To fully understand the concept of penny slot jackpots, you must know that there are three different types of them. More often than not, a single slot machine is making use of at least two of these. This is when the machine has more than one jackpot that can be won. For instance, a “Mega”, “Major” and “Minor” jackpot.
The three different types of penny slot jackpots that exist are known as “Global Jackpots”, “Local Jackpots” and “Stand-Alone Jackpots”. Below, we have briefly described all three of these.
Global Penny Slot Jackpots
These are the major type of jackpots that can pay truly life changing amounts of several million dollars. The jackpot is globally connected to all slots that have the same name or belong to the same series. An example is the popular slot Mega Fortune which can be found at many of the best online casinos in the US. No matter what casino you choose to play this slot at, you will find that the “Mega Jackpot” is identical.
Another example is the Mega Moolah series that consists of several games, such as the original Mega Moolah; Absolootly Mad; Atlantean Treasure and Fortunium Gold. You can pick any of these games and will find that the “Mega Jackpot” is the same.
Local Penny Slot Jackpots
Jackpots that are locally connected with each other are connected within a specific network. What this means in reality is that if a gambling company is running multiple casinos, the local jackpot will be the same at all of these casinos. However, should you visit the same slot machine at another gambling site that isn’t part of the network, the jackpot amount would be different.
Mega Fortune, which we mentioned above, is one of many penny slots that have a local jackpot (actually two) in addition to its global one; the “Major” and “Rapid” jackpot.
While local jackpots always pay much less than global ones, many can still reach substantial amounts of up to $100,000.00 or even more.
Stand-Alone Penny Slot Jackpots
These types of jackpots are usually those that can pay the least; expect your penny slot winnings to be capped at $20,000 or so. The jackpots aren’t connected to anything at all, except for the specific slot machine that you are playing. So if a penny slot has gotten a stand-alone type of jackpot, the jackpot amount will always be different when you go from one game to another, even though the games are the same.
It doesn’t matter if we’re talking about two identical slots in the same venue (when playing land based) or two identical slots at two online casinos that are both owned by the same company. If the jackpot is stand-alone it is only connected to one slot machine and only spins that are made on that particular slot machine will contribute to the jackpot amount.
How to Hit the Big Win in Penny Slot Machines
Hitting the jackpot in a penny slot is not exactly rocket science. It almost always comes down to being lucky and to win big you will need a ton of luck. However, there are some things that are good to be aware of in terms of how the jackpot win happens.
The one and only crucial thing that comes to mind, is that some slot machines require you to bet a certain amount to be able to trigger the jackpot. It may for instance be that the minimum stake of the slot is 20 cents, but to have chance at the jackpot you would actually be required to bet at least 40. Make sure that you read the paytable of the slot so that you aren’t spinning for too little.
In some penny slots you can also affect the probability of winning the jackpot by betting more or less. It’s not too uncommon to find that the probability is linear to your bet size. This means that a 40 cent bet would have twice the chance of hitting the jackpot compared to a 20 cent bet.
When it comes to actually triggering the jackpot, this is often done during some kind of a bonus round, such as spinning a lucky wheel. This bonus round can either be activated randomly as you play or by hitting a certain set of symbols. There are also penny slots though where the jackpot is simply and instantly won by lining up the right type of symbols on the reels.
Some of The Biggest Jackpot Wins in Penny Slots Listed
Every year there’s a ton of newborn millionaires that have made a fortune from gambling. Some of these lucky people have hit the jackpot and gotten their big wins from penny slot machines. Below we have mentioned a couple of these wins, which include some of the biggest ones that have been won over the internet as well as in the gambling capital of the world, Las Vegas.
Biggest Penny Slot Wins Online
Please note that the big wins that we have listed below are all from different kinds of penny slot machines. We have mentioned the biggest ones from each machine. Had we only mentioned the largest jackpot winnings, Mega Moolah and Mega Fortune would have been the only slot machines on the list as these two games have paid massive amounts a heap of times.
Also note that the winning values below are listed in Euros, which means that if you’re an American the wins are actually much bigger than they already look.
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Biggest Penny Slot Wins in Vegas
Being the gambling capital of the world, there’s no doubt that there have been ton of massive jackpot winnings from penny slots in Vegas. However, unfortunately it has been very difficult for us to find information about them.
With that being said, we have managed to scrape together a list of a couple of huge payouts that we’ve found. In this list we have also mentioned where the winnings have occurred. Turns out that Pahrump Nugget is worthy the name of being one of Vegas’s most paying casinos!
How Often Are Penny Slot Jackpots Won?
How long is a rope? All jokes aside, this will vary widely from one jackpot to another. Not only do all slot machines have different probabilities to their jackpots, but slots are also more or less popular. Even if the probability of hitting the jackpot is the same, the slot that is played more often will obviously have its jackpot won more frequently.
However, if you’re looking to win life changing amounts, we can give you somewhat of an idea. Below we have listed statistics from a couple of penny slot machines and their biggest jackpots. These statistics include how often the big jackpot is won on average; how many times it has been won since the game was released and what the average payout of it has been.
Jackpot Strategies to Use in Penny Slots Online
Let’s not beat around the bush. If you want to win a big jackpot from a penny slot you will need all the luck in the world. The life changing jackpot amounts of several million dollars that we all want to get our hands on are super rare, to say the least. As an example, playing with a 25 cent stake in Mega Fortune, the probability of winning the Mega Jackpot is about 1 in 3 million.
Unfortunately, there’s no strategy in the world that can change the fact that winning the jackpot is extremely hard. However, there are in fact strategies that can improve your chances and make the hunt of the big prize a more profitable one in terms of your long term return of investment. Let’s have a look!
Maximize Your Returns by Playing When the Jackpot Is High
In difference to normal slot machines, penny slots that offer a progressive jackpot have no fixed RTP (Return to Player). In other words, the amount that you are expected to win in the long run will vary.
This is because RTP is based on the probability of winning and the amount that can be won. In normal slot machines both of these values are static. In progressive jackpot slots, on the other hand, the amount that can be won is varying as the jackpot grows bigger and bigger until it’s eventually reset.
As you can imagine, this means that the higher the jackpot amount is, the higher the RTP of the slot, thus the more profitable it becomes. There are even occurrences when a jackpot has reached such a high amount that the slot has become favorable to play with an RTP above 100%.
If you want to maximize your returns chasing the big win in a penny slot machine, a valid strategy is to only play when the jackpot is really high. People have then spent their money to boost the value of the slot, which is value that you are able to take part of.
Choose the Casino That Has the Highest Penny Slot Jackpots
As previously explained in the guide, there are three different types of penny slot jackpots. While the global one is the one that you would like to trigger, this is often accompanied by one or two local jackpots that could give your bankroll a nice boost.
No matter the casino you choose to play at, the global jackpot will be the same. The local ones will, however, vary in size. This means that by choosing the right casino to chase the big jackpot win at, you can affect the expected value of your session, similarly to what we just said above.
The bigger the local jackpot is, the higher the RTP. There’s no reason to chase a million dollar jackpot with a side jackpot of $10,000 if you could chase the same million dollar jackpot with a side jackpot of $100,000. After all, the local jackpots are much easier to trigger than the global ones.
Bet More to Have a Higher Chance of Winning the Jackpot
We’ve already covered this in the article and as we said the probability of winning the jackpot is often linear to your bet size. We mentioned early that the big penny slot jackpot in Mega Fortune is won once in 3 million spins when playing at a stake of 25 cents. Should you, on the other hand, bet the maximum amount in the slot (which is $200), the probability would be 1 in about 15,000. Now that’s a huge difference and a number that isn’t that far away.
The strategy of betting more may of course be a very costly one depending on your budget, but it does work very well in combination with the other two. If the jackpot is high, and perhaps even high enough to yield a long term positive return, you may want go all in for a real chance of actually winning it.
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