Progressive Slots are a relatively new
addition to the slots industry, as they only were developed after
the computer technology became so advances as to support them. The
early 1980’s were a time when the microchips that control much of
the computer programming inside the machine were added to the
traditional mechanical machines. In March of 1986, the machine
manufacturer IGT introduced the first multi-site linked progressive
slot machines.
The idea behind progressive slot machines is a simple
enough concept. There is a jackpot bank established for the game(s),
and said jackpot grows with each bet of the game(s). It does this by
having a portion of each wager skimmed and added to the jackpot. As
a result, the payout rate for normal wins will be slightly lower
than on non-progressive machines. But, once you take into account
the jackpot wins, the payout rate is equivalent to those of other
games.
An example of what may be programmed to happen inside a
progressive slot machine: If you are at a Vegas Casino and play a
$10 game, $0.50 cents will be added to the progressive jackpot,
$2.50 goes to the casino itself as profit and for maintenance, and
the remaining $7.00 is paid back to players in non-jackpot wins. On
a similar, but non-progressive jackpot machine in the same casino,
the funds would probably be divided up as follows: $2.50 to the
casino and the remaining $7.50 paid out in non-jackpot wins.
The preceding example is based on the assumption that
the imaginary casino has a set payout rate of 75%. This is an
underestimation, give that the majority of casinos have payout rates
ranging anywhere from 70% to 87%, with the majority in the 80’s
(competition with other casinos keeps the rates relatively high.)
Online casinos and internet gambling sites have a maintenance cost
advantage that allows them to keep their rates higher- ranging
anywhere from 89% to 99%!
With some amount being skimmed off each bet, progressive
jackpots can grow to huge amounts. Just how tremendous do jackpots
grow to? It’s difficult to judge; especially for online games. Each
bet results in a contribution, and for those bets that include
multiple lines, multiple contributions will be made. The current
record for largest progressive jackpot paid out is $1.76 million USD
and that same slot machine now has a total jackpot of over $3
million, and is still growing! It’s the Millionaire’s Club
Progressive Jackpot Slot. When it is won, it will have topped it’s
own record and set a new one.
With as many choices as there are for online
progressives, it can be difficult to find which game is right for
you. Though it may take a little research time, it’s not
exorbitantly hard to do. Find out for each game you’re interested
in, what the progressive jackpot starts at, what the highest payout
is, and what is the average payout. That will give you an idea of
what the potential win could be if luck is in your favor, and what
you may walk away with if you have an ok day. You can use search
engines like Google or Yahoo to do searches on reviews- oftentimes
they are great resources for the information you seek, as well as
references for current bonus specials. |
