The progressive jackpot first saw the light of day in the 1980s, when microchips were used in slot machines. The first progressive slots connected with each other appeared in 1986.
The progressive jackpot is the largest gambling win . Typically, it is only available in online slot machine games or video poker. Recently, however, the progressive jackpot can be won in blackjack and some other gambling games. The jackpot sizes are constantly increasing every time someone places a bet. The prize continues to grow until someone is lucky enough to win it. Some casinos even link multiple machines into one system that generates a progressive jackpot. If someone wins the grand prize on one machine, it becomes unavailable on the others.
Progressive jackpot slots Basics
The basic principle is as follows: as a rule, progressive slot machines pay out most of the bets back to the players, less than half is held by the casino, and a small part is added to the progressive jackpot fund. For example, you are placing bets of $ 5. In this situation, 25 cents will be spent on increasing the jackpot, $ 1.25 will remain in the casino and $ 3.50 will be returned to you.
In the above example, the casino payout percentage is 75%. However, this value can vary from 70% to 87% for traditional gambling establishments and from 89 to 99% for online casinos.
There is no theoretical limit to the progressive jackpot as it continues to grow until someone wins it. One of the most recent records was a $ 4 million win.