The gambling industry is known for its cautious and prolonged approach to innovation; after all, games such as blackjack are played in precisely the same way as it was in the time of Frank Sinatra and the Rat Pack. However, if the casino industry comes up with a great idea, it means a complete change in the way casino games work or even the casinos themselves.
One of these groundbreaking innovations were so-called progressive jackpots, which allows players to win an incredible amount of money even for minimal bets. Slots with jackpot are common now and be found in every online casino. For example, the JoyCasino offers several jackpot games with total value of 22 million dollars.
History Of Progressive Jackpots
In 1986, with the help of the enormous slots boom caused by the invention of video slots, IGT forever changed casino games by introducing the first slot machine (Megabucks) with a progressive jackpot that allowed people to win millions. This improvement became a complete sensation and soon changed the gambling industry almost beyond recognition – the jackpot era was born.
Until the release of Megabucks, the biggest payout on slot machines was the fixed jackpot. Even the biggest fixed jackpots did not exceed winnings worth 1 million, which is undoubtedly a lot of money, but it is not an amount that would change your life. However, Megabucks was a video slot that had a variable jackpot, with money added to it every time someone played it. Instead of winning thousands, a lucky winner could leave with a prize of several million or even tens of millions. Which eventually happened, since the biggest win on Megabucks win 39.7 million dollars.
Of course, if the jackpot was generated by only one slot machine, the main prize grew only very slowly. However, if several slot machines were connected across several casinos, for example, the jackpot grew rapidly.
The first Megabucks machines in American casinos were connected via telephone lines, so players in Nevada and Atlantic City could win the same jackpot at the same time. The first jackpot was paid in February 1987 and amounted to almost $ 5 million. This, of course, further increased the popularity of progressive jackpots.
Progressive Jackpots On The Internet
Thanks to modern technologies, we do not have to go to land-based casinos gambling anymore, but we only need a computer or smartphone. Unfortunately, you will not find the legendary Megabucks slot on the Internet, but you will find dozens of other online games with a progressive jackpot.
The principle of a jackpot in an online casino is pretty much the same. From each bet on a given game, 2% to 5% is placed in the common pot. As soon as one of the players hits the winning combination, he/she wins the total amount saved, and the value of the pot decrease to the initial level.
Although the number of slots that contribute to the creation of the jackpot is much higher, the jackpots actually won are somewhat smaller in the online environment. This is logically due to the fact that more people play it, and therefore the jackpot falls more often. The highest jackpot so far won at online slot is $21.7 million. The chances to win such a prize is estimated to be 1 in 50 million.