One of the latest things to take off in the online casino industry is progressive jackpots. Many operators are using this strategy in order to attract and retain customers. The most highly sought after type of online gambling is video slots, and so online casinos have combined the popular games with attractive jackpots.
Gamblers are attracted to online slots because they are easy to understand and play, host exciting stories and there is the possibility to place insignificant bets. This is one of the most important factors as it allows gamblers the chance to win big money with little effort.
The prize fund of an average jackpot will differ depending on the number of stakes made by all gamblers at the time but also the type of slot you are playing.
What is a Progressive Jackpot?
Also known as a cumulative jackpot, this type of jackpot is a prize fund of a certain amount that is formed from certain percentage charges from all bets. This prize fund depends directly on the number of free spins.
Progressive Jackpots are made up of a percentage of each bet as well as taking in to account the number of players placing bets, most progressive jackpots can reach into the high thousands.
The positive of this is that a random user could decide to play a progressive jackpot slot on a whim and just happen to get the winning combination which means they automatically hit the jackpot. However, it also means that a player could dedicate serious time to a slot and return with nothing.
If no player is lucky enough to spin the correct combination then the jackpot is not given to anyone and instead is increases. A comparison of this would be the lottery – if no one wins one week then it is a rollover until someone matches the correct numbers.
All bets fund a progressive jackpot, regardless of the amount. This means that the more gamblers that are competing for the progressive jackpot by spinning the reels, the more money the lucky player will get if they hit the right combination.
The principal of a Progressive Jackpot
All slot machines are played using Random Number Generation (RNG) which means that there is no clear strategy of how to hit the jackpot. What you need to bear in mind while playing progressive slots is that in order to obtain the maximum amount of wins, you need to place high bets.
Types of Progressive Jackpots
There are 3 types of progressive jackpots that we have seen so far in online casinos:
- STAND ALONE PROGRESSIVE – based on the functioning of one slot and all its bets. These types of jackpots don’t reach high amounts, about there is more of a chance to win, especially compared to the rest.
- IN HOUSE – this jackpot is made up of all bets placed on all slot machines of an online casino.
- AREAWIDE – an extremely big cumulative jackpot. An independent provider forms the whole prize fund, charging a percentage from the whole chain of casinos using its gaming software.
Progressive Jackpot Meter
This is one of the most powerful advertising tools an online casino can use as they show gamblers the current amount in the prize fund. It appeals directly to the psyche of the gambler.
Jackpot meters can be seen not only on the online casino hosting it but are also used as informative banners on resource sites like UltraGambler. They are usually brightly coloured with animation to entice players. The mere fact that gamblers can watch the jackpot increase as more reels keep spinning is even more of an attraction.
Other Games with Progressive Jackpots
If slots are not your first choice of gambling then you will be happy to know that progressive jackpots are common in all types of gambling. This includes video poker, blackjack, roulette and more commonly the national lottery.
Jackpots can reach astounding amounts, for example back in 2016 one American lottery jackpot reached 1 billion 568 million dollars which were handed over to one lucky person that took a chance on the Powerball.
Chances of Winning a Progressive Jackpot
There are 100s of thousands of tips available online which claim to help you hit a big progressive jackpot. However, as stated before thanks to RNG there are no strategies proven to help. Among the most popular tips you will find the following:
- Choose a reputable online casino with a proven history of payouts.
- Only a big deal and established casinos have the facilities to offer big wins.
- Set a budget and DO NOT go over it – stay ahead of your finances.
It is impossible to predict the winning of a progressive jackpot, everything depends on sheer luck.
Not only are progressive jackpots effectively marketing strategy for all online casinos and software providers, but they are also a great way to turn new customers into loyal users. Gamblers’ loyalty plays an imperative part in the successful functioning of progressive jackpot games, if players don’t play then the jackpot would remain static.
UltraGambler only recommends online casinos with an established and proven record when it comes to payment execution.