A Short History of Progressive Slots
Progressive slots weren’t possible in the beginning. In the 1980’s, microchips were added to slot machines. This made progressive slots possible. IGT, a manufacturer of slot machines, introduced the first multi-site linked progressive slots machines in March 1986.
Because they come from multiple machines, progressive jackpots can grow quickly. This is because many of them are spread across many casinos. For example, in Las Vegas, there have been casinos where players have won more that $8 million by winning a progressive Jackpot.
How progressive jackpots work
Progressive Jackpots are made by taking a percentage from each bet. Therefore, the payout rate for regular wins (not jackpot wins) is lower than regular slot machines. However, the payout rate will still be the same if you add the progressive jackpot.
You could win $5 per spin if you played in a Las Vegas casino. Your money could be split in three ways: 25c goes to the progressive jackpot, $1.25 to the casino and $3.50 to non-jackpot winners. If you played non-progressive slot machines at the same casino, it is possible to see your money split. $1.25 for the casino and $3.75 to win
This assumes that the casino has an average payout ratio of 75%. Payout rates for slot machines at land-based casinos vary between 70% and 87%. Online casinos have payout rates that range from 89% up to 99.5%.
An average online casino would pay out 95%. You would pay $5 per spin to play progressive jackpot online slots. The money will then be divided in the following way. $0.25 goes towards the online casino. The progressive jackpot is increased by $0.25. The $4.50 remaining is paid in non-jackpot winnings.
These statistics help you understand why so many people are playing online hardcore slots.
Online progressive jackpot games
Online gambling is more appealing than playing in land-based casinos because you can win more. You’ve seen how huge jackpots can be at land-based casinos. You will want to know how big the progressive jackpots at online casinos are. They continue to grow and the current record is $1.76million. It is worth more than $3.5 million to win the jackpot at the same slot machine as in December 2005. This is just the beginning. Millionaires Club is the name of this progressive jackpot slot. When it wins, it will be the online casino’s largest progressive jackpot slot.
Even after the current record is broken, a new record will likely be established in less than one year. It is amazing how fast progressive jackpots online increase. This record was held by a jackpot of just over $1million a few years back. I believe that the internet casinos will pay the largest jackpots over the next few years.