Even if you are unfamiliar with Online Pokies / Slots or Online Casinos in general, there is a high probability that you have heard about those lucky few who have won millions of dollars at a single game. Save for the Power Ball lottery winners, there are only a few other places where you can win this amount of money with just a spin, ticket, bet or whatever you choose in Australia.
What is a Progressive Jackpot?
As it pertains to a Slot or Pokie machine, a Jackpot is the “win” which you receive after hitting a specific set of symbols, numbers, images and the like. Jackpots are available in all types of games as well as local, state and multi-state lotteries. Those hundreds of millions dollar lotteries are all considered a form of Jackpots. These are the largest Jackpots available, although some of the Progressive Jackpots at land-based and online casinos are not too shabby.
In may cases the Progressive Jackpots are not from just one game/slot/pokie, but a multitude of games which are interconnected. The Mega Moolah Jackpot, which is the largest online jackpot ever (€18,915,721), is a network of games that are connected throughout the casino and other casinos. In the case of an online casino, the jackpot is interconnected with other online casinos that offer specific games from the same developer.
Fixed vs. Progressive
Unlike a fixed Jackpot, a Progressive Jackpot increases over time until there is a winner. A fixed jackpot could remain at a specified amount for months on end until someone wins. If its $10,000 today, then it will still be $10,000 in a year’s time if there is no winner. If a Progressive Jackpot is at $10,000 today, then within a year it could be 2x, 3x, 4x or more than the original amount.
Many online casinos will offer fixed jackpots on their websites. These are usually associated with a specific game and although they fluctuate, the usually remain around the same amount. Some individual online casino pokies / slots will provide a few jackpot options for winning. They usually come in 2 levels which are indicated as a “Minor” jackpot or “Major” jackpot.
Fixed Jackpots are not nearly as lucrative as the Progressive Jackpots, although they are more readily available and easier to win. As the amount increases on any Jackpot or Lottery, the number of bets or tickets increase which also reduces your odds of winning. If you’re not ready to swing for the fences, then it would be better to play the fixed jackpots.
Progressive Jackpots Wins
Casinos, both online and land-based, never do anything unless there is a chance to make a lot of money. This is especially true with the Progressive Jackpots and the large amounts they offer the winners. Don’t for a minute think that these types of Jackpots are the Casino’s way of offering money to its players without benefit to them. There is a method to the madness and its lucrative for both the player and casino.
When someone does win, whether its with a casino or even the multi-state lotteries such as Mega Millions, the amount awarded comes with specific terms and conditions. The most significant to the winner is the terms of the payout. It may come as a shock, but the winner will not receive the lump sum which is advertised.
The two options for collecting your winnings consist of receiving a lump sum which is below the winning amount advertised. If you decide on the lump sum it is usually around 40% less than the total amount. For example, if you win $100 million in a multi-state lottery, you will walk away with $60. This does not include the deduction of local, state and federal taxes.
To receive the “advertised” amount, you must take the win as an annuity which is spread out over several years. The Power Ball Lottery win is usually spread out over 29 years with 30 payments. On whether to take the lump sum or annuity is not a simple decision and must be decided on an individual basis whether it’s the Power Ball Lottery or a Mega Moolah Progressive Jackpot.
Big Pokie Wins Strategy
I guess you can look at the Progressive Jackpot as a win/win for both the Online Casino (FairGO) and Player. Although hitting the Jackpot is tempting to pursue as a strategy, it is one that will be fraught with disappointment. If you want to win at any casino, go with the strategy of attrition which consists of slowly picking away at the Casino with small but consistent wins. If you do happen to win the Jackpot, then take your money and run! Or play for free at least!