Progressive jackpot
Encyclopedia
A progressive jackpot is a jackpot (highest payoff) for a gaming machine (usually a slot machine
or video poker
machine) where the value of the jackpot increases a small amount for every game played. Normally multiple machines are "linked" together to form one large progressive jackpot that grows more quickly because multiple players are contributing to the jackpot at the same time.
The amount on the jackpot progresses (increases) a small amount for every play on a connected machine. The amount that the jackpot advances by is set by the casino
("the house"). For example, on a machine whose house edge is 5%, a generous jackpot contribution might be 1% (one fifth of the expected profit). The house is prepared to contribute some of the profit of a jackpot linked machine because players are attracted by the:
, it is possible to compute an optimal playing strategy based on the frequency for each payoff versus the odds of hitting that payoff. Since the jackpot of a progressive video poker game is constantly growing, it eventually can reach a break-even point where the machine becomes a positive expectation bet for the player.
When the progressive jackpot is less than the break-even point, there is a negative expected value (house edge) for all players.
In the long run, with optimal strategy, a video poker player can make a profit, although the "long run" is generally longer than most people think. (Several tens of thousands of plays.)
It is worthwhile to note that a break-even point cannot be easily calculated on a slot machine game, because the payback percentage for the game is normally unknown to the player. The break-even point in video poker can be calculated because the payback percentage for the game is a function of the paybacks and odds of the poker hands, which is based on a standard 52 card deck. The return of a slot machine is based on the published paytable, but also on the normally unpublished reels. For a five reel slot machine, the player would need to know each symbol on each of the slot machine's five reels, in order to calculate the odds. For a three reel slot, the reels are normally weighted, and this would not be possible. However, in some circumstances the manufacturer may publish the payout of their machines.
Savvy gamblers sometimes organize teams of players to play machines where the progressive jackpots generate a positive expectation situation. Such teams often displace ordinary players, making the machines unavailable just when they are at their most interesting. Team members will often have cell phones and work in shifts, calling another teammate to replace them when they're ready for a break. Some casinos have a policy of "no team play", and will eject players suspected of playing in such teams.
games sometimes include a progressive bad beat jackpot
. Caribbean stud poker
is another casino game
which often has a progressive jackpot available, and some online casinos offer progressive versions of blackjack
, roulette
, and other casino games.
. Both game variants have the same rules of betting and creating a hand, but progressive game allows the player to place additional $1 bet which gives the chance to win progressive jackpot. This bet wins in case the player holds a specific card combinations if the cards are dealt consecutively. In fact the player gets the special progressive payout awards which range from several dollars up to 100% of the whole pot. The amounts of progressive payouts depend on the gambling hall or online casino
visited.
Slot machine
A slot machine , informally fruit machine , the slots , poker machine or "pokies" or simply slot is a casino gambling machine with three or more reels which spin when a button is pushed...
or video poker
Video poker
Video poker is a casino game based on five-card draw poker. It is played on a computerized console similar in size to a slot machine.-History:...
machine) where the value of the jackpot increases a small amount for every game played. Normally multiple machines are "linked" together to form one large progressive jackpot that grows more quickly because multiple players are contributing to the jackpot at the same time.
The progressive jackpot meter
The amount of the jackpot is shown on a meter as a money value. Usually the jackpot can only be won by winning the combination with the highest payoff, e.g. a royal flush at a video poker game, or five of the most valuable symbols (lemons, cherries, alligators, etc) on a slot machine. Once a player wins the jackpot, the jackpot resets to a preset minimum level.The amount on the jackpot progresses (increases) a small amount for every play on a connected machine. The amount that the jackpot advances by is set by the casino
Casino
In modern English, a casino is a facility which houses and accommodates certain types of gambling activities. Casinos are most commonly built near or combined with hotels, restaurants, retail shopping, cruise ships or other tourist attractions...
("the house"). For example, on a machine whose house edge is 5%, a generous jackpot contribution might be 1% (one fifth of the expected profit). The house is prepared to contribute some of the profit of a jackpot linked machine because players are attracted by the:
- relative novelty of progressive jackpots (generally, only a small fraction of the house's gaming machines will be connected to a progressive jackpot)
- constantly changing meter, often displayed on large LEDLEdLEd is a TeX/LaTeX editing software working under Microsoft Windows. It is a freeware product....
or LCD displays - large amount of the jackpot, which eventually motivates more players to play the game.
Qualifying
Usually only players who wager the maximum number of credits per play qualify to win the jackpot. All wagers, whether or not they are maximum credit bets, contribute to the jackpot though. As a result, a game which requires a 10 credit wager to qualify for the progressive jackpot will tend to have the progressive jackpot rise to higher levels (relative to its break-even level) than a game that requires only a 5 credit wager to qualify.The break-even point
In some games such as video pokerVideo poker
Video poker is a casino game based on five-card draw poker. It is played on a computerized console similar in size to a slot machine.-History:...
, it is possible to compute an optimal playing strategy based on the frequency for each payoff versus the odds of hitting that payoff. Since the jackpot of a progressive video poker game is constantly growing, it eventually can reach a break-even point where the machine becomes a positive expectation bet for the player.
When the progressive jackpot is less than the break-even point, there is a negative expected value (house edge) for all players.
In the long run, with optimal strategy, a video poker player can make a profit, although the "long run" is generally longer than most people think. (Several tens of thousands of plays.)
It is worthwhile to note that a break-even point cannot be easily calculated on a slot machine game, because the payback percentage for the game is normally unknown to the player. The break-even point in video poker can be calculated because the payback percentage for the game is a function of the paybacks and odds of the poker hands, which is based on a standard 52 card deck. The return of a slot machine is based on the published paytable, but also on the normally unpublished reels. For a five reel slot machine, the player would need to know each symbol on each of the slot machine's five reels, in order to calculate the odds. For a three reel slot, the reels are normally weighted, and this would not be possible. However, in some circumstances the manufacturer may publish the payout of their machines.
Advantage play
Advantage players who only play when the progressive jackpot provides them with a positive expectation situation still generate revenue for the casino. This is a unique situation where the player has an advantage over the house, yet the casino is still making a profit from the player. This situation occurs because the bulk of the progressive jackpot has been bought and paid for by the other players' contributions to the jackpot.Savvy gamblers sometimes organize teams of players to play machines where the progressive jackpots generate a positive expectation situation. Such teams often displace ordinary players, making the machines unavailable just when they are at their most interesting. Team members will often have cell phones and work in shifts, calling another teammate to replace them when they're ready for a break. Some casinos have a policy of "no team play", and will eject players suspected of playing in such teams.
Player's clubs
Most casinos offer golf clubs, which pay back a percentage of a gambler's wagers on their games in the form of cash rebates and other perks with a monetary value. Participating in a slot club can reduce the break-even point of a progressive jackpot game because of the value of the rebate on each wager.Other jackpot games
Progressive jackpots are not limited to slot machines and video poker. PokerPoker
Poker is a family of card games that share betting rules and usually hand rankings. Poker games differ in how the cards are dealt, how hands may be formed, whether the high or low hand wins the pot in a showdown , limits on bet sizes, and how many rounds of betting are allowed.In most modern poker...
games sometimes include a progressive bad beat jackpot
Bad beat
In poker, bad beat is a subjective term for a hand in which a player with what appear to be strong cards nevertheless loses. It most often occurs where one player bets the clearly stronger hand and their opponent makes a poor call that eventually "hits" and wins...
. Caribbean stud poker
Caribbean stud poker
Caribbean Stud poker is a casino table game with rules similar to five-card stud poker. However, unlike standard poker games, Caribbean stud is played against the house rather than against other players...
is another casino game
Casino game
Games available in most casinos are commonly called casino games. In a casino game, the players gamble casino chips on various possible random outcomes or combinations of outcomes. Casino games are available in online casinos, where permitted by law...
which often has a progressive jackpot available, and some online casinos offer progressive versions of blackjack
Blackjack
Blackjack, also known as Twenty-one or Vingt-et-un , is the most widely played casino banking game in the world...
, roulette
Roulette
Roulette is a casino game named after a French diminutive for little wheel. In the game, players may choose to place bets on either a single number or a range of numbers, the colors red or black, or whether the number is odd or even....
, and other casino games.
Progressive blackjack
Progressive blackjack game usually does not differ much from the conventional blackjackBlackjack
Blackjack, also known as Twenty-one or Vingt-et-un , is the most widely played casino banking game in the world...
. Both game variants have the same rules of betting and creating a hand, but progressive game allows the player to place additional $1 bet which gives the chance to win progressive jackpot. This bet wins in case the player holds a specific card combinations if the cards are dealt consecutively. In fact the player gets the special progressive payout awards which range from several dollars up to 100% of the whole pot. The amounts of progressive payouts depend on the gambling hall or online casino
Online casino
Online casinos, also known as virtual casinos or Internet casinos, are online versions of traditional casinos. Online casinos enable gamblers to play and wager on casino games through the Internet....
visited.
List of popular progressive games
- Millionaires Club
- MegaJackpots
- Wheel of Fortune
- Regis' Cash Club
- Mega Moolah
- Deal or No Deal
- Monopoly
- Indiana Jones and the Last Crusade
- Mega Fortune