Progressive jackpots have been a popular feature in the gambling industry in both online slots sites and physical casinos. Their most significant appeal is the chance to win substantial amounts of money in just a single spin.
But, seeing that progressive jackpots can reach millions, how exactly are they paid out? To find out how progressive jackpots are paid, what happens if you win and which slot has the best progressive jackpot, continue reading.
What Is A Progressive Jackpot?
A progressive jackpot is a potential grand prize for a particular slot game with a prize pool that accumulates with each spin until a player wins it. Usually, standard slot games have fixed jackpots. The potential top prize remains the same, regardless of how many players are playing the game.
However, with a progressive jackpot, the prize pool increases with a small portion of each player’s bet across the player network. However, this is not just any bet of any progressive jackpot slot. It can only be a bet of the same progressive jackpot; there can be multiple slot games that are part of the same progressive jackpot.
For example, if you are playing the Mega Moolah slot and someone next to you is playing Mega Fortune, their bet is not going into your Mega Moolah prize pool. Therefore, only Mega Moolah bets would contribute to the Mega Moolah progressive jackpot pool prize.
In addition, a progressive jackpot can potentially reach multi-millions because it is connected to a player network across the world (in that particular slot’s network) where so many players are playing and contributing to the prize pool. It does not stop growing until it is won.
How Are Progressive Jackpots Paid Out?
Now that you know what progressive jackpots are, let’s break down the ins and outs of how they are paid out. You’ve spun the reels and hit the jackpot-winning combination. Now what?
The actions that follow winning a progressive jackpot depend on the casino and what type of a progressive jackpot it was. If your payout is smaller, the casino may pay it immediately or over a period of a few days. But, again, each casino has its own rules. Additionally, most casinos have withdrawal limits, so you may be more likely to withdraw it over an extended period.
But, the process is usually straightforward. Once everything has been processed, the funds may go straight into your casino account, and you can withdraw them directly into your chosen withdrawal method. For some casinos, the withdrawal can be immediate, but you’re more likely going to receive it after a few days, maybe 3 to 7 business days.
However, if your wins are in the multi-millions, the software company is more likely going to be the one making the payouts. They can pay out in a lump sum after doing all the necessary verifications, or they can pay it out in instalments over a certain period.
What Happens If You Win a Progressive Jackpot?
If you’re an avid casino player, then you know that, while hard to win, progressive jackpots are not an elusive dream no one ever quite catches. There is documentation of several people winning all sorts of jackpots, including multi-million progressive jackpots. For example, in 2021, one player won £19,465,463.52 from the Absolootly Mad Mega Moolah jackpot.
So, what happens if you are one of the progressive jackpot winners? Firstly, the game would announce across its network that someone has won, and then, it resets back to the seed amount.
Progressive jackpots never start from zero because they need to attract players with something. So, they have a seed amount which is a starting amount. Then this amount grows with each new bet until it is won. For example, the Absolootly Mad Mega Moolah progressive jackpot is seeded at 1 million.
Then, you start the claiming process, following the terms and conditions of your chosen casino and the progressive jackpots you won.
What Is The Best Progressive Slot Machine To Play?
Due to their significant win potential, progressive jackpots have become popular among slot players. So it is only logical that you would want to play only the best of the best.
Though many progressive slot machines are available, Mega Moolah is the most popular one so far. This animal-themed slot machine has four progressive jackpots, with the Mega jackpot being the most sought-after.
With a seed prize of £1 million, the Mega Moolah jackpot has been won by over 70 people since 2015. With an RTP rate of 93.42% and a minimum bet rate of £0.25, it’s easy to see why this game is voted amongst the best.
Want to give this slot game a try? You can spin it here at Wizard Slots casino! You can also check out the rest of our collection of over 1,000 casino games. But remember, slots are a game of chance, so there is no guarantee you will win. Remember to play responsibly.
*All values (Bet Levels, Maximum Wins, etc.) mentioned in relation to this slot game are subject to change at any time.