A progressive slot machine is a slot with a jackpot prize that increases by a set percentage with each spin played until the jackpot is won and the prize resets to a pre-determined level. The jackpot continues to grow as more people play the machine until somebody hits the winning prize.
Because a large percentage of the coins played are used to grow the progressive jackpot prize, the actual pay out percentage for smaller prizes is lower than other slot machines. Of course, the odds of winning the progressive slot big jackpot prize are very low but when hit, the progressive jackpot winning amount can be life-changing.
Progressive slot machines are relatively new. Whether you know about them or not this page could be useful to you. It will explain what these slots are, why they are beneficial and also help you find leading progressive slot machines. You’ll know how to make the most out of these valuable machines after reading.
While all progressive slots have a jackpot that increases with each bet made on the machine, there are three different types of progressive slots available with increasing prize amounts but decreasing odd of hitting the jackpot prize.
In-house progressive machines are groups of slot machines linked together and operated by the specific casino or sometimes the same gaming company across several casinos.
A stand-alone progressive slot machine is not linked to any other machines. It generally pays out similar to other stand-alone machines that are not progressive but it distributes the payouts in a way to have a large jackpot and very few, if any, smaller payouts. These types of progressive slots usually have the lowest payout amounts of all the types of progressive slots but usually hit a jackpot prize more often than the others.
In-house progressive machines are groups of slot machines linked together and operated by the specific casino or sometimes the same gaming company across several casinos. These machines tend to offer bigger payouts than the stand-alone slot machines but not as large of payouts as the biggest jackpots. Correspondingly, they pay out more frequently than the largest progressive slots and less frequently than the stand-alone machines.
The largest progressive slot machine jackpots are paid out by the wide-area progressive slots. These machines are linked together across multiple casinos and companies. These are the life-changing, millionaire-making progressive slot machines. However, the odds of winning are the lowest with these slots and can be similar to the odds of winning a mega-state lottery.
In order to be eligible to win the large progressive jackpots , you must play each spin with the maximum number of coins. To make sure you are in the running for the big prize, always use the “Max Bet” button or the game’s auto play feature with Max Bet activated in advance.
Many casinos have several banks of progressive slot machines, so read carefully and pick the slot machine within your budget with the highest payout percentages and the biggest jackpot amount. Don’t forget that the smaller jackpots will pay out at a higher percentage, so determine the game that suits you best: If you want to have a better chance of winning smaller prizes or you are willing to go with a longer shot of a larger jackpot. Some casinos offer multi-level progressive slot machines. With these machines, you can decide which level of jackpot you want to play.
If you’re going to play online progressive slots and want to realize the highest payout possible, then you must bet the maximum amount allowed.
It is rare to win a large progressive slot machine jackpot, but it certainly isn’t impossible. The largest progressive win recorded so far was back in 2003 when a software engineer from Los Angeles played the Megabucks progressive slot in Los Vegas and won almost $40 million! In that case, he hit the jackpot after only putting about $100 into the slot machine.
A more recent winner, a young marine, hit the jackpot of almost $2.9 million also after only playing about $100. The most recent progressive jackpot winner was in late 2013 when a Florida man brought home a top prize of over $10 million.