Progressive jackpots are special types of jackpots that tend to grow much larger than other types of jackpots. You might see regular jackpots top a few thousand dollars, but progressive jackpots can grow to be worth well over a million dollars (or pounds or euros).
What makes progressive jackpots different is that they grow over time. Regular jackpots are fixed in place at a certain amount. For example, the jackpots for hitting a Royal Flush in video poker are almost always set in stone. The same thing also goes for flat jackpots at certain slots.
As players insert coins at a progressive jackpot game, a small percentage of those bets is added to the jackpot. Over time, the jackpot grows larger and larger. Some player will hit the jackpot eventually and the jackpot will start over at a pre-set number.
Progressive jackpots are able to grow to such staggering amounts for a couple of reasons. First, they are very hard to hit. You do not typically see a single jackpot get hit more often than once every few months. The rarity of hitting these jackpots allows them to grow to enormous levels.
Second, progressive jackpots are often linked together across a chain of casinos. For example, there’s a popular progressive slot game on the internet called Aztec’s Millions. This game can be found at dozens of gambling sites. This jackpot grows quickly because it reaches a lot of players who are all wagering real money and adding to the jackpot bit by bit.
Progressive jackpots are not restricted to just slots. Certain table games also have progressive jackpots. The only thing you need for a progressive jackpot is a game that adds a portion of every wager to a central jackpot. Any time you play at these games, you have a chance of winning the jackpot.
Speaking of which, it is important to look at the rules of each game to understand how the jackpot works. Some slot games require you to bet a minimum amount of money before the big jackpot is activated. Some table games require a special side bet to activate the jackpot. Other games just award the jackpot to anyone regardless of betting amounts. It is important to know the difference.
What happens if you win?
Most online casinos have maximum cashout rules that state they will only send up to $4,000 a week. Fortunately, these casinos almost always have special rules for progressive jackpot winnings. It would take forever if they enforced that rule for million dollar wins. If you win the big one, you’ll get the payment in one lump sum.
More importantly, you should prepare yourself mentally for winning that much money. Most people who come into a sudden windfall of money eventually piss the money away. They spend too fast, loan money to their friends and generally make poor financial decisions.
If you ever win a massive jackpot, the first thing you should do is go talk to a reputable financial advisor. A competent advisor will ask you what your goals are and then help you make a plan to achieve those goals. The last thing you want to do is win a big jackpot and then spend it all on hookers and bottles of champagne.