Everyone loves a progressive jackpot and why wouldn’t you? The idea of playing away normally on a mobile slot and then suddenly discovering you’re a millionaire! There’s nothing else in gambling which works quite like progressive jackpots, where simply aside from a very normal game, you have the chance to just win a vast amount of money, no matter how much you were wagering.
Some gamblers spend their entire playing careers trying to track down the slots with the biggest progressive jackpots in the hopes of landing a life changing sum of money from a single spin.
While everyone loves progressive jackpots, not everyone understands exactly where the money that goes towards a progressive jackpot comes from. In this post, we’re going to take the opportunity to elucidate the situation for you and help you better understand where the money just waiting in that prize fund originates.
The easiest element of this to address is where the money for progressive jackpots comes from. Put simply, it’s the wagers that players make while playing the progressive jackpot make, which goes towards the progressive jackpot prize fund.
Basically, tiny percent (say 1% or 2%) of every single wager made on the slot is put to one side and, instead of being given back to players during the regular game, is put into a separate prize fund for the progressive jackpot.
With this system, the more players wager on the slot, the higher the progressive prize fund will grow. Of course, the more players, who are playing on a progressive slot, the more likely one of the will win, so it’s a double edged sword. Yet, some of the most popular progressive slots manage to regularly see players taking home jackpots in the millions of pounds — truly a life-changing event.
Now, you might wonder what happens if a player wins the jackpot: does the total suddenly go back down to zero to start again? Well, no. The thing is, although it’s highly unlikely, it is possible that a second player might win the progressive jackpot just hours after the last jackpot winner, meaning that if the total had gone back down to zero, they wouldn’t really get anything near a decent jackpot.
In order to address this issue, operators of progressive jackpots tend to have a primary progressive prize fund, as well as a secondary and often a tertiary which also have money added to them as the main pot grows. This means that when the main pot is won, the secondary fund becomes the primary, the tertiary becomes the secondary, while the primary becomes the tertiary. It’s not as complicated as we’re making it sound and it's actually a very elegant system to ensure everyone gets a decent shot at a big jackpot.
Now, while the chance of winning a progressive jackpot is a promising one, it comes at a number of costs. Primary among these is the fact that progressive jackpot slots tend to have a much lower return to player rate than their non-progressive counterparts.
Remember when we said that a small percentage of your wagers goes towards the prize fund? Well, that’s a percentage you’re never going to see again unless you win the jackpot.
Obviously it’s a small price to pay if you win the jackpot, but if you don’t it’s a little annoying simply to be losing money you have no chance of seeing again.