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- What is a Jackpot Slot?
- Types of Jackpot Slots
- Why Should You Consider Playing Jackpot Slots
- How to Play Jackpot Slots and Win
- What Next After Winning a Jackpot?
Just like physical casinos, online casinos have several types of games. Yet, when it comes to winnings, none of them offer huge prize pots like jackpot slot, which have potential winnings that go well above millions of dollars. Whether you’re comparing the roulette wheel spin or the card-dealing of the blackjack table, it’s easy to get tempted to play the game that has the highest jackpot amounts.
Jackpot hunters are thrilled by the possibilities that come along with spinning the reels and win 6 to 7 figure amounts. What’s more, you’re more likely to win in a jackpot, on top of the payouts. Continue reading this comprehensive guide to learn more about jackpot slots.
What is a Jackpot Slot?
Simply put, a jackpot is the large cash prize you get after playing an online game, but it can also mean progressive slot games. These are slot games within crowdfunded jackpots that have build up over time. To avoid confusion, you may want to use the term jackpot to refer to the award you get after winning and jackpot slots to refer to the slot games offered by online casinos.
Regular slots differ from jackpot slots. There’s a fixed maximum payout in regular slot games, while jackpot slots have different top prizes, and they also offer a 5 to 7 digit reward on just a single spin. However, while the thought of becoming an instant millionaire may sound like a dream come true, you have much to learn about jackpot slots.
Types of Jackpot Slots
Before you can start playing, you must understand the different types of jackpot slots offered by online casinos.
Just like the name suggests, this type of slot has cash prizes from accumulated bets made by other players in the specific casino. For this reason, most local jackpots have smaller cash prizes because there are fewer players that contribute to the prize pot. For example, although other casinos can offer a certain slot, the total prize is limited to the amounts accrued from bets made by the players in a specific casino. Therefore, only the registered players in the casino can win the top cash prize.
You’ve probably heard of casino players becoming millionaires overnight after playing a single game. In progressive jackpot slots, the prize pots can reach astronomical amounts over a certain period. The progressive jackpots grow every time a player makes a bet, and these bets contribute to the top price regardless of whether you make a bet at a participating casino or in a slot linked to the entire network.
Therefore, every time you wager $5 on a progressive jackpot slot game, a percentage of your bet goes towards the top prize. However, although progressive jackpot slots have multi-million cash prizes, there’s a catch. The amounts in these slots can reach such high levels because they’re very hard to hit.
Pooled or network jackpots
These are the largest of all lots because the prizes are crowdsourced from players across different casinos who host the same game. The player’s bet is added to the main cash reward, which means it can grow into an enormous amount of real money that is up for grabs to anyone who contributed. In most cases, the network or pooled jackpot is hosted in online casinos that operate on a similar platform or uses the same software provided and mainly focuses on a particular game.
These jackpots are also referred to as standalone jackpots. And, the prize offered in this jackpot slot doesn’t grow bigger. However, it replenishes, and it is available to be won again as soon as it is hit. Since this jackpot is established into the game itself, the amount the player wins doesn’t depend on the amount of money they deposit. It is generally possible to win the jackpots two times in a row and get the same amount every time.
With fixed jackpots, the player should be mindful of the particular wagering requirements. This is because many casinos may not instantly pay pout the jackpots, and the player might need to have wagered a minimum amount to be able to get their cash rewards.
Some slot categories feature more than one jackpot. For instance, the Mega Moolah has four jackpots, which makes it one of the most popular jackpot slots in the world. These games are designed so that a single game can trigger numerous bonus rounds that create a chain reaction giving you more spins that increase your odds of winning multiple jackpots. The multiple jackpots can sometimes be triggered randomly when playing.
However, it’s important to note that there’s no single approach that you can use to win in multiple jackpots. Therefore, in order to increase your odds of winning, you may want first to study the paytable to understand how this type of jackpot slots works. Examining the pay lines, bonus features, and the special symbols will help you prepare to hit the jackpot.
Why Should You Consider Playing Jackpot Slots
There are several ways you can become a professional gambler – poker, daily fantasy sports, sports betting, and card counting. While slots machines may seem like the last type of game to help you become a pro gambler, they allow you to win big under the right circumstances. Apart from the opportunity to win the jackpot, other reasons why you should play jackpot slots include:
- There are larger cash prizes
- The prize pots increase quickly
- They’re easy and more convenient compared to regular slots
- Jackpot slots have multiple jackpots
- Jackpot slots are fun to play
- You can easily access progressive slots online
How to Play Jackpot Slots and Win
By now, you probably know that playing jackpot slots allows you to win huge cash prizes. Jackpot slots are similar to the regular slots you find in physical casinos, and they have comparable reel structures and bonuses. However, they tend to have bigger prize pots because of the many participating online players.
Jackpot slots have varying bonus games and bonus features depending on the provider. You can expect to find games of chance, bonus free spins, bonus wheels, and re-spins. But if you want to increase your odds of winning, there are slot strategies that you can use.
Below are a few steps you can follow:
Choose your slot carefully
The first thing you should know is how to pick a winning slot machine. Different machines have different themes, soundtracks, extra features, and symbols. However, they also have different Return to Player rates (RTP). Every casino game shows this before you start. Make sure to pick the one with the highest RTP rate. The best way to improve your machine long term odds is to pick a good slot machine and play the amount of money you can only afford to lose.
Divide and conquer
There is stiff competition among casinos when it comes to attracting new players. Free spins, free chips, and bonuses are some of the ways online casinos use to attract players. However, many people don’t understand that online gambling regulations vary from one country or state to the other. You should first pinpoint the wagering requirements or playthrough. It outlines the amount of money you must have before getting their bonus.
You should then settle for a low pay-through and if you get one that doesn’t require a playthrough, make sure you get it. Also, it would help if you chose bonuses that come with great cashouts to avoid limitations in bonus withdrawals.
Check and compare pay tables
To understand slot machines, you must check and compare the pay tables. This helps reveal every machine’s volatility and sets of pay tables. The knowledge in pay tables equips you with tricks that can make a very big difference in your bankroll. Many games have a help section with information about slot pay tables that will help you identify favorable odds.
Target smaller jackpots
Games with minor jackpots tend to pay more regularly; therefore, are more suitable for players who want to win but aren’t worried about pursuing the big prize. The bigger the jackpot you choose, the harder it is to win.
Stick to your budget
As much as slots offer big wins, there are losses too. Sometimes you will win even bigger, and sometimes you might lose. However, you should never bet money that you cannot afford to lose and make sure that you are playing games limited to your bankroll. Before playing, set the amount of money you can afford to lose. Stop immediately when you reach the limit.
Never fall for slot myths
Many tales have emerged over the years regarding slots. You will hear people trying to win at slots by taping the screens for luck or even saying that a specific label is their lucky game. Contrary to what people say, there is nothing like secret tricks, especially when it comes to online casinos. Also, slots work by generating numbers every time you spin. They don’t have a memory of the results of a previous spin; therefore, disregard any myths that says the game is due to pay.
What Next After Winning a Jackpot?
Winning a jackpot is every player’s dream. You put your money in the slot machine, pull the lever, and watch the symbols come up; you see one cherry, two cherries, then you suddenly realize that you have won the jackpot. Depending on the amount of jackpot, your life will change tremendously. Here is what happens after winning a jackpot;
Confirm your win
When you hit the jackpot, a technician will confirm where the jackpot hit and call another responder. They will then check to confirm that you are the rightful winner by checking their records to ensure that you weren’t involved in any fraud or abuse and that there were no conditions violated. Also, the casino responders will need to see your valid government identification card. You won’t receive your reward until you’ve met all these requirements. The casino will contact you once they have completed all the necessary checks.
Show me the money
Many casinos prefer paying you in cash, hoping that you will continue playing with your winnings. But, you can request for a check. However, some casinos can make you wait for a few weeks before giving you your check. You should request for a check, not only to avoid carrying lots of cash in your purse but to put off thieves that are looking for an easy target. The time it takes to get your reward will depend on the amount of money you won.
If you have won a multi-million dollar jackpot, you could be paid your jackpot in several months or even years at casinos that have a limit on jackpot withdrawals. Some casinos might pay you part of the money if you have won more than a million dollars. Some of the casinos will also allow you to take an annual fixed sum. The casino watches you if you continue to play. After winning a jackpot, you will be closely monitored by professionals. Therefore, make no mistakes.
You will have to fill out a tax form
You may have won a big jackpot, but the bad news is that the amount is taxable. You are expected to pay tax on all your winnings, and the casino will issue you a special document specifically designed for gambling winnings. However, if you are a frequent player, you can deduct the amount of money you used to make the bet leading to the jackpot you won, provided that you have all the records of both your wins as well as losses.
Because jackpot slots have massive pot prizes, they attract many online casino players to play. The possibility of winning 5 to 7 figure amounts is appealing to many slot aficionados, and the news of people winning fuels the desire of many to hit the winning slot. However, while there’s no single formula to win a jackpot, this guide will help you understand all the intricacies of jackpot slots and give you an easy time playing.