The Internet has changed how casinos do business by mostly undercutting operational costs. It is, therefore, fundamental that each casino attracts as many active players as it can to improve profit margins. Initially, to do this, the focus was primarily on welcome promos that featured attractive bonuses. These first-time bonuses are hassle-free and all players must make their first deposit that the casino matches up to a specified percentage.
As the number of casinos transitioning into online spaces increased, so did the competition. Suddenly, every casino has a welcome bonus that is better than the other. Most started running promos and loyalty programs as they would in brick-and-mortar casinos renowned for their VIP rooms.
But one aspect of online gaming is a rags-to-riches story. Poker has been the poster story for the longest time, with the world series winner pocketing millions of dollars. However, progressive online slots have slowly replaced poker boasting huge wins in millions against stakes worth a few cents or dollars.
In fact, progressive slots have become so popular that most top sites have them as a separate category. Some online casinos have gone the extra mile and show the jackpot amount so that players know how much they are playing for. By partnering with respected software providers, sites such as Amazon Slots offer progressive slots with different themes and jackpots of up to millions of dollars!
History
The beauty of progressive slots is that a percentage of the bets collected is added to the jackpot, thereby increasing the prize money. Physical classic slots paid out significantly in the late 90s and early 2000s, and the figures ranged from $10m to $39m. Furthermore, most winners wagered $100 or more on their winning slot machine.
In those days, fewer progressive jackpot slots existed in casinos worldwide. The most popular is the Megabucks slot, which paid over $100 million to eight winners between 1999 and 2003 in Las Vegas, Nevada alone. Today, online slots payout jackpots more frequently, and winners spend much less.
Progressive Slots Today
More and more players have transitioned into online casinos since not everyone can travel to Las Vegas, dubbed the world’s gambling capital. In 2013, a player from Finland won the Mega Fortune jackpot of $24 million against a 25 cents wager on his spin.
A few months apart, a former soldier spent 25 pence and won approximately $20.8 million in the United Kingdom on the Mega Moolah slot. These two rags-to-riches stories made international headlines and encouraged more people to test their luck.
Before, most households invested in lottery tickets, especially National lotteries run by the government. It was common to see wives and retirees buying them and then tuning in to the lottery shows as the winning ticket was revealed every Sunday.
The distinctive aspect of staking a few cents on a slot machine is that you don’t have to wait till Sunday to know if you have won. Online slots guarantee instant play, and your earnings reflect in a second. You can play for as long as you like and win as many times as you want.
Structure of Progressive Slots
Most players are signing up for casinos that have specific online slots on their rosters. Mega Moolah and Mega Fortune are the most popular progressive slots worldwide because they guarantee over $1 million in prize money. Mega Moolah, for instance, has four progressive jackpots: Mega, Major, Minor, and Mini.
The Mega jackpot is the entire amount, while the rest are percentages. A Mega winner takes it all if the total pot is $7 million. The Major jackpot is approximately $40,000, the Minor is about $120, and the Mini jackpot is less than $100 of the $7 million.
As you can see, there is always a chance to win, and statistically, very few people come close to winning the Mega Jackpot. Most players will win either the major, minor, or mini jackpots, which in most cases, is more than their initial stake. Players can frequently break even and return their stakes, encouraging more people to play.
Conclusion
Progressive slots have commanded a significant market share that was once held by the lottery. Most gaming publications brand them as the casino’s version of the lottery because of the low risk and high reward. Even though lotteries involve selecting number sequences, they could be more interesting to play. On the other hand, online slots are immersive, featuring different themes coupled with a sound design and breathtaking graphics. It almost feels as though you are playing a video game.
Unlike number sequences or the scratch-to-reveal phenomenon in most lotteries and sweepstakes, you just press the spin button in progressive slots. The reels spin and give you an outcome in seconds. With more and more innovation in creating better online slots, every casino has to invest in progressive jackpot slots because they are a hit with the players.
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