Online Progressive Slots and Their Huge Payouts!

Everyone knows that slot machines have, and always will be a staple of the casino industry, but the advent of progressive slots have spurted a new form of sensationalism and phenomenon to the slot machines. What are progressive slots? Essentially, what progressive slots mean is that the jackpot “progresses” as you continue to spin. In fact, it's not just your spin, it's everyone's spin that contributes to the jackpot. That is to say, for every time someone spins, a certain amount of their wager is contributed to the jackpot, which all the players are racing to get!

As you would expect from this detail, progressive slots jackpots can grow to very, VERY large amounts. In Las Vegas casinos, progressive jackpots have been known to reach the millions!

Of course, these millions of dollars come from somewhere, and when it gets directed towards the casino-wide jackpot, and then it's getting directed from somewhere else. Usually, that “somewhere else” is the non-jackpot wins. That is, in exchange for a portion of the wager going towards the jackpot, less money is paid out in non-jackpot wins than is paid out in non-progressive slots.

In most land based casinos, slot machines have about an 80% payout rate (sometimes more, sometimes less.) That is, the odds are designed so that, over time, 20 cents out of every dollar wagered is kept by the casino while 80 cents of every dollar wagered is paid out. In the scenario of progressive jackpots, the casino's share is always the first and foremost priority, leaving only the “amount paid out” to be reduced. The figures would be along the lines of: casino keeps 20 cents out of every dollar, pays out 70 cents of every dollar, and 10 cents of every dollar is directed towards the progressive jackpot.

Alternatively, online casinos tend to offer much higher payout rates (90% or more, in most cases.) These sites often offer progressive jackpots as well, and while there will still be a portion of the payouts cut to make room for the jackpot, there's a larger margin for a cut. For every dollar wagered, 10 cents might be directed to the jackpot, 5 cents might be directed to the casino, and 85 cents might be used for non-jackpot winnings, and this is a much more advantageous ratio for the player.

It is clear, then, why online progressive slots are becoming a phenomenon, and why so many players are taking part. The advanced payouts aren't the only benefit, of course. You'll have to provide your own drinks when playing from home, but in every other respect online progressive slots are much more convenient, in that you can play at your leisure, any time of the day without leaving your home.

Given the popularity of these online progressive slots, you would expect to see huge jackpots, just like in the Vegas casinos, right? And you do! One such online progressive slots, the millionaire's club progressive slots jackpot, holds the record for the highest online progressive slots jackpot to date, at $1.76 million, paid out to a single winner in December, 2005! That same jackpot is about to break the record again, as its online progressive slots jackpot is urgently nearing $4 million, and still growing! Once the lucky winner (could it be you?) wins the progressive jackpot, the record will be broken once again!