The main difference between progressive jackpot slots and normal slots is that the prize money of a progressive jackpot grows over time. Each bet made on a spin by individuals contributes to the jackpot prize. A small percentage of bets are collected and added to the jackpot prize and an even smaller percentage is collected to build up the base jackpot prize for the next run after the prize is won.
When the prize is won by a lucky player, the prize resets and the whole process starts over. The main appeal of progressive jackpots is that online casinos for real money offer thousands of dollars as their top prize. Some jackpots can reach high millions thanks to all the players playing through connected slots all over the world, making the jackpot prize grow to jaw-dropping numbers.
So why do many players don’t want to spin the slots right after it resets? There is no denying that seeing high numbers as the prize is more appealing to many players but there is also no guarantee in saying a player won’t win the new jackpot right after it resets. Despite what people think, there is no exact science to tell when a jackpot is going to be hit. It is equally likely to hit a jackpot as soon as it resets versus a couple of months of not paying out. However, it is obvious that progressive jackpots become more appealing after the prize money is built up for a while.
How Are Progressive Jackpots Paid?
One of the most intriguing aspects about progressive slots is that even though they have a huge jackpot prize, many of them require a low bet to qualify. This makes jackpots available for an enormous range of players. Some big winners choose to go public with their wins while many winners choose to remain anonymous. This is to be expected since the biggest jackpots reach millions of dollars, but how are they paid out?
How you get paid after a huge win from a jackpot depends on the software provider, the casino, and of course the amount of money you have acquired. Jackpots are sometimes paid in a single lump sum but they also might be paid out in installments. It should be said that bigger jackpots are not always paid out in small installments.
It is very common to see a big jackpot be paid out over a decade, sometimes even longer. Payments would be arriving in your bank account on a yearly basis, also commonly known as annual payments.