Before we discuss how progressive jackpots work, let’s explore what it is exactly. A progressive jackpot is the payout for gambling machines such as video poker or slot machines. The machines are marked as having progressive jackpot machines in order to alert players before they engage in play.
The total of the winnings increase incrementally every time a player places a wager on a machine. The incremental amounts are pre-set by the gaming establishment and cannot be altered by players or at any point during a game. Most often, machines are linked so that the total jackpot amount is able to increase faster through a number of players being on varied machines at the same time. Do note, that only one player will win the progressive jackpot, it will not be divided between players.
Once the jackpot has been won, the jackpot will reset to a predetermined minimum amount and the process begins anew. Generally, players are required to place the maximum wager for a casino in order to qualify for a progressive jackpot. Therefore, I the event that the maximum is not bet, it still contributes to the overall jackpot, but the player will be prohibited from keeping the winnings of the jackpot.
How Does it Work?
Now that we have explored what it is, let us delve into how do progressive jackpots work. Once a jackpot such as this hits, a variety of things occur. The first of which is that the machine will lock up as lights begin to flash on and off. At this time, the player will be advised to contact an attendant over to the machine. The casino is aware of the win, due to an electronic signal sent to the control room via the machine itself.
Generally speaking, the payout for a progressive jackpot will range from $10,000 to $1,000,000. It does need to be noted that before anything is paid to a player, a representative of the casino will be sent to verify the [proper] operating order of the machine. It must be confirmed by the casino that the jackpot win was authentic in nature.
The winnings of a progressive jackpot can be paid to a player via either check or in cash. For payouts that are quite substantial, the payment can be split up. This translates into a partial pay-out on the day of the win and the remainder collected on 60 to 90 days or through an annual annuity. The choice of split payment option is solely the decision of the winning player.
You do need to keep firmly in mind that winnings that are greater than $1,200 are reported to the Internal Revenue Service (IRS) via the casino. When this occurs, the player will be sent a W-2G from the casino. The amounts that are recorded on the form showcase precisely what the casino has reported to the IRS.
In Conclusion
Progressive jackpots tend to be popular among players due to the large payouts that are available. The jackpot size is able to grow rather quickly from a mere few hundred dollars to thousands. With that being said, it is important to note that progressive jackpots do not payout very often. The odds of winning are more in your favor with regular slot machines.
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How do Progressive slots work?
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