Progressive Jackpot Meaning
definition - Progressive jackpot
- Define Progressive jackpot system. Means a system capable of linking one or more casino games in one or more licensed facilities and offering one or more common progressive jackpots.
- Progressive jackpots are the highest payout a player can receive. After someone hits the jackpot, the amount is reset and the jackpot begins to grow again. There is no definitive amount that the jackpot is expected to be and it will continue to change with each game.
definition of Wikipedia
Other Microgaming progressive jackpot options: King Cashalot – a “pick until you collect” bonus game where players opt to discard current winnings for a bigger jackpot; Poker Ride – a straight flush claims 10% of the jackpot prize pool; Triple 7’s Progressive Blackjack – allows for a range of betting denominations; Major Millions – the slot game that starts out with a minimum £.
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Wikipedia
A progressive jackpot is a jackpot (highest payoff) for a gaming machine (usually a slot machine or video poker machine) where the value of the jackpot increases a small amount for every game played. Normally multiple machines are 'linked' together to form one large progressive jackpot that grows more quickly because multiple players are contributing to the jackpot at the same time.
Progressive jackpot meter
The amount of the jackpot is shown on a meter as a money value. Usually the jackpot can only be won by winning the combination with the highest payoff, e.g. a royal flush at a video poker game, or five of the most valuable symbols (lemons, cherries, alligators, etc.) on a slot machine. Once a player wins the jackpot, the jackpot resets to a preset minimum level.
The amount on the jackpot progresses (increases) a small amount for every play on a connected machine. The amount that the jackpot advances by is set by the casino ('the house'). For example, on a machine whose house edge is 5%, a generous jackpot contribution might be 1% (one fifth of the expected profit). The house is prepared to contribute some of the profit of a jackpot linked machine because players are attracted by the:
- relative novelty of progressive jackpots (generally, only a small fraction of the house's gaming machines will be connected to a progressive jackpot)
- constantly changing meter, often displayed on large LED or LCD displays
- large amount of the jackpot, which eventually motivates more players to play the game.
Qualifying
Usually only players who wager the maximum number of credits per play qualify to win the jackpot. All wagers, whether or not they are maximum credit bets, contribute to the jackpot though. As a result, a game which requires a 10 credit wager to qualify for the progressive jackpot will tend to have the progressive jackpot rise to higher levels (relative to its break-even level) than a game that requires only a 5 credit wager to qualify.
Break-even point
In some games such as video poker, it is possible to compute an optimal playing strategy based on the frequency for each payoff versus the odds of hitting that payoff. Since the jackpot of a progressive video poker game is constantly growing, it eventually can reach a break-even point where the machine becomes a positive expectation bet for the player.
When the progressive jackpot is less than the break-even point, there is a negative expected value (house edge) for all players.
Progressive Jackpot Meaning History
In the long run, with optimal strategy, a video poker player can make a profit, although the 'long run' is generally longer than most people think. (Several tens of thousands of plays.)
It is worthwhile to note that a break-even point cannot be easily calculated on a slot machine game, because the payback percentage for the game is normally unknown to the player. The break-even point in video poker can be calculated because the payback percentage for the game is a function of the paybacks and odds of the poker hands, which is based on a standard 52 card deck. The return of a slot machine is based on the published paytable, but also on the normally unpublished reels. For a five reel slot machine, the player would need to know each symbol on each of the slot machine's five reels, in order to calculate the odds. For a three reel slot, the reels are normally weighted, and this would not be possible. However, in some circumstances the manufacturer may publish the payout of their machines.
Advantage play
Advantage players who only play when the progressive jackpot provides them with a positive expectation situation still generate revenue for the casino. This is a unique situation where the player has an advantage over the house, yet the casino is still making a profit from the player. This situation occurs because the bulk of the progressive jackpot has been bought and paid for by the other players' contributions to the jackpot.
Savvy gamblers sometimes organize teams of players to play machines where the progressive jackpots generate a positive expectation situation. Such teams often displace ordinary players, making the machines unavailable just when they are at their most interesting. Team members will often have cell phones and work in shifts, calling another teammate to replace them when they're ready for a break. Some casinos have a policy of 'no team play', and will eject players suspected of playing in such teams.
Player's clubs
Progressive Jackpot Meaning List
Most casinos offer slot clubs, which pay back a percentage of a gambler's wagers on their games in the form of cash rebates and other perks with a monetary value. Participating in a slot club can reduce the break-even point of a progressive jackpot game because of the value of the rebate on each wager.
Other jackpot games
Progressive jackpots are not limited to slot machines and video poker. Poker games sometimes include a progressive bad beat jackpot. Caribbean stud poker is another casino game which often has a progressive jackpot available, and some online casinos offer progressive versions of blackjack, roulette, and other casino games.
Progressive blackjack
Progressive blackjack game usually does not differ much from the conventional blackjack. Both game variants have the same rules of betting and creating a hand, but progressive game allows the player to place additional $1 bet which gives the chance to win progressive jackpot. This bet wins in case the player holds a specific card combinations if the cards are dealt consecutively. In fact the player gets the special progressive payout awards which range from several dollars up to 100% of the whole pot. The amounts of progressive payouts depend on the gambling hall or online casino visited.[1]
Progressive games
- Millionaires Club
- MegaJackpots
- Wheel of Fortune
- Regis' Cash Club
- Mega Moolah
- Deal or No Deal
- Monopoly
- Indiana Jones and the Last Crusade
- Mega Fortune
See also
Notes
- ^'Progressive blackjack rules'. Blackjackdoc.com. http://blackjackdoc.com/progressive-blackjack.htm. Retrieved 2009-09-04.
External links
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