While the figures vary from one market and location to another, it’s thought that slots account for approximately 70% of the total online casino gross gaming yield (GGY).
As this niche has continued to grow and evolve over time, it also has diversified, with themed titles and the type of progressive slot machines found at https://www.progressivestates.org/, adding significant value and attracting a host of different customer demographics.
But what are progressive jackpot slots, and what are the unique factors that make them so appealing to online gamblers? Let’s get into it!
What are Progressive Jackpots?
A progressive jackpot slot is one that sees its maximum payout value increase each time the game is played.
This continues for as long as the jackpot is not one, while progressive slots are often part of a wider network of games that maximize the amount of cash on offer to players.
When the progressive jackpot is won, the prize fund for the next play is reset to a predetermined value before the entire cycle starts once again.
Often, progressive jackpot slots will feature tiered payouts, namely Mini, Minor, Major, and Grand Jackpots. These are usually accessible during bonus rounds and gameplay, and while Mini jackpots are nominal by nature, Grand payouts can top seven figures depending on your choice of slot.
What Makes Progressive Slots so Appealing?
OK, we hear you ask, but what are the unique features that make progressive jackpot slots so appealing? Here are a few gameplay elements to keep in mind:
#1. Progressive Slots Can Pay Out Eight-Figure Prizes
Progressive jackpot slots have earned mass appeal around the same time as mobile gaming, with the evolution of the latter (which is arguably the industry’s latest frontier) making incredible prizes and gameplay experiences more accessible than ever before.
Certainly, some progressive online slots have been known to pay out eight-figure prizes, with the biggest-ever jackpot totaling a staggering $23.6 million. This was won by a Belgian player at the Napoleon Sports & Casino site in April 2021 through a slot adaptation of Alice in Wonderland.
This five-reel, 243 payline slot that’s powered by Ash Gaming while it highlights the incredible win potential of progressive slots and their ability to trigger huge payouts.
While such payouts are rare, large-scale six and seven-figure progressive jackpots are far more commonplace, while these can be equally life-changing and earmark the underlying slots as popular choices for both casual and serious gamblers alike.
When you consider that most free slot jackpot games also feature demo modes (which enable you to test different titles without risking your hard-earned bankroll), this is a benefit that’s incredibly tempting for many players.
#2. You Must Play the Max Bet to Win
Of course, not all progressive slot games or networks have been created equal, but there are some factors that are universal across all such titles.
Apart from the ability to compete for huge cash payouts, perhaps the most prominent shared feature is the fact that you’ll have to pay a premium to be eligible for the biggest jackpot prizes.
More specifically, you’ll have to deploy the maximum bet if you want to have a chance of winning a Grand or progressive jackpot. While this doesn’t mean that you can’t win smaller payouts or jackpots when betting below this threshold, you won’t be able to compete for a particular slot’s biggest prize.
While this may be considered a drawback and one that will make some progressive slot games prohibitively priced in relation to your bankroll, it’s highly appealing to serious gamblers or high rollers with significant financial resources.
This way, they can deploy their resources to pursue the biggest payout available online, with the risk/reward ratio stacking up for gamblers with the most impressive bankrolls.
#3. The House Must Pay Out All Money Collected
While every casino game has a house edge and return-to-player (RTP) rate below 100%, you should note that a percentage of every dollar staked on a progressive jackpot slot is committed to the jackpot pool.
This money is held separately from the rest of the money that’s collected by the house, and current gambling regulations insist that it must be paid out in full to players.
Of course, this may go just to one or a select few lucky players, but it means that there’s a guaranteed payout of significant value in the pipeline when you’re playing the best jackpot slots.
There are also variable stipulations in terms of how long a casino can hold players’ money, so the eventual payout may not be that far away!
This is a huge draw for players of all descriptions, as it ensures that a potentially life-changing payout could occur at any time when playing a progressive jackpot slot!