The Ultimate Guide to Jackpots in iGaming Platforms
Everyone loves an extra cherry on the cake !! Jackpots seem like those extra cherries on cake for the iGaming enthusiasts who just love to avail this extra piece of benefit during their gameplay. Every iGaming operator takes it as a crucial step to integrate jackpots in their iGaming platforms for engaging more players to their platforms. Thus jackpots prove to be amazing tools which seem beneficial for both operators as well as players. Jackpots can be basically defined as the top prizes in the online contests or games which include a large sum of money that is formed through the accumulation of the prizes that are unwon in the game. iGaming operators accumulate some amount of money through the unwon prizes by the players and use that amount to create a big fund which are then used as jackpots or bonuses for the players. Jackpots are proven schemes for enhancing the retention rate of players on the platforms and to entice them in an effective manner.
Origin of Jackpots
The term Jackpot basically derived in the 19th century & was used in the Poker game in which pot or the pool continues to accumulate till the time bidding could get opened by the player. The first machine of progressive jackpot was self-contained as the jackpot used to grow incrementally with every roll over on individual machines. This small scale idea of progressive jackpots slowly became popular and most of the casinos started implementing it to entice their players and enhance their retention rate. Large scale prize pools or jackpots started appearing in many casinos which, in turn, enhanced the popularity of jackpots in various casinos located in different regions of the world.
Types of Jackpots
A wide variety of jackpots exist for different game types, some of them include:-
- Progressive
Progressive jackpots involve increment of the winning amount with each bet. - Fixed
In fixed jackpots, the winning amount does not vary and players can win them just by fulfilling certain terms and conditions of the game. - Double Trigger
Additional money can be earned through bonus games by the players in the double trigger jackpot. Player is not aware about the winning amount in the double trigger jackpot. - Door Prize
When a player enters a particular casino website & starts playing the game, he/she is offered with a door prize. - Mystery
These types of jackpots are distinguished with certain limits known as maximum and minimum limits whose amount is known just by the jackpot’s organizer.
Fixed vs. Progressive Jackpots
Progressive Jackpots
The value of progressive jackpots keep on increasing with every bet made by the players. It is not only applied to a single online casino but is applied to each casino having the same kind of slot game. Thus, the prizes can easily reach upto higher amounts. On top of reels, jackpot counters are present & value of progressive jackpots keeps on varying in the real time. Different casinos name their biggest progressive jackpots differently.
Fixed Jackpots
The value of fixed jackpots or non-progressive jackpots does not change. No matter at what time of the game, a jackpot is won by the player, its value remains fixed and is the same as pre-defined. There are majorly three categories of fixed jackpots known as mega, minor & major.
Sometimes, casinos do not specify or distinguish jackpots as fixed or progressive. Thus players must check the instructions carefully before starting the game so that they can stay clear about the type of jackpot they are targeting.
Advantages of Jackpots in iGaming Platforms
A myriad of advantages exist for including jackpots in iGaming platforms such as online casinos :-
- Enhancing Reputation
The reputation of the iGaming businesses can enhance when they offer lucrative jackpots or bonus prizes on their platform for the players. It eventually enhances their popularity among players and improves their brand reputation. - Enticing Jackpot Hunters
Jackpot hunters are those players who play online games exclusively for jackpots. Thus platforms which offer big jackpot prizes seem enticing for those players. - Introducing New Trends
Introducing new and innovative jackpots or mega prizes in the iGaming platforms can increase your casino’s popularity and make it stay ahead of the competition.
Popular Online Progressive Jackpots
- Hall of Gods
It is known as one of the most renowned jackpot games which is fun-filled and is based on Norse mythology. - Mega Moolah
It is one of the most popular jackpot games & has been present since a decade but its popularity has not slowed down. Four distinct progressive jackpots are offered by Mega Moolah & triggering of awards are done in a random manner thus players can hit the prize any time. - Jackpot King
It is a jackpot network & not any individual game. Just like Mega Moolah, awarding of prizes is done randomly.
Jackpots Payout System
There are very rare chances of players to win the jackpots which seem good news for the iGaming operators. This can be judged through the frequency of the news related to jackpot wins. In 2015, an amount of 17,879,645.12 EUR was won by a player who is known for entering Guinness World Records. There are also examples of the games which are known for the fact that no player has ever won them. The winning amount is paid by those who organize the jackpot. For example, when the jackpot gets organized by the renowned game providers where one or more casinos can participate, the game provider pays out the jackpot. This is known as the global jackpot.
In such cases, interaction between the provider and the operator is as follow:-
- Jackpot is accrued when an account is opened by the provider
- Specified funds amount is transferred by the operator to this account
- Each bet’s contribution is accrued for the jackpot that is possible in future.
- When a player wins, the winning gets paid out by the operator from the casino’s account.
- Winning amount gets transferred by the provider to the account that was particularly created for the jackpots.
- When the local jackpot is organized by a particular operator, the winning amount gets paid by the operator.
How do Jackpots Work ?
Jackpot’s amount keeps on increasing in small amounts with each gameplay & the amount that is advanced in the jackpots is set by the casino operators. Jackpot’s amount are displayed boldly by the casinos for attracting a larger number of players. Progressive jackpot’s value keeps on incrementing in the display & as soon as the jackpot is won by the player, it gets back to the preset minimum value. For instance, in a machine with 5% house edge, the contribution of the jackpot is nearly 1% that is expected profit’s one fifth ratio. The casino or house readily offers some percentage of the jackpot linked machine’s profit because:-
- Players get enticed by the progressive jackpot’s relative novelty
- Constantly varying jackpot meter
- Big winning amounts offered in jackpot by the online casinos
