Progressive jackpots are one of the most enticing parts of playing at online casinos. It pays a large sum and grows with every qualifying bet. To seed the pot, casinos take out a small percentage of every qualifying wager. The rate ranges from one to two percent in most cases. It may not sound like a lot, but as dozens of players play, it adds up. Until a player satisfies the winning conditions, the jackpot continues to grow.
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How does the jackpot work?
When a player wins the jackpot, it returns to an original seed value. While the bets of players make up most of the pot, game developers seed the initial value.
People usually associate progressive prizes with slot machines. It is because you can easily find famed multi-million dollar jackpots in slots. Yet, while the gaudy payouts are standard in slots, progressive jackpots are also available in video poker, poker, Caribbean stud, and blackjack. Playing these you can win progressive payouts worth six figures or more.
When you consider the sheer amount of money at stake, you can understand why it's tempting to chase them. While you fixate on these prizes, it is also necessary to be careful, especially about the weekly cash-out limits. Find out more about these jackpots and deal with potential problems as we cover everything you need to know.
How are jackpots usually paid?
It's a common misunderstanding that online casinos seed as well as payout the jackpots. The truth is that the game developers usually pay these prizes. Multiple casinos have slots by different game providers. The providers seed progressive jackpots and pull wagers from various casinos to increase the payouts. Incremental game profits are shared with casinos licensing the software. Therefore, the entire payout does not come from a single casino.
When a player hits the jackpot, the game providers may pay them directly or through the online casino where the player wins it. In the latter case, the casino pays the winnings.
The jackpots may be delivered in increments or as a single installment depending on the casino's maximum withdrawal limits. The size of the payout also differs depending on how long the jackpot has run.
Why do withdrawal limits affect the payouts of progressive jackpots?
Some game developers task the casino by distributing the winnings. The casino decides how much money the winner received every month or week. The decision often depends on the maximum cash out limit of the casino. While spinning the reels, you may not even think about this. Yet, what if you get lucky? If you win big, low cash out limits may be an issue. Imagine the weekly withdrawal limit being as low as $2,000 while you hit a $1 million jackpot. You'll receive the full amount of over 500 months.
Simultaneously, some players may be happy getting a fixed $2,000 per week for the next 41 years. Have you considered inflation, though? It will eventually reduce the value of your winnings. Hence, it's advisable to play at casinos offering high cash out limits. It's even better to play on slots that pay lump-sum amounts in case of a jackpot.
Where can you find the details about withdrawal limits?
Whenever you play at an online casino, read their terms and conditions carefully. You'll quickly find information about the jackpots, how to win, and the weekly or monthly withdrawal limits.
Do VIP status and banking options affect maximum withdrawal limits?
Every casino has different conditions depending on your VIP level and preferred banking options. Usually, withdrawal limits are much higher with Bitcoin. You must check out the casino's cashier or banking section along with the terms and conditions page. There is a list of the minimum and maximum withdrawal limits alongside each payment option.
Additionally, as you move up the loyalty ladder and reach higher VIP tiers, you'll have higher withdrawal limits.
How do online casinos benefit from holding your funds?
You might wonder why won't they pay the amount in a lump sum? Well, firstly, online casinos maintain liquidity for a healthy balance sheet. Another reason is that if you have to wait for the funds, you'll probably play more. After all, you'll be visiting the site every week, why not play some more?
Always factor the payout types and withdrawal limits into your strategy!
The key to slots strategy includes looking for games with a high RTP (return to player). When you consider the base RTP, it determines how much you can win with regular prizes. As players continue to play, they boost the jackpot size, and the payback steadily increases.
In case you do not hit the jackpot, you stand a chance to win the regular prizes, and so, the base RTP becomes essential. While earning a substantial progressive jackpot is slim, you must be prepared if you do get lucky. After all, there's nothing more frustrating than waiting for the money you own!
A Final Word
Winning a progressive jackpot is a dream. Yet, players might not prepare well for what will happen after they hit it. Well, now you know, and we're sure you'll give it a thought before choosing the best online casino for playing.
You don't want to be a part of the people who only face disappointment after hitting the jackpot. The last thing anyone wants is to wait for years to receive a 6 or 7 figure payout. The best-case scenario is playing slots from providers who pay immediate lump-sum payouts. To increase your chances, you can always play games by providers who ask casinos to distribute payouts. In the latter case, do your research and choose casinos appropriately. This way, you can at least ensure a faster payback of your winnings.
Additionally, you must note that chasing losses is never a good option. While jackpots sound lucrative, you must have a specific gaming budget and stick to it. Never get too engrossed and chase a jackpot or the money you've lost at a casino. There are always pleasant and bad days.