Are you someone who likes to gamble? If so, have you ever played an online casino game and become interested in the jackpot amount? Should that be true, or if you’re keen to know more, this article was created just for you.
The following quick guide is here to explain how online jackpots work and what you need to do to understand them. So, if you’re ready to learn about these exciting prizes, keep reading!
What is an Online Jackpot?
An online jackpot is a type of gambling prize that is offered by an online casino. These prizes can be won by playing any number of casino games, but they are most commonly associated with slot machines.
When a player hits the jackpot, they will receive a large sum that is usually much bigger than the prize they would have won had they not hit the jackpot.
The size of online jackpots can vary greatly, but they are typically much larger than the ones that are offered in real-life, in-person casinos.
This is because online casinos have a much larger pool of players to draw from, and consequently, the odds of hitting the jackpot are much lower than they would be in a physical casino establishment.
How Do Online Jackpots Work?
Most online jackpots are progressive jackpots, which means the prize pool for the jackpot grows as more people play the game. The prize pool is usually fed by a small percentage of each bet that is made on the game.
The size of the jackpot can also be affected by the number of people playing the game in question; the more people that are playing, the higher the jackpot will be because the prize pool will be supplied by a larger percentage of each bet that is made.
Plus, it also means that the odds of hitting the jackpot will increase as more people play the game.
Furthermore, the odds of hitting the jackpot will vary depending on the game that you are playing. For example, the chances of hitting the jackpot on a slot machine are usually much lower than the odds of hitting the jackpot in a game like a blackjack.
In any case, when a player hits the jackpot, they typically receive a lump sum payment. However, some jackpots may be paid out in installments, which is normally the case with larger prizes.
So, now that you know how online jackpots work, it’s time to take a look at several examples of the different types of jackpots that you may come across when gambling.
Just like any hobby, from keeping up on the latest sports news to learning a new musical instrument, gambling is something that you need to commit to educating yourself about in order to get better at it – and that’s why you need to know what jackpots are and the different types.
The Different Jackpot Types
Daily Jackpots – These are jackpots that reset at the end of each day, and the prize pool is usually fed by a small percentage of each bet made on the game. For example, say you’re looking for hot drop jackpots, and you come across a game with a daily jackpot of $5,000.
This means that the prize pool for that jackpot will reset at the end of the day and start growing again come the next.
Weekly Jackpots – Similar to the latter type, these are jackpots that reset at the end of each week. However, this kind of prize is rarer to win than daily jackpots because the prize pool is often made up by a larger percentage of each bet that is made throughout the week. I
n addition, the size of the weekly pot will also be affected by the number of people who are playing the game.
Monthly Jackpots – As the name suggests, these are jackpots that reset at the end of each month. Usually, that means the prize pool is fed by an even larger percentage of each bet made during the month.
Also, the number of people playing the game will have a big impact on the size of the monthly jackpot. Given that this prize is monthly, these jackpots can be harder to find than the first two types mentioned.
Random Jackpots – These are jackpots that can be won at any time and have no set pattern or schedule of appearance. They are unique in that they are not progressive jackpots, meaning the prize pool does not grow over time.
Instead, the figure is usually set at a fixed amount; for example, you might come across a game with a random jackpot of $10,000 – or even higher in some instances.
Loyalty Jackpots – These are jackpots that can be won by players who have been loyal to a particular online casino. Players usually have to pay a certain amount or make a set number of deposits before they are eligible to win this kind of jackpot.
For instance, you could come across an online casino that offers a loyalty jackpot of $5,000, which only its loyal customers will be in the running to win.