Jackpot tool and ways it affects online casino profitability
Almost each language on the planet uses the "jackpot" word, which has been used in everyday speech for a long time already. One associates jackpot with luck, success, happiness, sudden gift of destiny.
Should one consider a person's life a game, then a jackpot would be any joyous event in it.
Historically, jackpot originated from casino. Almost each gambling entertainment has a jackpot casino game. In this context jackpot has a slightly different meaning.
This word was first introduced in the late 18th century, as a term of poker slang. There's a poker combination called pair of jacks, and if any of the game players get it, the prize fund is competed for. Now a little of terminology: Jack means Knave, pot means bank. This way jackpot appeared.
There are other, equally interesting versions. There's a legend about a humble guy Jack from the working class hitting a big win in the San Francisco casino. The largest gambling prize was named after him.
Sometimes jackpots reach enormous sizes. In 2016 a new record was achieved: American lottery Powerball paid the lucky $1 billion 568 million. Prior Maryland Lottery prize of $640 million was the largest lottery win.
Today jackpots are common for many kinds of gambling: Poker, Blackjack, Lottery, Arcade, Video poker. Players risk big and put huge sums on the line for a jackpot. They are offered to make separate bets on jackpot casino to get additional income. Therefore, casino owners and operators wishing to attract maximum ammount of visitors to their establishments should be aware of all the jackpot kinds and features.
Classification of jackpots
Currently there’re lots of jackpot types, same as gambling games. You need a certain card combination, or a clearly marked number of characters on the reel, or just to be in the right place at the right time to get the jackpot.
Basic classification of jackpots:
- Fixed jackpot. The prize fund that does not change no matter what the rates and participants are. This is the most simple kind of jackpot. To get it, you'll need luck and compliance with rules, for example a 5-symbol drop in the slot game.
- Progressive jackpot. This is the stocking version of the fixed jackpot. Certain percentage from each bet made is added to the prize fund. Ground-based casinos do not limit the amount of charges and the size of jackpots. Progressive jackpot slots have their own counters displayed on the slot panel. Operators of casinos benefit from one feature of having a progressive jackpot: player needs to make maximum bets to win it. The chance of success is low, however, many clients of online casinos play particularly jackpot progressive slots.
- Secret jackpot. This type of jackpots is more popular in ground-based establishments. Operator of a casino fixes the minimal and maximal limit for the secret jackpot. The winner hitting jackpot is chosen randomly.
- Double trigger jackpot. This jackpot allows you to earn extra payments in a bonus game. Double trigger depends on bets, but a player is not aware of the prize size and ways of winning it.
- Door Prize jackpot. Such jackpot is awarded to a user who authorized in an online casino under a certain number or became, say, a thousand slot game player. Virtual gambling establishments often provide Door Prize casino jackpot.
Visit Casino Market web-site to buy online casino software from leading manufacturers developing slot game machines with a progressive jackpot.
Slot machine jackpots
Online jackpot game is the most powerful technique for attraction of new clients. A clear and well-organized mechanics of slot machine jackpots paying is needed to obtain permanent customers. If a casino operator provides payment statistics as well as objective information about return rates to visitors, a casino is rapidly gaining credibility. If payout percent in your casino is at least 96%, you will quickly attract experienced players.
The size of online slot machine jackpots is not so important as the opportunity to get it. Progressive slots also give an opportunity of winning additional benefits in a risk-play for doubling or in a bonus round. Such game algorithm adds excitement to the storyline and grants more chances to win.
Small jackpots of up to $30,000 are quite frequent. In big online-mode casinos a jackpot may be won once per week, and even more often.
Online establishments provide 3 kinds of jackpots:
- Stand Alone Progressive jackpot. Here jackpot formation is based on one slot, while payment sum depends on size and number of bets. In ground-based establishments jackpot does not reach cosmic numbers but in an online casino, in which one machine can be played by any number of people, jackpot generation is realized faster. For online-mode casinos it’s a great win.
- In-House progressive jackpot slots. The prize amount is generated from charges of slots machines network belonging to a single casino. The size of the jackpot is also small, but winning chances are high. In-House progressive slots are number one among all possible jackpots.
- Wide Area Progressive jackpot. Network jackpot stocked due to video slots of some casino establishments. The key requirement for jackpot generation is the availability of a single casino software supplier. This one is a good tool for partnership between competing virtual institutions. Jackpot here may amount to a few million dollars. In the network of casinos running Microgaming software, jackpot may reach $5 million. The chances of luck in progressive slots are approximately 1 to 50 million. Possibility is humble, but it is still there!
Jackpots in live casinos and card games
Ground-based and browser casinos providing online jackpot games have not only the progressive slot machine jackpots, but also card games, in which you get the chance to hit the big win and get the jackpot. Video poker provides high possibility of obtaining the jackpot, which rarely exceeds $50,000, but players make large bets to win it, which is very profitable for casinos.
The gambling market presents three famous video poker games with the progressive jackpot:
Supajax from Microgaming, with the return percentage of 95.6%;
Jackpot Deuces from Microgaming, with the return percentage of 96.2%;
Mega jacks from Playtech, with the return percentage of 98.2%.
Mega Jack uses a unique algorithm. The progressive jackpot is played at the Playtech casino every 43 hours. This means that a large amount is not stocked, but the probability of winning is as high as possible. This offer attracts players, and the online casino does not lose much of the benefits.
Progressive jackpot is presented in video poker, Caribbean poker, Progressive Blackjack.
Psychology of a player
Jackpot is an integral component of a fair play. Casino clients are well aware of the chances of winning and their own chances. Many people believe the jackpot would change their lives, so they visit establishments or online casinos giving an opportunity of getting it. Even a chance of winning $30,000 jackpot can attract a huge number of visitors to play for money. One of them may be lucky. But all operators know that jackpots are pay off quickly, just like other advertising tools.