All about jackpots
Whether you’re a regular at the casino or not, we all dream about hitting the jackpot. The word itself has something magical about it and that has everything to do with the fact that we associate it with bells, whistles, glitter and everything that has to do with big prizes. For the average online casino visitor, it’s all about that magical word: jackpot. For many people it is even an extra reason to participate in a game of chance. If we know that the jackpot is at a record level again, then it is suddenly a lot more interesting to participate. After all, we all like to gamble from time to time.
While the jackpot is not for everyone, there is one big advantage. Jackpots are found in all sorts of games and therefore in all sorts of places. There are jackpots on slot machines in land-based casinos, jackpots in poker tournaments and jackpots in lotto games. Reason enough to take a closer look at this wonderful world.
Table of Contents
What is a jackpot?
A jackpot is essentially nothing more than an extra large cash prize that can be won in a game of chance. Every time a game of chance is played, part of the stake is set aside in a kind of extra pot: this is added to the so-called jackpot. The big advantage of this set-up is that the jackpot does not have to be guaranteed to fall: it can simply stay there until the next time when no one has won.
Difference between ‘top prize’ and ‘jackpot
However, the word jackpot is also popularly known for anything that expresses a large prize, actually just like the word ‘bingo’ does. Have you won a great prize? Then you’ve hit the jackpot, or it’s “bingo! Metaphorically speaking, the term is also used to describe an unexpectedly favourable result, like an opportunity not to be missed. However, in theory, a jackpot is not exactly the same as a big prize or a top prize. An illustration of this is the main prize in the State Lottery, which is always set at a certain amount. In addition to this main prize, there is also a separate pot of money that is exclusively intended as the jackpot. Therefore there is usually a separate draw as well. As a result, there are two draws, each representing its own prize.
What is a progressive jackpot?
A progressive jackpot is a prize that keeps on rising as more people play the game. Of course, this requires money to be wagered and these wagers collectively ensure that the progressive jackpot continues to rise. With each wager, a portion of this amount is transferred to the aforementioned pot designated for the jackpot. In some games, such as online slots, it is common for multiple games from the same game developer to be linked together. This means people all over the world are competing for the same jackpot.
Where does the name jackpot come from?
We have to go back in time to find the origin of the word jackpot. We travel to the United States. We end up in the small town of Gardena, which is just outside Los Angeles. In the 1930s, the 5-draw poker variant was widely played. Although the game hardly made a foothold in Europe, it remained extremely popular in California until the 1970s. It is worth noting that in this variant, the game can only begin when one of the participants has two Jacks in his or her hand. As long as nobody succeeds, the game cannot start. In the meantime, the ‘pot’ does increase and the second half of the word ‘jackpot’ is represented. What does the first half of the word refer to? To the farmer, or ‘jack’. After all, that is what the jack (in the card game) is called in English. Today, the term jackpot is used everywhere.
Casino games with a jackpot
The origin of the word is as simple as it is entertaining. For those players who like to dream of those coveted jackpots, we have a number of casino games that should not be missed. These are not just online games, for example, but also lotteries, bingo and even poker. These games also often have a jackpot. The games where you can get a chance to win a jackpot (just make sure you check) are:
Video Slots
As online casino lovers we cannot ignore the universally popular video slots. Video slots are the online counterparts of land-based slot machines, of which the classic slot machines are the most popular. As slot machines began to develop online, a variety of game themes emerged, which by now would no longer have all the structure and gameplay of a traditional slot machine. We therefore also speak of video slots. However, the aim is often the same as in a traditional slot machine, and that is to achieve as many winning combinations as possible on the so-called paylines.
Jackpot slots
Within the magical world of video slots our attention goes out to the jackpot slots. These are the video slots that feature one or more jackpots. A video slot is an online game that is made up of reels that can spin. Multiple jackpots; do you read that correctly? Yes you are. Below we tell you what our top 5 jackpot slots are. And that includes games that have no less than 3 jackpot slots.
Blackjack
The combination of a jackpot and the card game blackjack might initially sound a little strange. After all, we all have our own conception of a jackpot, and most people don’t think of blackjack as such. Jackpots are often associated with the aforementioned video slots, but also with scratch cards, for example. However, in some blackjack variants it is also possible to win a so-called blackjack jackpot. We have some examples of blackjack variants for you:
- High Streak Blackjack: In addition to the normal blackjack game, this game offers a great opportunity to place a side bet. You then bet on the possibility of a winning streak and that can lead to nice prizes.
- Crazy Blackjack: Just like in classic blackjack, the goal in Crazy Blackjack is to have more points than the dealer, but obviously not more than 21. There’s even a sidebet where you can win the jackpot of tens of thousands of dollars.
- Premier Bonus Blackjack: This variant is played with 2 standard decks of 52 cards which are shuffled every round. Up to 5 hands can be played at the same time. We are talking about a hole card game, where the dealer is dealt one open and one closed card. In addition to the normal hands, you can also place a side bet. This creates more tension and the possible winnings are also much higher.
Poker
The jackpot is also found in poker. In this case it should be seen as a kind of collected prize, which is formed by charging a certain commission at each playing table. The money paid in for this purpose goes into the pot and is made available for the jackpot.
Lottery
When it comes to lotteries, each lottery has its own policy on whether or not to include a jackpot in its game. If they do, there will usually be a separate draw, as is the case with the State Lottery mentioned above. Other operators may require a certain number of tickets to be sold first. It is also common for jackpots to be split between multiple winners.
Online jackpot, who pays?
Who pays is of little concern to most winners. As long as they get paid, is the common thought. However, it is interesting to know who makes it possible for the jackpots to be paid out at all. Of course, this is done on the basis of the stakes collected, but with slots, for example, we see an interesting dichotomy.
Remarkable jackpot stories
Jackpots, unfortunately, are not for everyone, which is why a nice win always makes for a good story. In some cases, however, it becomes quite legendary. So we have some remarkable jackpot stories for you:
Lucky Croatian gives away jackpot
The life story of lucky Croatian Frane Selaks is so remarkable it is almost unreal. The lucky man escaped death seven times: he survived a train crash, a plane crash, two bus accidents and three serious car accidents. As if that was not enough, he decided to give away a jackpot of 800,000 euros to friends and family. He also gave away his entire fortune in 2010. He moved from a private island to his familiar house in the small town of Petrinja. With his last money, he bought an artificial hip and had an altar built for Mary.
Canadian is 7 seconds late for a million-dollar payout
On 23 May 2008, the Canadian Joel Ifergan bought two lottery tickets for the now-discontinued Lotto Super 7 Draw. He did so at 20:59, exactly one minute before the deadline. His first ticket was printed for the 23 May draw, but his second ticket was printed at 21:01:07 and therefore counted for the next draw on 30 May. Unfortunately, this second lottery ticket would have yielded 27 million dollars, except that it was printed 7 seconds too late. To make matters worse, he was on time with his application, but the printing system took a few seconds longer, so his million dollar prize slipped away. Ifergan would spend another 100,000 euros on legal fees, to no avail.
2 brothers win slightly different amounts
James and Bob Stocklas are two brothers who both decided to place a bet on the world-famous Powerball lottery. They both bought a lottery ticket in Florida, which would give them a prize. However, the prizes were quite different. Bob won only 7 dollars, while James won 291 million dollars. He had won the jackpot. Still, the brothers could laugh about it and James already indicated that Bob does not have to worry. They are brothers after all, and as far as we are concerned, James is absolutely right: what are you doing with 291 million dollars on your own?
Jackpot winners
The word jackpot has become a universal concept. However, there is one country that particularly comes to mind when our thoughts turn to the magic word jackpot: the United States, and Las Vegas in particular. It is therefore not surprising that the highest jackpot ever was hit in the USA:
United States
The Mega Millions lottery regularly makes headlines around the world, and one reason for this is the record amount of 1.4 million euros that was won in October 2018. The winner came from the US state of South Carolina and could choose to have a one-off payment of the equivalent of 794 million euros, or to have the total amount of the equivalent of 1.4 billion euros paid out over 29 years; it’s an incredibly tough choice to make.
Netherlands
In the Netherlands, we also have our own record that is slightly less impressive. Still, in May 2013, a whopping €38.4 million would be won. By the way, that was not the highest jackpot to be won in our country. On 15 May 2015, many Dutch players of the Eurojackpot (EuroMillions’ counterpart) were also competing for the chance to win €90 million. Unfortunately the prize fell a little further from home, in this case in the Czech Republic.
Highest online jackpot
We mentioned Microgaming’s game above and we’d like to rub it in again. Because the highest online jackpot won is in the name of Mega Moolah. In September 2018, 18,910,668.01 euros was won. Let that sink in once more.
And if you win the jackpot yourself?
Then you would do well to remain as rational as possible. Of course, in the beginning emotions take over, but don’t shout it from the rooftops when you’ve won the jackpot. Stories abound of people publicly announcing their jackpot wins and becoming easy targets for robbers and other people after their money.
What should you do?
- Remain anonymous (only inform your loved ones).
- Get (financial) advice
- Think carefully whether you want to reinvest the money
- Not be too generous
- Beware of profiteers
In short, winning a jackpot brings with it a lot of new responsibilities. And that’s not always a good thing. Jackpots are life-changing.
How is the jackpot paid out?
What if you win? One of the most important initial considerations depends on how the jackpot is paid out. To explain this, let’s take a familiar example. For example, in the State Lottery Dream Salary Draw you have the option to pay out the amount in one go, or you can choose to pay out an amount each month. This is the same setup as mentioned above for the American Mega Millions lottery.
As with Mega Millions, a monthly payment for the Dream Lottery seems much more interesting. After all, a monthly payment will end up being much higher than a one-off payment. However, this monthly payment does not take into account an inflation adjustment, which makes the choice suddenly seem a lot less interesting.
What does the winner-payment procedure look like?
Should you have the luxury of having already made this choice, or are periodic payments not an option? Then you can get ready to collect your prize. Nu.nl and the Staatsloterij made a short report about it, because many people wonder what happens behind the scenes when you win the New Year’s lottery. Sander van de Vooren is prizewinner’s supervisor and tells what all is discussed in the so-called winners’ room. The first step according to van de Vooren? Checking your ticket ten times.
Dealing with life after winning the jackpot
After realising that you have won a jackpot, you need to think about a lot of other things. There are a lot of legal, personal and tax implications. We list them for you:
Blind trust
For example, if you wish, you must engage a lawyer to form a blind trust. In this case, the lawyer becomes the financial agent, allowing you to collect your money anonymously. Your lawyer will also help you with other related legal questions. Do you not want to remain anonymous? Then think carefully about the consequences.
Legal partnership
Did you win the jackpot on your own? Or did you hit the jackpot as part of a group? After all, it’s not unusual for work colleagues or family members to bet together in order to have a better chance of winning a top prize. If you too have won as a group, then you should think carefully about the agreed duties and rights. Did you just make a verbal agreement? Or would it be better to put things in writing, so that everyone gets the amount to which he or she is entitled? Usually, the money is paid into only one bank account.
Think about your current job
The first instinct of people who win a jackpot? To quit their job. However, many people know that this is not always a good idea. When you lose your job, you lose a lot of stability in your life. So consider continuing to work, but part-time for example.
Develop your interests
With a bit of luck, you will have more time left over and that will create new opportunities. You could go on an unforgettable trip around the world, or you could use your free time to do that course you never had time for before. Perhaps financial considerations made you decide to abandon a particular course of study, and now you regret that. Do the things you feel comfortable with. And if you decide to stop working, a course or a new hobby is a good way to fill up your time.
FAQ about All about jackpots
What is a jackpot in the context of gambling?
A jackpot is a large sum of money that can be won in certain games of chance, usually slot machines or lottery games. Jackpots are typically made up of a portion of the wagers made by players, and they continue to grow until someone wins.
What types of jackpots are there in casinos?
There are two main types of jackpots in casinos: progressive and non-progressive. A non-progressive jackpot has a fixed amount that is won when a player achieves the necessary winning combination. A progressive jackpot, on the other hand, increases in size as players place bets on the game and can reach vast amounts before it is won.
How are jackpots typically won?
The way that jackpots are won depends on the game in question. In slot machines, for example, players must usually land a specific combination of symbols on the reels to win the jackpot. In lottery games, players must typically match a specific set of numbers. In some cases, jackpots can also be won randomly or by participating in special bonus rounds or games within a giant game.
What are progressive jackpots?
Progressive jackpots are a type of jackpot that grows over time as more players place bets on the game. A small percentage of each bet is added to the jackpot pool, which can result in huge prizes. Progressive jackpots can be found on slot machines, video poker games, and other casino games, and they can be won in both land-based and online casinos.
How are jackpots paid out?
The way jackpots are paid out depends on the casino and the game. In some cases, the jackpot may be paid out in a lump sum, while in others, it may be paid out for years. Some casinos may also offer the option to take a partial payout or to receive the winnings in annuity payments.
