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A progressive jackpot is a jackpot (highest payoff)
for a gaming machine (usually a slot machine or video poker machine) where the
value of the jackpot increases a small amount for every game played. Normally
multiple machines are "linked" together to form one large progressive jackpot
that grows more quickly because multiple players are contributing to the jackpot
at the same time.
The progressive
jackpot meter
The amount of the jackpot is shown on a meter as a money
value. Usually the jackpot can only be won by winning the combination with the
highest payoff, e.g. a royal flush at a video poker game, or five of the most
valuable symbols (lemons, cherries, alligators, etc) on a slot machine. Once a
player wins the jackpot, the jackpot resets to a preset minimum level.
The amount on the jackpot progresses (increases) a small
amount for every play on a connected machine. The amount that the jackpot
advances by is set by the casino ("the house"). For example, on a machine whose
house edge is 5%, a generous jackpot contribution might be 1% (one fifth of the
expected profit). The house is prepared to contribute some of the profit of a
jackpot linked machine because players are attracted by the:
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relative novelty of progressive jackpots (generally, only
a small fraction of the house's gaming machines will be connected to a
progressive jackpot)
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constantly changing meter, often displayed on large LED
or LCD displays
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large amount of the jackpot, which eventually motivates
more players to play the game.
Qualifying
Usually only players who wager the maximum number of credits
per play qualify to win the jackpot. All wagers, whether or not they are maximum
credit bets, contribute to the jackpot though. As a result, a game which
requires a 10 credit wager to qualify for the progressive jackpot will tend to
have the progressive jackpot rise to higher levels (relative to its break-even
level) than a game that requires only a 5 credit wager to qualify.
The
break-even point
In some games such as video poker, it is possible to compute
an optimal playing strategy based on the frequency for each payoff versus the
odds of hitting that payoff. Since the jackpot of a progressive video poker game
is constantly growing, it eventually can reach a break-even point where the
machine becomes a positive expectation bet for the player.
When the progressive jackpot is less than the break-even
point, there is a negative expected value (house edge) for all players.
In the long run, with optimal strategy, a video poker player
can make a profit, although the "long run" is generally longer than most people
think. (Several tens of thousands of plays.)
It is worthwhile to note that a break-even point cannot be
easily calculated on a slot machine game, because the payback percentage for the
game is normally unknown to the player. The break-even point in video poker can
be calculated because the payback percentage for the game is a function of the
paybacks and odds of the poker hands, which is based on a standard 52 card deck.
The return of a slot machine is based on the published paytable, but also on the
normally unpublished reels. For a five reel slot machine, the player would need
to know each symbol on each of the slot machine's five reels, in order to
calculate the odds. For a three reel slot, the reels are normally weighted, and
this would not be possible. However, in some circumstances the manufacturer may
publish the payout of their machines.
Advantage play
Advantage players who only play when the progressive jackpot
provides them with a positive expectation situation still generate revenue for
the casino. This is a unique situation where the player has an advantage over
the house, yet the casino is still making a profit from the player. This
situation occurs because the bulk of the progressive jackpot has been bought and
paid for by the other players' contributions to the jackpot.
Savvy gamblers sometimes organize teams of players to play
machines where the progressive jackpots generate a positive expectation
situation. Such teams often displace ordinary players, making the machines
unavailable just when they are at their most interesting. Team members will
often have cell phones and work in shifts, calling another teammate to replace
them when they're ready for a break. Some casinos have a policy of "no team
play", and will eject players suspected of playing in such teams.
Player's
clubs
Most casinos offer slot clubs, which pay back a percentage of
a gambler's wagers on their games in the form of cash rebates and other perks
with a monetary value. Participating in a slot club can reduce the break-even
point of a progressive jackpot game because of the value of the rebate on each
wager.
Other
jackpot games
Progressive jackpots are not limited to slot machines and
video poker. Poker games sometimes include a progressive bad beat jackpot.
Caribbean stud poker is another casino game which often has a progressive
jackpot available, and some online casinos offer progressive versions of
blackjack, roulette, and other casino games.
Progressive blackjack
Progressive blackjack game usually does not differ much from
the conventional blackjack. Both game variants have the same rules of betting
and creating a hand, but progressive game allows the player to place additional
$1 bet which gives the chance to win progressive jackpot. This bet wins in case
the player holds a specific card combinations if the cards are dealt
consecutively. In fact the player gets the special progressive payout awards
which range from several dollars up to 100% of the whole pot. The amounts of
progressive payouts depend on the gambling hall or online casino visited.[1]
List of popular
progressive games
Note
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"Progressive blackjack rules". blackjackdoc.
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