5 Minute Guide to Improving your Chances of Winning on a Progressive Jackpot Slot
The majority video slots have a fixed jackpot. That is to say, the highest amount of money you can win is a predetermined amount. Some, however, have pots that continue to grow until they have been won. These are called progressive jackpots, and there’s no upper limit on how much money they can pay out. Every time someone spends money on one of these slots, a portion of their wager is added to the prize fund. The more people there are playing and the more they spend, the more the prize fund grows.
Progressive jackpots are very popular because of the substantial cash prizes they can offer - some, such as Microgaming’s Mega Moolah and NetEnt’s Mega Fortune, have in fact made several millionaires. Though the chance of winning is incredibly slim, this doesn’t put people off playing and hoping they'll be the next one to land that huge, life-changing cash prize. While winning these large cash prizes is pretty much a matter of luck, there are specific strategies and practices that players can adopt to make the chances of winning more favourable.
- Stretch your Budget
- Return to Player (RTP)
- Let's talk About Volatility
- Size of Jackpot
- Final Thoughts
For most progressive jackpots, you have to bet the maximum number of coins to be in with a chance of winning. It makes a lot of sense to bet the minimum coin value on the maximum number of coins (often five coins) per bet to get most chances of winning from your budget.
Whatever your budget is, it’s recommended to try to stretch your money as much as you can. Say you have £100 and there’s a progressive jackpot that gives you a shot of winning with every £1 wager. If you stick to this slot, you have 100 chances of winning. If you come across a slot whose maximum bet is 90p, you’re going to get 111 goes on the slot and therefore more chances of winning.
It’s worth pointing out that while progressive jackpots do vary in their betting amounts, they also differ in the value of the jackpot. If you stick with a cheaper slot, you may have a better chance of winning though they do tend to have a lower jackpot prize.
A slot’s RTP, or return to player, is a measure of how much money is returned to players over time. It is represented as a percentage and gives you a rough idea of how much of your wager, on average, you can expect to receive back from the slot over long-term play (i.e. millions and millions of spins). If you’re playing a slot with an RTP of 96%, for example, you won’t get exactly 96% of your money back with every single spin, but the more you play, the closer your average will get to this amount. When it comes to deciding what slots to play, many players choose slot titles that have a higher RTP. The average is around 96% for standard fixed jackpot slots, though, for progressive jackpots, the RTP does tend to be lower (usually about 91-92%). The reason the figure is lower is that they have to put money towards the progressive jackpot. If you want the best return on your investment, stick with progressive jackpots that have a higher RTP.
Note that the term house edge is the exact opposite of RTP. A slot with an RTP of 96% has a house edge of 4%.
Slot volatility refers to how often a slot pays out and how large payouts tend to be. If a slot is of low volatility, this means that it pays out quite often, but its payouts are relatively small. A slot that’s has high volatility, on the other hand, pays out quite rarely but whenever it does pay out, the cash prizes are usually very substantial. Many would assume that progressive jackpots would always be highly volatile since the cash prizes can be quite high. In fact, some progressive jackpots can have low volatility. This is because the volatility calculation takes into account all of a slot’s possible payouts (that is, the progressive jackpot and the standard payouts as well).
A good strategy many adopt is to split your money between two slots: spend most of your money on slots with low volatility and the rest on a highly volatile progressive jackpot. The idea behind this is that, by playing a low volatility slot, you’re hopefully going to receive regular wins that will keep your bank balance from going down too fast. This should help your gaming session last longer and may even help you stretch your budget further.
A strategy that many adopt concerns the size of the jackpot. If a progressive jackpot has a very high cash prize - let’s say six or seven figures - chances are there are going to be a large number of people playing that particular slot, hoping to win. The more people there are playing, the lower your chances of winning are. It’s also worth pointing out that there are different types of progressive jackpot. Standalone games have an individual cash prize that only players contributing to that specific slot can win. Shared progressives, as their name suggests, share their cash prize with several other slots - Playtech’s Age of the Gods series is a prime example. You stand a better chance of winning playing a standalone progressive jackpot, as the cash prize has a fewer number of contributors.
When it comes to playing progressive jackpots, no definitive strategy is guaranteed to help you win, but there are some general ways you can adapt your approach and make your gaming sessions worthwhile and hopefully more profitable! The best strategy is simply to make the most of your budget, whatever its size, and choose the right slots to play - take things like RTP, volatility and jackpot size into account and decide which progressive jackpots fit your desired outcome the most. Remember, it’s all about luck ultimately so you should be prepared to spend frequent periods without a win - that’s just the nature of progressive jackpot slots.