Multi-million Jackpots: How Casinos Manage To Pay For Them
You might wonder how some casino jackpots can reach such huge amounts. These eye-watering amounts aren’t offered because the sites are incredibly rich, but neither is it part of a scam. So then, how DO they do it? Let’s find out how online jackpot prizes work and what the odds are of winning one.
Jackpot Games Are High Volatility Casino Games
The first thing you need to know about games with jackpots is that they tend to have higher volatility levels than other titles. Their return to player (RTP) figures include the jackpot, meaning that players who don’t get a huge win have a greater chance of having an unlucky session. The odds need to reflect the fact that a big prize is up for grabs, meaning that smaller prizes may be less frequent. The truth is that the biggest prizes pay for themselves when there are a lot of active players. This is because 1% to 3% of each bet made goes towards the jackpot. The odds of winning are determined by how many people play it and how often the maximum win can be triggered.
Progressive Jackpots Are Offered on Many Online Casinos
The most popular games with big jackpots are offered on thousands of online casinos, with players on each site all going for the same prize. All of those players contribute to the prize pool with each bet they place. This means it is easier to build up a multi-million jackpot, as no single casino needs to build up all of the cash necessary to pay the winners. Once someone wins the jackpot with a bet, the amount goes back to its starting point (which, to be fair, is still pretty impressive for bigger jackpot games!) and begins to build up again.
Online Casinos Pay Membership Fees for Jackpot Games
It is also worth bearing in mind that casinos pay a hefty membership fee to the games providers for games that come with high jackpots on them. This way, the game provider behind the jackpot game builds up extra resources to pay out the jackpot and no individual casino has to pay out the jackpots when they fall. So in summary, the prize money comes from the combination of the pooled membership fee and the bet contributions made by players who try the game. The odds are worked out so that players get a fair chance of winning while the games provider and casino should make a profit too.
Jackpots Are Good Publicity
It suits casinos to offer extremely high jackpots, as this is a way to get a lot of “free” publicity when a huge win is paid out. As they don’t have to pay out the amount themselves, it’s more of a return on investment for the paid fees instead of a severe cost. Everyone loves to read about someone winning a big prize, and it can provide a great story if a player wins millions with their first spin or after wagering a small amount. Of course, this also encourages other people to give the game a try. A lot of us who see that someone has won an amazing jackpot prize might decide that the same game is worth a spin.
Progressive Jackpots vs. Fixed Jackpots
The previous information mainly concerns progressive jackpots. Yet, you might see fixed jackpots being mentioned too. What is the difference between these different types of casino prizes and how does this affect the odds of winning? Well, a fixed jackpot is one that doesn’t rise with each bet that is placed on the game. It is for a fixed sum – such as 1,000x your stake - and any wins are paid by the casino themselves. These prizes may be paid out more regularly, but it varies from game to game according to the RTP and volatility.
Jackpots vs. Lotteries
Having looked at the details so far, you might be wondering where these jackpot games are similar to playing the lottery and winning a Mega Millions jackpot. The system could be looked on as being similar, but a major difference is that casino games have a higher RTP and better odds of winning, even when taking the prize fund contribution into account. With a lottery, the RTP often sits at around 50%, while casino games will be a lot closer to 100%. This means that there are higher odds of winning with a casino bet than there is with a lottery ticket, as the majority of the wagers received are given back as prizes.
Jackpot Games at Arcanebet Casino
You can choose from an extensive selection of jackpot games at arcanebet. These range from those with multi-million prizes, such as games from the Mega Moolah series, to others with high RTPs and a variety of jackpots. Take a look at the arcanebet casino page at any time to see the current combined value of all of the available jackpots. You can then simply decide which one you want to try your luck on.
