What happens when you win a huge progressive jackpot?
It is the moment that you would have waited for your entire life in many cases. What happens when you play a spin on a progressive jackpot game and finally hit the big cash prize?
There are a wide choice of progressive games available out there nowadays, not just from Microgaming but from a host of providers and it is easy to think that the process you go through when winning a jackpot would be the same whatever casino you play at and whatever progressive game you play.
Is that really the case? We take a look and find out.
There are essentially two parts to this article; the first is what will happen in the minutes after you have achieved your progressive jackpot win and the second, and more intricate part of the article, will deal with the crucial question of how you will be paid your jackpot winnings.
So let's begin at the very moment that the stars align for you and you hit that progressive jackpot prize.
Winning the Progressive Jackpot prize
Regardless of whether you are playing an online slot game that sees you win a progressive by landing a series of symbols in a specific pattern across the reels, or in one of the attached bonus game features to the slot (such as the Jackpot Bonus Game on the Mega Moolah slot) or whether it is a win on a progressive card game or roulette, once that top prize is triggered then a number of things will happen on screen.
The first thing is that you will see a message on screen (and it tends not to be too subtle a message, so you can't miss it!) that tells you the progressive jackpot has been won by you. In addition to the message, the exact amount of money you have won (and on many jackpots, this will be down to the nearest penny or cent) will also be displayed so you can see clearly what your prize is.
However, what is important here is to try and remain as calm as you can. In the thrill of winning a progressive prize, it can be very easy to misread a jackpot prize, by thinking the decimal point is in the wrong place, or that you have won a six-figure prize, instead of a seven (or similar).
It is also worth checking (ideally before you play, but certainly after you win a progressive jackpot) what that amount of money actually means to you. By that I mean, if you are told you have won a 1,000,000 jackpot on a slot then that is great, but without knowing what currency that jackpot is in, its value could be very different.
For example, a jackpot of 1,000,000 Norwegian Krone, when converted into British pounds equates to around £92,268. However, a prize of 1,000,000 US dollars equates to around £745,000, however the same prize in New Zealand dollars equates to around £524,100.
Understanding what currency your jackpot win will be paid in will then give you an exact understanding of how much you have won. With some progressive slot games, such as Mega Moolah, the currency you play the game in for your spins will be the same currency you are paid out in, which does make things very easy to remember (and also more convenient).
It's also important to realise that at this point, the player may now be in a state of shock after their win and perhaps may not believe their good fortune. This is why after a big win, many casinos will call the player on their contact number to confirm their win and congratulate them on their prize. They will also likely provide details on how the prize will be paid to them and this now brings us neatly onto the second part of this article.
How you will receive your progressive jackpot prize
One of the key things to note when you win a progressive jackpot, but which players do not often think about before they start playing, are the rules that govern how you will receive your progressive win, especially those wins that run into millions.
Now, if you are playing at any of the reputable Microgaming casinos then the good news is that Microgaming have had a long-standing agreement with its casinos that when a player wins their progressive jackpot prize, they will receive that amount in full, in one transaction, as quickly as possible after the win has been confirmed.
So that means that all the Mega Moolah jackpot winners that you have read about who have landed million-plus prizes, have all been able to access the entirety of their prize within a week, or so, after they have won the prize.
However, this is not the case at all other casinos. Some other casinos offer progressive jackpot games but when a jackpot is won, will transfer the funds into the players casino account, but then will only allow the player to make withdrawals from their casino account at the maximum stated amount each week or month.
So, for example, if you land a £1,000,000 progressive prize, but the casino has a withdrawal limit of say £5,000 per month, it is going to take you 200 months to withdraw the entire £1,000,000 prize. This of course has implications on how you can spend that money and what you are going to do with it.
Other companies, such as IGT, have rules on their online progressive games that mirror what they offer in land-based casinos, where if you win a progressive jackpot, you will be paid out your winnings throughout the course of a year. Again, this is important for a player to know beforehand as it impacts what they can do with the cash.
So, if you harbour dreams and ambitions to do plenty of things should you win a progressive jackpot prize, then you should really check out what the rules are on your selected game and at your chosen casino to ensure that you will be paid your prize expediently and in a single lump sum where possible.
One final point, if you have won a progressive jackpot prize then you will find the casino wanting to transfer the money into your bank account and won't transfer it to other alternatives, ostensibly because other transactions will likely be hit with some rather large charges (which would diminish the amount you would receive).
Key points to remember when playing to win progressives
- Always check what the rules are regarding pay outs with your choice of casino and the game you are playing before you start to play. If the slot doesn't offer you a Mega Moolah type lump sum pay out and only allows you access to a fraction of the winnings every week or month, is this how you want to be able to access the funds if you win? If not, then find a game that does offer you a cash prize in a single, quick lump sum payment.
- When you win try to remain calm enough to note down exactly how much you have won and in what currency to clarify exactly what the size of your win is. Take care to note where the decimal point is! (£100.47000 is very different to £10,047,000!)
- The casino will contact you via your registered telephone number if you are the lucky winner of a big progressive prize.
- It's very important to register with your real name, address and contact details at our casinos! Just in case you do win, you'll want the casino to have your mobile number!
With that out of the way, you can now plan how you are going to spend or use your newly acquired wealth to make your life better!
Byline: This article was published by Mega Moolah expert Henry. Media and other enquiries.