Jackpots as a means of attracting more players to your casino
Everyone has heard stories about people lucking out a mega jackpot in a gambling venue and becoming super-rich overnight. This is exactly the idea that entices many people to join land-based or online casinos and try their lucky chances to win big. Gambling operators greatly benefit from it and attract players to their venues with multiple and diverse drawings. Herewith we will examine the concept of a jackpot, and what types of jackpot exist in the gaming world.
The term ‘jackpot’ originates from the poker world. One of the poker game varieties calls a jackpot a situation when a card hand has a pair of jacks. When players get it, they receive a prize drawn from a prize pool. Gradually, the term jackpot became more commonly used in other gambling games such as slots, lotteries, etc. to mean a big pot of money won in the game by a successful player.
Originally, the jackpot amount is much bigger than other cash prizes at the casino. Sometimes, it can even reach hundreds of thousands or even millions of dollars. The bigger the amount is, the more players get interested in gambling.
Main Types of Jackpots
Both land-based and online casinos have jackpot drawings. The size of a jackpot prize depends on the size of prize pool contributions and the frequency of jackpot payouts. The sum of the maximum prize pool can remain the same or constantly vary. Gambling operators can choose to announce a certain winning size to the audience or keep it a secret, arousing players’ fervor for gaming. There are several main jackpot types described below as follows:
For land-based casinos:
Fixed jackpot. The prize pool remains unchanged and the available prize is publicly announced to the players’ audience.
Mystery jackpot. The exact amount of prize funds remains a secret. There are a minimum and maximum limit.
Progressive jackpot. It is an accumulative prize amount that is formed by a percentage of allotted from each bet. The more and the higher are the bets, the bigger is the winning they can get in the end. Typically, there are no limits on allotments and maximum prize funds for progressive jackpots.
Door Prize. It is a sort of a “lucky duck” reward. For instance, it can be given to a player who has registered under a certain number, or who has become the lucky 777th gambler playing a particular slot machine.
Double Trigger. An additional amount of money awarded to gamblers in the bonus game. The maximum prize amount is not disclosed.
For online casinos:
Online casino platforms also do a good job of enticing customers with various jackpot prizes. An average jackpot pool prize can reach $30,000, although the recurrence rate of such drawings depends on the scale of gambling platforms.
Some of the well-known types of online casino jackpots are:
In-House. The jackpot is accumulated by deductions from bets in the group of slots belonging to a single casino operator/owner. The allocated prize amounts are usually not so big, although drawings are quite frequent.
Stand Alone Progressive. The prize fund is accumulated on a single slot game. A fixed percentage of each bet is allocated to the prize pool. The total jackpot amount depends on the volume and number of bets.
Wide Area Progressive. The prize sum is generated by deducted amounts from various gambling platforms presenting slot games from a single software developer. Such jackpots can be as high as a few million dollars. For instance, the network of online casinos integrating Microgaming software has set up a prize fund a limit of $5 million dollars.
Changes in jackpot prize amounts are normally displayed below or above the reels of online slot games.
Deciding on the right jackpot strategy
When players choose an online casino, they look at the prizes offered by the platform. The jackpot amount definitely makes an impression of the casino reputation and integrity. That is why it is important for an online casino to offer jackpots to its customers.
Some casino owners think in order to bring more customers the jackpot should be as big as they can afford. It is true that very large jackpots attract more players in. Consequently, large jackpots lead to a rise in the number of players wagering on a certain game making the probability of cashing in and considerably lowering the casino funding by a lucky winner higher.
Other casino experts share an opinion that jackpot amounts do not necessarily have to be very large to keep your customers coming back. They think that in order to keep your players interested, the jackpot must be significantly more than the cost of one play while maintaining around 75% payout as well as a 1:4 ratio for winning any prize. Based on this, linear programming can be used to find optimal jackpot.
Whatever strategy to pursue is up to a casino owner to decide. Multiple factors should be taken into consideration, such as the casino’s profitability, its turnover, rate of return, assets to liability ratio and others.