One of the most exciting aspects of casino gaming is progressive jackpots. A progressive jackpot grows with every qualifying bet and can pay a large sum.
A small percentage is taken out of every qualifying wager to seed the jackpot. In many cases, this percentage ranges from 1%-2%.
While this doesn’t sound like much, it adds up when dozens of players are playing a game. The jackpot will continue growing until somebody satisfies the winning requirements.
When a jackpot is won, it returns to the original seeded value. The game developer seeds the initial value, and players’ bets make up the rest of the jackpot.
Progressive prizes are closely associated with slot machines. The reason why is because slots are where you find the famed multimillion-dollar jackpots.
Megabucks, which is found in Las Vegas casinos, has paid jackpots worth nearly $40 million. Mega Moolah and Mega Fortune, which are both online slots, have each paid jackpots worth almost €18 million.
But while the gaudy payouts may be found in slots, you can also play for progressive jackpots in blackjack, Caribbean stud, poker, and video poker. These games can offer progressive payouts worth six figures or more.
You can see why it’s fun to chase progressive jackpots when considering the sheer amount of money you can win. But you also need to be careful when fixating on these prizes, especially when there are weekly cash-out limits involved.
What’s the problem with weekly withdrawal limits? Find out as I cover everything you need to know about the subject, including who pays progressive jackpots, how weekly cash-out limits affect this, and how you can deal with potential problems.
A common stereotype is that online casinos themselves both seed and pay out progressive jackpots. The truth is that the game developers are normally the ones who pay these prizes.
Online slot game providers offer their products across multiple casinos. They seed progressive jackpots, and then pull wagers from different casinos to make the payouts grow.
Here’s an example.
A game provider offers a progressive slot machine at 3 casinos The starting jackpot value is $1,000 Casino A earns $3,200 to fund the jackpot Casino B earns $4,800 to fund the jackpot Casino C earns $1,600 to fund the jackpot The progressive jackpot is now worth $10,600 overallSoftware providers share progressive game profits with the casinos that license their software. Therefore, a single online casino isn’t responsible for the entire payout.
When a jackpot is hit, the game provider’s job is to ensure that a player gets their winnings. They CAN do this by paying the winner directly.
But some software providers like Playtech send the amount to the online casino where the prize is won.
Another matter to consider is when the payouts are made. Some slots jackpots are delivered in one installment, while others are paid out in increments based on a casino’s maximum withdrawal limits.
The size of the payout determines how long it’ll take for players to receive their money. But you can bypass this by playing slots from gaming providers that offer lump sum payouts.
Microgaming is known for delivering progressive jackpot payouts in lump sums, no matter the size. Other providers either pay the amount in installments or negotiate a single payout if players want the lump sum.
The latter method is common in land-based casinos and with certain internet gaming providers.
I covered in the previous section how some slots providers task the online casino with distributing progressive winnings. The casino can then decide how much money jackpot winners will receive every week or month.
This decision is oftentimes made based on the maximum cash-out limit. This refers to the max amount that players can withdraw in a given time period.
The largest online casinos may allow you to withdraw $100,000 or more per month. Smaller casinos often limit the max weekly withdrawal limit to $2,000 or $3,000.
Most players probably don’t even think about any of this when they’re spinning the reels. But what if they do get lucky and win a major jackpot?
Imagine trying to withdraw a $1 million progressive slots payout when your casino’s weekly withdrawal limit is only $2,000. It would take you 500 months, or 41 years and eight months, to receive the full amount of your money.
Many players would be happy to receive $2k per week for the next 41 years. But keep in mind that inflation will gradually reduce the value of this money.
A dollar in 2018 is only worth $0.24 compared its value in 1977. Therefore, you could expect the final payment in the example above to be worth one-fourth of the original winning value.
Even trying to withdraw a $100,000 jackpot can be painstakingly slow with a small max cash-out limit. You’d need to wait 50 months, or 4 years and two months, to get all your money in this scenario.
Certain casinos make an exception for larger withdrawals in the case of VIPs or progressive jackpots. Other internet casinos have such a large cash-out limit that you can get 6 or 7 figures within less than a year.
You obviously want to play at a casino that has a high maximum withdrawal limit in case you win a big jackpot. An even better scenario is when you’re playing progressive casino games from providers that pay out in one lump sum.
You should always read the terms and conditions at any online casino where you play. Here, you’ll find information on how jackpot payouts are made and/or max weekly withdrawal limits.
The terms and conditions explain both the minimum and maximum cash-out limits along with any other relevant information. You should come across a section discussing how withdrawals exceeding the max cash-out amount will be paid in equal amounts over consecutive weeks.
Of course, many players are intimidated when they visit a terms and conditions page and see what looks like endless text. But you can use your PC or smartphone web browser’s “find” function to look for keywords and speed up the process.
For example, you can search for words like “limit,” “limits,” “withdrawal,” and “withdrawals” to quickly locate info about the max cash-out levels.
If for some reason you can’t find anything on those subjects, contact the casino’s customer support through email or live chat and ask them about the matter. Customer service can explain what limits are in place before you start playing progressive games.
An even easier solution is to check our reviews of online casinos. We typically include information about maximum withdrawals for the casinos and gambling sites we review.
The individual casino isn’t the only factor that affects how much of your slots winnings can be withdrawn. Each casino may have different stipulations based on the banking option and your VIP level.
You might only be able to cash out $3,000 per week with an e-wallet like Neteller or Skrill. But the casino might allow you to withdraw up to $10,000 with Bitcoin.
This is why you also must visit a casino’s banking section (a.k.a. cashier) along with the terms and conditions page. The cashier’s area shows the minimum and max cash-out amounts for each payment method.
Many casinos also offer larger cash-outs for high-level VIPs. The lowest loyalty members might only be able to cash out $2,500 per week, while the highest level can withdraw $10,000.
Moving up the loyalty ladder requires betting more than the average player. But being able to cash out a progressive jackpot win faster is a nice perk to doing so.
You’ll find information pertaining to banking options and VIP levels in most of our reviews, too.
You might be wondering why online casinos won’t simply let you withdraw funds right away. After all, it’s your money no matter if you’ve won a jackpot or just want an original deposit back.
For one thing, internet casinos like to keep their liquidity by not having to pay out a lot of money at once. Controlling the speed at which payouts are made or when players cash out helps the casino keep a healthy balance sheet.
Another reason why online casinos have withdrawal limits is that it encourages people to continue betting while their money is still on the site.
US-facing offshore casinos have trouble processing bigger withdrawals due to the Unlawful Internet Gambling Enforcement Act (UIGEA). This law makes it illegal for American financial institutions to process unregulated online gambling transactions.
Casinos in regulated markets like the UK don’t have to worry about dealing with restrictive laws. This is why you’ll see European casinos like Bet365 and William Hill paying players up to $100,000 or more per week.
A standalone jackpot is one where you win a set prize for meeting certain qualifications. Standalone jackpots don’t increase in value like progressive payouts.
Instead, a standalone jackpot worth 5,000 coins will always be worth this amount unless the game maker decides to change it.
This doesn’t sound as attractive to players who like hunting for big progressive jackpots. But you should also consider that standalone prizes are more reliable in terms of when they pay.
Payouts are usually smaller than the average progressive jackpot. This is especially the case if you’re only betting a small amount.
Here’s an example.
A standalone jackpot is worth 5,000 coins You’re betting $0.10 per line You win the jackpot 5,000 x 0.1 = $500 jackpotI haven’t seen any online casinos that have less than a $2,000 max weekly cash-out limit. Therefore, you’ll have no trouble withdrawing this full amount in a single transaction.
Some progressive payouts don’t grow very large, either. I’ve seen a number of prizes from RealTime Gaming (RTG) where the value is less than $2k.
These payouts are nice if you’re looking for a better chance to win and want to receive your winnings right away.
The main key to slots strategy includes looking for games with high payback, or return to player (RTP). Payback is even more in depth with progressive slots because you also have to consider the base payback.
The base RTP refers to how much a slot machine pays when considering the regular prizes and starting progressive jackpot value. The payback will steadily increase as players continue betting and boosting the jackpot size.
But you want to focus on the base RTP because this is the amount you stand to win in the likely case that you don’t hit the jackpot.
NetEnt’s Mega Fortune slots is a great example of a game with high base payback (96% RTP) that also offers a large progressive prize.
As I’ve covered in this post, you want to go beyond just considering payback. You also need to think about how the max weekly cash-outs and/or gaming provider’s payout policy affects your potential winnings.
And there’s nothing more frustrating than waiting months or even years until you receive your final jackpot payout. The best way to avoid this scenario is by choosing your progressive games wisely based on withdrawal limits and gaming providers.
Earlier, I discussed how certain gaming providers offer lump sum payouts. You can eliminate your worries about receiving a progressive jackpot promptly by playing games from these casino providers.
The only catch is that not everybody has access to the industry’s elite software providers. This is especially the case in unregulated gaming environments like the US.
These players need to heavily consider the casino and what banking option they use. Finding the right combination in these categories will allow you to cash out more money per week and receive any potential progressive jackpots as quickly as possible.
One of the first things you should do at a casino is visit the terms and conditions page. This explains what stipulations the casino has on jackpot payouts and maximum weekly withdrawal limits.
Your next step should be the banking section, where you can see how much each payout option allows you to withdraw. I’ve noticed that Bitcoin normally lets you cash out the most money per week in unregulated jurisdictions.
Many players dream of winning a big progressive jackpot when they’re playing casino games. But players aren’t always prepared for what happens afterward, specifically regarding how to get their money.
The same people can be highly disappointed upon discovering that their winnings aren’t delivered as quickly as they’d like. And the last thing you want to do is wait for years to withdraw the full value of a 6- or 7-figure payout.
The best-case scenario is that you’re playing a game from a provider that immediately delivers lump sum payouts. But you also have to consider that many game providers ask the casino to distribute winnings.
These are the cases where you need to do some research on terms and banking options. Figuring out maximum weekly cash-out limits helps you avoid the surprise of winning a jackpot, only to discover that your prize will be delivered at a snail’s pace.
If you have a favorite casino with strict withdrawal limits, then you can either choose games with small progressive jackpots or standalone prizes. Not only will you have a better chance to win these payouts but also to receive your money quicker when the max withdrawal limit is low.
The post The Impact of Withdrawal Limits When Winning an Online Progressive Jackpot appeared first on GamblingSites.com.
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