The Allure of the Jackpot: The Psychology of Big Wins

Jackpots are surprisingly extremely divisive in gambling circles. Some players avoid them entirely, as the odds are staked too high against them and the chances of winning are too long to rationalize. But there are other players who see it as a fun venture, whether they believe they will ever win it or not, and enjoy the games for the thrill of “what if”.

Just take the lottery, the biggest jackpot games out there. The chances of hitting the biggest prize is nearly impossible to grasp, yet millions of people buy their tickets every week to have a go. They are not expecting to win, or in some cases even get close. After buying a ticket, they most likely forget about it until the drawing ceremony, which has now become a weekly routine. Yet all the things you could do if they did draw your lucky numbers. The surge of adrenaline is very palpable.

On this page, we will look at what exactly draws players to jackpot games. After assessing the emotional value of these games, we will crunch a few numbers to see what the realistic chances of winning are.

Defining Jackpots in Casino Games

A dictionary definition of jackpots is “the largest prize in a competition or game”. This is pretty vague, as a 3:2 blackjack could count as a jackpot, as could a 35:1 straight bet in a game of roulette. The latter is closer to what we would expect from a jackpot prize, but most players define jackpots as much higher values.

For example, a slot that has a maximum payout of 1,000x or 2,000x are a good start. Considering most players wager $1 or less on spinning the reels, the maximum they could pocket is $1,000 which is already much better than the $36 they would win off a straight bet in Roulette. When you look at the jackpot category at any online casino, you will find games with much larger prizes. These games generally either have 1 fixed top prize, multi-tiered jackpots, or progressive jackpot prizes.

Standalone Jackpot Prizes

These are casino games, such as video poker, slots, table games, and so on, that have a fixed top prize. If you fulfill all the conditions, then you can unlock the top prize, but this jackpot is generally smaller than the following two types of games. Standalone jackpots can either be fixed values, or they can be a sky high multiplier on your stake, such as 20,000x.

Mutli-tiered Jackpots

In these games, you will find a jackpot prize system that has multiple top prizes to offer. Most jackpot slots have 4 prizes: Mini, Minor, Major and Mega jackpots. This splits the prize pool into numerous segments, increasing gamers’ chances of hitting any type of jackpot.

Progressive Jackpots

The progressives work in a different way. The jackpots on these games increase every time you play them. When you spin the reels on a game, a tiny portion of your bet goes into the jackpot, increasing it ever so slightly. If you win the jackpot, you take home the entire sum, and the jackpot shrinks back to its starting value. It will then continue to climb up as you play more, until someone wins it.

There are standalone progressives, that work with just 1 video slot. But if you are playing online, then this stake can increase very quickly, considering just how many people may be playing the same game simultaneously. Then, there are multi-linked progressives, in which the game is connected to a number of other games in the same branch. Money spent on any of these games goes to the jackpot prize, making it increase at a much quicker rate. Here are a few examples of those linked progressives:

• Age of the Gods series by Playtech
• Mega Moolah by Games Global (Microgaming)
• Fire Blaze by Playtech

Sidebet Jackpots

They may not be necessarily seen as jackpot games, but we can also include side bets at any other casino games. Side bets are bets on very specific conditions, and if they are fulfilled you can pocket a tidy fortune. If you place a side bet on a round of Jacks or Better Video Poker to draw a Royal Flush, you could receive a payout of 800x. This side bet can yield a huge payout, much bigger than the base game, and therefore it can be seen as a jackpot within video poker. You can also find variants of blackjack, craps, baccarat, and roulette with all sorts of side bets to tempt fate with a colossal win.

Tournaments and Player Contests

To enhance the gaming experience, online casinos can offer players tournaments with prize pools. These range from tournaments with weekly leaderboards to slots tournaments with the biggest jackpot prizes out there. The contests are not limited to slots either. You can find tournaments that include classic casino games, live dealer tables, and even daily fantasy sports tournaments.

What Attracts Us to Jackpot Games

The big prizes at progressives or jackpot titles is usually enough to attract the jackpot hunters. We know the chances of winning the jackpot are extremely small, and in all likelihood, we won’t win the top prize, yet these games remain popular. The hope, excitement, and anticipation that these games create is quite magical. They provide a form of entertainment that classic blackjack or poker games don’t really do.

Just like playing the lottery, we always fantasize about what we would do if we won. They may not provide players with the money they dream of, but they do create a surge of adrenaline and release dopamine. These players take great entertainment from the thrill of “what ifs”. You wouldn’t get the same tension and highs from winning a few hands of blackjack or pocketing a $10 pot off a $1/$2 poker game.

Chances of Winning Jackpots

There is entertainment value, but the reality is that the majority of gamers never experience a truly massive win. The UK National Lottery is one of the largest and has been running since 1994. It is estimated to have made over 7,400 millionaires since 1994, with approximately seven new millionaires each week. But the majority of those winners have pocketed payouts of over £50k – a big prize but not even close to £1 million.

Casino games, just like lotteries, must have an element of house edge. That is, the operator must make a profit on their games. If they didn’t, the operator would be forced to shut down and we wouldn’t have any more games. The house edge is achieved by manipulating the paytable, or the top prize.

Take a jackpot prize of 20,000x. The odds of hitting it would surely be 1 in 20,000, or 0.005%. But the real odds of hitting it are shorter, because of the house edge. If the edge was set at 5% (so the game would have a 95% RTP), then this shrinks to 0.00475% – or 1 in 21,052. But who is to say that the house hasn’t put a greater edge on the odds? After all, we can only use RTP, a theoretical value, to assess the probability of winning. And most gamers accept the fact that these tremendous wins are close to impossible. The edge can easily be a lot higher, and your chances of winning it are tiny.

A lot of gamers write off these types of games because of that. The reasoning is sound. If the odds are stacked against you, why don’t you try casino games with lower house edges, a more realistic chance of winning money, and the opportunity to lower the house edge through gaming strategies?

Are Jackpot Games Worth It?

It is very much a personal preference amongst gamers. For entertainment value, they have a much larger potential to dazzle you then playing games with payouts of 1:1 or 2:1. The jackpot win may never come, but you are still kept entertained by the possibility that you may stumble onto a tremendous win.

But funnily enough, from a responsible gambling viewpoint, jackpot hunters are actually safer than table gamers or slots players. A survey in the UK by nfpSynergy estimated that the National Lottery and other lotteries yielded a total prevalence of problem gambling of 1-1.5%. This number jumped up to 9.2% for online gambling slots or casino games and up to 13.7% at bookmakers.

When playing for jackpots, we seem to accept the fact that we are most likely just spending money and won’t see a dime back. Table game players, especially ones with master strategies such as counting cards at Blackjack, tend to expect to see some profit in their gaming sessions. This is more dangerous, as they may feel inclined to keep playing until they land in the green. Slots players may be more encouraged by near misses to carry on, as the big win feels just a few spins away. But jackpot gamers are not generally stimulated by near wins. Jackpot gamers, on the other hand, are not likely to go bust playing for the jackpot. We don’t really get people impulsively placing 100 lottery tickets to increase their chances of winning.

The Allure of Jackpot Games

There are both positives and negatives to take out of jackpot games. The fact that you will probably never experience a true, life-changing jackpot is quite damning. Yet it still feels good to try. Ultimately, if you are playing for the thrill of the ride, then jackpot games can definitely pump up your energy levels. The top prize is something that catches the eye and doesn’t fail to dazzle. You should always remember though, that these games are intended for entertainment purposes only.

Even expert bettors and professional gamers have tasted their fair share of defeat. Therefore, you should never expect that your gaming will be profitable, and certainly never spend more than you can afford to lose. Should you need any help, you can always use the responsible gambling tools provided by your online casino. Or, reach out to a gambling harm prevention organization for advice.