WHAT slot player hasn’t dreamed of hitting a jackpot and winning a life-changing sum of money?
Basically every time I play slots, whether in a land-based establishment or online casino, I end up daydreaming about what I’d do with my newfound wealth if I were to hit one of the many big slot jackpots.
If you’ve never played slot machines before, you may be thinking I’m crazy. How could someone make millions playing slots. Well, while rare, there are a lot of jackpots that payout millions to lucky winners.
Don’t get me wrong, winning a jackpot is extremely rare. In fact – you have a better chance winning a lottery in your lifetime. That doesn’t stop millions of people from enjoying slot machines offering the chance to win big.
Whether you live in the USA, Canada, UK, Asia or Australia – there are opportunities to win millions playing slots and I’m going to outline those. Some of the jackpots are found in land-based casinos, while others are online.
What types of slot machines payout millions of dollars?
The type of slot you want to play is called “progressive jackpot”.
These slots are initially seeded with a predetermined amount of money and each time a player spins the slot a small amount is added to the jackpot total until someone ends up winning the prize.
At this point – the jackpot is reseeded and the cycle continues forever.
Generally, multiple slot machines are linked together to make the jackpot grow faster. In some cases multiple slots are apart of the same progressive jackpot network and these can grow very fast.
So, what are some of the slots that allow you to make five million dollars in a single spin?
There aren’t too many, but here’s a small list of the best options no matter where you live.
In the United States, the most popular progressive jackpot is called “Megabucks”. Several US states offer the Megabucks jackpot, but the biggest is in Nevada. It starts with an initial seed of $10,000,000.
Players have to bet the maximum (3 Coins = $3) to have a chance at winning Megabucks. The biggest payout was in 2003, as one lucky player won $39,713,982.25 at the Excalibur Casino in Las Vegas.
The Nevada Megabucks progressive jackpot hasn’t been won in 2015, but it was hit for $14,000,000 in 2014.
There are huge jackpots everywhere, including in Macau, the Las Vegas of China. In 2013, a lucky player won HK$24,600,000 playing the popular Fa Fa Fa slot. Sands China has also introduced Megabucks to Macau.
Players can play the Megabucks jackpot in Macau and potentially win over HK$50,000,000 on a single spin.
Most of us are unable to travel to Las Vegas or Macau regularly, though. This is where online casinos come into play. It’s now possible to win millions of dollars playing slots in trusted casinos on the Internet.
Lately, Microgaming’s Mega Moolah has been in the media a lot. A Canadian won $7,500,000 in April 2015 and then earlier this month (October 2015), a British soldier ended up winning £13,200,000 playing Mega Moolah.
What’s so great about Mega Moolah? Well, for starters, the jackpot can be won by anyone, as there’s no need to bet the maximum per spin to be eligible. Microgaming has found a great formula for their progressive slots.
Hall of Gods, Mega Fortune, Jackpot Giant and Gold Rally are other slots with seven-figure payouts.
How are big slot jackpots paid?
A number of the online slot operators now payout progressive jackpots in full immediately. This is ideal, but it isn’t the norm. For instance, Megabucks is either paid out over 25 years or in an adjusted lump sum amount.
A lot of progressive jackpots are paid out over an extended period of time with an annual payment or you can opt for one big payment, but it will be only for a percentage of the actual amount won.
Many players choose one big payout, which still ends up being a life-changing amount of money.
In some countries, players will have to pay taxes on big progressive jackpot wins. Make sure you consult with an accountant if your country to determine if you’ll have any tax to pay on your winnings.
I know in the USA there’s tax, but in Canada players don’t pay taxes on jackpot wins.
The thrill of playing slots is often closely related to winning big amounts of money. Try your luck on a progressive jackpot slot and you could be the next lucky player to become a millionaire.