It’s obvious that online casinos are out to make money. The odds are stacked in their favor as they would be quickly out of business otherwise. However, that doesn’t mean the chances of winning big are minuscule.
Of course, everyone has their own definition of what’s considered “big”. For the sake of this article, we’ll be discussing jackpots and not finding success by going on a lucky winning streak.
Hitting The Jackpot In Slots
A jackpot in online slots (and regular slots) is when the highest payout is achieved in a single spin. Traditionally, this occurs when lining up the highest value symbol in a row across a certain number of reels.
How much is wagered during the spin plays a huge role in the payout amount. In a manner of speaking, the jackpot is relative to the betting amount or stake.
As an example, let’s say you wager $1.00 for each spin and you land on the best combination possible. If that combo is 10,000x then you just won a cool $10,000. Depending on the slot game, things may get really complex by setting coin values in addition to the number of coins and paylines.
Perhaps the most exciting type of jackpot is the progressive jackpot. It’s similar to the normal one mentioned above with one important detail.
The jackpot will continue to grow in size after each spin until it is ultimately won. Many online casinos will feature progressive jackpots across their player base for winnings in the millions!
Factoring In RTP
RTP or Return To Player is simply the amount of money paid back to players for a casino game. It is calculated by a percentage amount. For instance, if the RTP of a game is 95% then $95 of $100 wagered is won back on average.
It’s important to understand that RTP is based on an extremely high number of spins. Thousands if not millions of spins to be exact. As such, an individual’s experience may differ greatly from another player’s fortune or misfortune. One spin for a person might hit the jackpot. Conversely, someone else might not win anything after 10 spins.
Land-Based Vs. Online Casinos RTP
If you have money to gamble, it’s wiser to do so at an online casino. Although land-based casinos have many non-financial perks, they can’t compete with online casinos.
This is because they must pay overhead costs associated with running their buildings. Now, it’s by no means inexpensive to manage an online gambling site – just not as much as a physical location.
You probably won’t see too many in-house casino games with an RTP of less than 90%. Due to competition, online slots and other games are somewhere in the neighborhood of 95% to 97%.
This might seem like a serious disadvantage for online betting websites. However, the convenience of being able to gamble across multiple devices at any given time makes for a huge player base.
Online Gambling Revenue is Rapidly Increasing
In 2020 online gambling brought in a staggering $66 billion globally. As eye-popping as that is, that number should exceed over $100 billion in 2026. More revenue doesn’t just mean more profits for the online casinos. Players will reap the benefits with larger payouts.
Countries like Australia, Canada, the U.S., and the U.K. make up a great bulk of that revenue. A recent survey showed that a typical Australian may spend up to $1200 a year on online gambling.
It’s the country with the highest rate in the world as some 80% of adults partake in this activity. Most notably, in 2016 a player won over $10 million AUD in the Dark Knight slots game.
A Realistic Estimate of Potential Winnings
Unless you have a lot of disposable income, you’re gambling bankroll is probably $50 to $100 per session. Based on that information, most people prefer to bet less for more spins.
After all, playing $10 spins and blowing that bankroll doesn’t sound very fun. It makes more sense to wager lower amounts between $1 to $3 for the chance to win big.
Remember, “big” is a relative term. Although not life-changing, even winning a few hundred dollars when you wagered a third of that is still exciting.
This trend of low-betting is evidenced by many online casinos publishing winners earning anywhere from $400 to $5,000. If you set your expectations at that level then that’s certainly an acceptable jackpot!
For new players, incentives for joining these gambling websites include free spins and bonuses. There are no deposit casino online directories where you may find the best promo codes.
These codes offer real-value money for wagering at no cost to you. Certain terms and conditions apply but these offers are most definitely legitimate.
So if you look at online gambling as a hobby rather than a habit, there’s a good chance to win some money. Go in with the mindset of not spending more than you plan to wager that day. Win or lose, the thrill and experience of playing at an online casino is a worthy investment.