Progressive Jackpot

Progressive Jackpot

A progressive jackpot is a jackpot highest payoff for a gaming machine usually a slot machine or video poker machine where the value of the jackpot increases a small amount for every game played. Normally multiple machines are linked together to form one large progressive jackpot that grows more quickly because multiple players are contributing to the jackpot at the same time.

The amount of the jackpot is shown on a meter as a money value. Usually the jackpot can only be won by winning the combination with the highest payoff, e.g. a royal flush at a video poker game, or five of the most valuable symbols lemons, cherries, alligators, etc on a slot machine. Once a player wins the jackpot, the jackpot resets to a preset minimum level.

The amount on the jackpot progresses increases a small amount for every play on a connected machine. The amount that the jackpot advances by is set by the casino the house. For example, on a machine whose house edge is 5%, a generous jackpot contribution might be 1% one fifth of the expected profit. The house is prepared to contribute some of the profit of a jackpot linked machine because players are attracted by the:

Relative novelty of progressive jackpots generally, only a small fraction of the house's gaming machines will be connected to a progressive jackpot

Constantly changing meter, often displayed on large LED or LCD displays

Large amount of the jackpot, which eventually motivates more players to play the game

Usually only players who wager the maximum number of credits per play qualify to win the jackpot. All wagers, whether or not they are maximum credit bets, contribute to the jackpot though. As a result, a game which requires a 10 credit wager to qualify for the progressive jackpot will tend to have the progressive jackpot rise to higher levels relative to its break-even level than a game that requires only a 5 credit wager to qualify.

In some games such as video poker, it is possible to compute an optimal playing strategy based on the frequency for each payoff versus the odds of hitting that payoff. Since the jackpot of a progressive video poker game is constantly growing, it eventually can reach a break-even point where the machine becomes a positive expectation bet for the player.

When the progressive jackpot is less than the break-even point, there is a negative expected value house edge for all players.

In the long run, with optimal strategy, a video poker player can make a profit, although the long run is generally longer than most people think. Several tens of thousands of plays.

It is worthwhile to note that a break-even point cannot be easily calculated on a slot machine game, because the payback percentage for the game is normally unknown to the player. The break-even point in video poker can be calculated because the payback percentage for the game is a function of the paybacks and odds of the poker hands, which is based on a standard 52 card deck. The return of a slot machine is based on the published paytable, but also on the normally unpublished reels. For a five reel slot machine, the player would need to know each symbol on each of the slot machine's five reels, in order to calculate the odds. For a three reel slot, the reels are normally weighted, and this would not be possible. However, in some circumstances the manufacturer may publish the payout of their machines.

Betting Pool

A betting pool, sports lottery, sweep or office pool if done at work, is a form of gambling, specifically a variant of parimutuel betting influenced by lotteries, where gamblers pay a fixed price into a pool from which taxes and a house take or vig are removed, and then make a selection on some outcome, usually related to sport. In an informal game, the vig is usually quite small or non-existent. The pool is evenly divided between those that have made the correct selection. There are no odds involved; each winner's payoff depends simply on the number of gamblers and the number of winners. True parimutuel betting, which was historically referred to as pool betting, involves both odds calculations and variable wager amounts.

Contestants predict the outcome of sporting events that take place at a later time. The concept was introduced in 1923 by Littlewoods Pools where it was known as totoclarification needed and based on football soccer matches. Today in England, sports lotteries are more commonly referred to as football pools. American sports lotteries often do not require contestants to purchase a lottery ticket or make an initial wager. Hockey pools are common in North America, and footy tipping in Australia.

Dead Mans Hand

The dead man's hand is a two-pair poker hand, namely aces and eights. This card combination gets its name from a legend that it was the five-card-draw hand held by Wild Bill Hickok, when he was murdered on August 2, 1876, in Saloon No. 10 at Deadwood, South Dakota.

According to the popular version, Hickok's final hand included the aces and eights of both black suits. As Hickok's biographer, Joseph Rosa puts it: the accepted version is that the cards were the ace of spades, the ace of clubs, two black eights clubs and spades, and the queen of clubs as the kicker. However, Rosa says no contemporary source for this exact hand can be found. The earliest detailed reference to the dead man's hand is 1886, where it was described as a full house consisting of three jacks and a pair of tens.

In accounts that mention two aces and eights, there are various claims regarding the identity of Hickok's fifth card, suggestions that he had discarded one card and/or that the draw was curtailed by the shooting and Hickok therefore never received his fifth card.

In the HBO television historical drama series Deadwood, a nine of diamonds is depicted, although the show posits that another player concocted the hand, to further his own newsworthiness. An episode of Ripley's Believe it or Not shows Hickok holding a queen of clubs. An episode of Quantum Leap also shows Sam's love interest holding a Dead Man's Hand.

Historical displays in the town of Deadwood, including one in a reconstruction of the original Saloon No. 10, also show the nine of diamonds as the fifth card. The Lucky Nugget Gambling Hall, which holds the historic site of Saloon No. 10, instead displays a jack of diamonds. The Adams Museum in Deadwood has a display that claims to be the actual squeezer cards held by Hickok. The hand is: ace of diamonds, ace of clubs, eight of hearts, eight of spades, and the queen of hearts. The Stardust on the Las Vegas Strip has used a five of diamonds in related displays and the Las Vegas Metropolitan Police Department Homicide Division uses the dead man's hand in its insignia, as does the Armed Forces Medical Examiner System.