For casino players, the ultimate goal in playing games is to win the jackpot. After all, they’re not just there to play for small-time wins. On the other hand, casino operators need the jackpot to attract more players but stand at a risk of losing a lot of money. As a casino operator, it’s important to know all there is about jackpots to keep players interested, and not having to risk losing a lot of money in the process as well.
Definition and Origin of Jackpot
We’re often hearing the words “jackpot” or included in terms such as “hit the jackpot,” but do you know how the word came about? It’s defined as the top prize, usually in the form of cash, and won in games, contests or lottery. It is usually accumulated until someone is successful in taking it. The word was first introduced during poker’s early days – in the late 19th century to be exact. It was used to indicate that a pool or “pot” is accumulated until there were two jacks or better.
To date, jackpot means a gold mine figuratively and considered the top prize when playing casino games. It’s not only being used in Poker but a variety of games such as slot machines and Black Jack as well.
All About Jackpot Payouts
If it’s a player’s lucky night, then there is the financial question of whether he or she gets paid in lump sum or annuity. Thanks to mathematics though, as a casino operator, you can now breathe a sigh of relief. The chances of a player winning a jackpot are relatively small. Not convinced? How about scouring the news and checking how often news of big cash prizes are being broadcasted? Not as much as you would expect.
But just in case a player wins, who do you think foots the bill when it comes to payouts? If you have a game provider wherein there are casino operators like you taking part, then the game providers are responsible for the payout.
Here’s how the financial part of the operator-game relationship goes:
An agreement between the two parties is drawn to a close
A bank account is opened by the providers to accumulate earnings
The casino operator will transfer funds to this bank account
For each bet, necessary contributions will be collected to prepare for a jackpot. In the instance that a player wins, the money will be transferred by the provider to the account that was created for the jackpot.
In the case of local jackpots wherein the casino operators organized the games themselves, the operators will be responsible for the payout.