Mobile Slots Jackpot Sets Record, as Mega Moolah Gambler Wins $8.7 Million
Posted on: April 29, 2017, 02:00h.
Last updated on: April 29, 2017, 08:41h.
The largest mobile slots jackpot in history was hit this week by one lucky gambler playing Microgaming’s aptly named Mega Moolah game.
The Isle of Man software developer confirmed the news in a press release, saying an online gambler, who wished to remain anonymous, won €8,012,153.35 ($8.7 million) while spinning on the Tipico network. Based in Malta, Tipico is an internet casino and sports betting platform.
The Mega Moolah hit comes less than a year after another Microgaming progressive jackpot shelled out an $8.6 million prize, the previous all-time high for mobile slots.
The win this week came on a roughly $6.80 spin. That equates to a return on investment of about 128 million percent, not bad for a spin’s work.
“To see our own record for the largest ever mobile jackpot payout break is fantastic,” Microgaming Publisher David Reynolds said in a release. “We’d like to congratulate the Tipico player on their life-changing win.”
Microgaming’s progressive jackpots are paid in one lump sum. That differs from many land-based casinos, which often pay out progressive jackpots in annual installments over a number of years, or negotiate with the lucky winner on a reduced one-time payment.
The Mega Moolah progressive jackpot has since reset, and is currently at about $1.5 million. It should be expected to gain value quickly, however, as mobile slots players flock to the hot game.
The largest online slots win came in 2015, when UK soldier John Heywood won $20 million on a $0.32 stake.
Monte Carlo Moolah
Not to be outdone, an even bigger wager return, in terms of percentages, was hit at the Monte Carlo in Las Vegas this week.
A very fortunate player, who also wished to remain anonymous (perhaps it’s the same person!), turned a $0.25 spin on a Wheel of Fortune machine into $725,000. That represents a nearly 290 million percent return.
It was just in March when another Wheel of Fortune player won $585,000 at the Monte Carlo as well, also on a $0.25 spin. The Wheel of Fortune game is developed and operated by IGT.
How Progressives Work
Unlike traditional standalone slot machines, progressives link the gaming devices together into networks, often across numerous properties, and in the case of iCasinos, interactive platforms.
Each time a gambler loses on a slots spin, a tiny percentage of the casino’s take is fed into the progressive jackpot. With hundreds, sometimes thousands of machines and players testing their luck on the same game, the jackpots can grow quickly.
Of course, the odds of hitting the treasure chest are slim to none. But they do happen, as proven by the recent winners.
The odds of hitting a progressive jackpot aren’t precisely known, as many variables go into the calculation including the number of machines, slots format, waging thresholds, etc. But oddsmakers have theorized that it’s around one in 50 million.
Nevada’s largest progressive land-based jackpot is currently Megabucks, which has over $11.3 million in its vault right now up for grabs. Megabucks is offered at dozens of Strip casinos and across the Silver State.
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