Megabucks Slot Machine Jackpot
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*The game’s jackpot symbol is a golden “Megabucks Eagle” which depicts the slot’s distinctive logo. The only thing is, landing even one of these crucial symbols along the payline requires the player to beat odds of 1 in 368. Knowing this, the odds against spiking all three at once come to an astronomical 1 in 49,836,032 – or (1/368) 3.
*Tracking over 25 jackpots from all over the US & Canada with 624 wins recorded and $454,401,498 in total paid out and a Current Pool of $33,118,291. Megabucks, MegaHits, Money Madness, Powerbucks, Quartermania, Spin Poker, Triple Play Joker, TV Hits, Wheel of Fortune.
*That desire has made the Wheel of Fortune, Megabucks, and other high jackpot slot machines so popular. Year after year the Wheel of Fortune and Megabucks slot machines continue to be a favorite of casino goers. Even people that don’t really like to play slots will throw $20 in a machine to see if they can hit a life changing jackpot.
Royalton punta cana resort and casino restaurants menu. Megabucks is a Nevada state-wide slot jackpot network that is owned and run by the slot machine company, International Game Technology (IGT). Considered Nevada’s state lottery, Megabucks is extremely popular and has created quite a few millionaires in its 19-year history.
*Appendices
*Slots Analysis
*MiscellaneousIntroduction
This page investigates the odds of the progressive jackpot slot machine, Megabucks, including the average jackpot and breakeven point.
For now, let’s ignore the fact that a jackpot is paid by installments over 25 years and that the jackpot would be subject to income tax.
I don’t know exactly how Megabucks is programmed. However, there is some information that is public knowledge. If we fit the pieces together, we can make a pretty good estimate of the point at which the return is 100%, known as the ’breakeven point.’ Here is what we do know:
*According to John Robison, the probability of hitting the jackpot is 1 in 49,836,032. This figure comes from an article titled Megabucks closes in on record jackpot from the Las Vegas Sun, Dec. 24, 1999. That probability comes to (1/368)3, implying each reel has a 1 in 368 chance of stopping on the jackpot symbol.
*The Nevada Gaming Control Board indicates that the profit of Megabucks on both a percentage and dollar basis. The following is a summary for 1994 to 2009. Megabucks Win — 1994 to 2009YearWin ($)Win (%)200953,352,00010.43%200883,981,00011.85%200788,858,00012.72%2006100,923,00012.39%2005100,923,00012.39%200467,326,00010.54%200383,069,00010.41%200276,842,00011.98%200169,821,00011.50%200069,103,0009.75%199974,921,00012.28%1998134,943,00012.25%199766,166,00012.18%199657,619,00010.03%199565,223,00010.48%199446,760,0009.44%total1,239,830,00011.39%
The key piece of information from this table is that the overall profit of the game has been 11.39%. In other words, 88.61% is returned to the players.
*According to defunct source, starting in September 2005, Megabucks was reset to a jackpot of $10 million. Before that, the reset value was $7 million.
*According to a2zlasvegas.com, there have been 11 jackpots hit between September 2005 and the date of the last jackpot (Feb. 21, 2010). That same website shows a jackpot was hit on September 15, 2005. The number of days between then and the time of this writing is 1,619 days. We also see from that website that the total of the last 11 jackpots was $167,367,727. Of that, $110,000,000 was from the reset amounts and $57,367,727 was from the progressive contribution. We can estimate the number of times Megabucks was played during the 1619 day period by dividing the number of jackpots of 11 by the probability of winning: 11/(1/368)3 = 548,196,352. Assuming each player bet the $3 required to win the jackpot, then a total of $1,644,589,056 was bet.
The portion of money returned to players in form of jackpots is thus $167,367,727/$1,644,589,056 = 10.18%. From the Nevada Gaming reports, we know a total of 88.61% is returned to players. That means that the portion returned to players in non-jackpots is 88.61% - 10.18% = 78.44% (The 0.01% apparent difference is due to rounding).
If there were no small wins, and no progressive contribution, then the return of the game would be $10 million/(3×(1/368)3) = 6.69%. As already shown, the total return from jackpots is 10.18%, leaving 3.49% coming from the jackpot meter. Here is a summary of where each $1 bet on Megabucks goes:Megabucks BreakdownItemCentsFixed wins78.44¢Meter reset6.69¢Progressive contribution3.49¢Profit11.39¢Total100.00¢
The average point at which the jackpot will hit is 10 million + [$3 × 0.0349 / (1/368)3] = $15,215,248. In 2006, when the jackpot was almost $16 million, IGT, Megabuck’s creator, purchased ads in the local media stating that the jackpot was ’overdue’ to hit. I’m quoted in a Las Vegas Sun article about it, titled ’Pennies ready to pop’. This would seem to indicate my $15.2 million figure is not far off.
If j is the jackpot at which the game becomes a fair bet, with a 100% return, then we can solve for j as follows:
1 = 0.7844 + j × (1/368)3/3
j × (1/368)3/3 = 1 - 0.7844
j = 3 × (1 - 0.7844) / (1/368)3
j = $32,238,319.
The probability of any given jackpot growing this big is 1.41%. At the current rate of play, a jackpot should get this big once every 29 years, on average.
At any given time the return can be estimated as 78.44% + 0.6689%×m, where m is the number in millions of the current jackpot. For example, at a jackpot of $15 million, the return would be 78.44% + 0.006689×15 = 88.47%.
Everything in this page should be taken as a ballpark estimate. Various factors could cause it to be off, including players not betting the full $3 and the fact that while 11 jackpots were hit in the study period, the expected number could be higher or lower.
It also bears repeating that the above does not factor in the annuity or taxes. Let’s look at what happens if we do consider those factors. For the time value of money, let’s use the return on long-term Treasury Bills. Megabucks jackpots are paid in a 25-year annuity. At the time of this writing a 20-year T-Bill paid 4.58% interest, and a 30-year one paid 4.74%. Let’s split the difference at 4.66%. Using some actuarial math I won’t get into, the value of the annuity is worth 61.07% of face value, based on that interest rate, and 25 annual installments, at the beginning of each year.
For taxes, let’s assume close to the expected jackpot of $15 million. Under 2010 income tax rates, assuming the winner is filing jointly, and all other income exactly equals deductions, the taxes due will be 30.05% for 2010. Assuming no change in the tax law, that will drop over time, because the tax brackets will be adjusted upward, but the winning payments won’t be. I tend to think the recent passage of health care will increase tax rates, especially on large incomes. Let’s just assume those factors cancel each other out, to keep it simple.
So to keep things in round numbers, the winner will keep 61% after the annuity, and 70% of that after taxes. So the jackpot winner will see about 61% × 70% = 42.7% of his winnings in current dollars. Factoring the annuity and taxes, the breakeven point becomes $75.5 million. The probability of any given jackpot growing that big is about 1 in 283,000, and will happen once every 114,000 years. Again, I’m making lots of assumptions, so these estimates should be considered very rough.
After publishing this article, a reader quoted a page at slot-machine-resource.com, which states that after the first installment is made, the player is given the option to get 60% of the rest immediately, or stick with the installment plan. Tax implications aside, which favor the annuity, the interest rate at which the two options are equal is 4.581%.External Links
*Megabucks Closes in on Record Jackpot from the Las Vegas Sun, Dec. 24, 1999.
*Nevada Gaming Control Board
*Slots Payout percentage, from Cassaon Casino.
*History of Megabucks Jackpots, from a2zlasvegas.com.
*Pennies Ready to Pop, from the Aug. 9, 2006 Las Vegas Sun.
*Megabucks, from slot-machine-resource.com.
Written by: Michael ShacklefordIntroduction: Winning the Jackpot on Megabucks Slot Machine
Have you ever thought about winning the jackpot on the Megabucks slot machine? If there’s a motto for gamblers coming in search of a fortune in Las Vegas, then it’s, “Go big, or go home”! The thing about playing jackpot slots in the casino is that in order to win big, you have to place maximum bets. So, though we always reckon you should follow some serious guidelines on money management, it’s also true that you’ll never hit the big time unless you slash out. And if you’re going to be laying the massive progressive jackpot slots, then your dream is to hit the main prize. And there’s just no way of doing that without playing to the max.
Unfortunately, the vast majority of gamblers playing progressive slot machines will not become overnight millionaires. Quite the opposite. They will lose money thanks to the house edge and every game inherent odds, which stack up against them. The casino is a business and it runs on the losses of most of its customers. But on March 21st, 2003, a random tourist decided to try his luck and in an instant became a Las Vegas legend.The Largest Progressive Jackpot
It was on that fateful date that a young man came from Los Angeles to visit his relatives. A member of his family, his uncle to be precise, said that he should try the Megabucks slot machine which was in the Excalibur Hotel and Casino. He told the young man that the machine hadn’t paid out for some time….and that maybe today would be the lucky day. At that time, the Megabucks slot machine hadn’t actually paid out for nearly one year. We should also point out that this machine was based on the largest network progressive jackpot in the world.
Map showing casinos near Reno, Nevada. Map showing location of all casinos in Reno Nevada with pictures, gambling information and location of golf courses and RV parks. Reno, NV 89503 Sands Regency Casino Hotel Reno 345 N Arlington Ave, Reno, NV 89501 Circus Circus Reno Hotel & Casino 500 N Sierra St, Reno, NV 89503 Sands Regency Casino & Hotel 345 N Arlington Ave, Reno, NV 89501 Spa at Grand Sierra Resort 2500 E 2nd St, Reno, NV 89595. Reno nevada casino & hotel map.
Initially, megabucks had seeded the machine with $1 million in 1997 and then again, but with $10 million in 2005. But back in 2003, it had a starting seed of $10 million. If you add all the $3 per spin that was put into the slot over almost a year, then the prize was a massive $39.7 million when our young man went to play. He said to himself, that he would allow $100 to play and no more. It was some silly fun for him as he wasn’t a gambler. He just was following his uncle’s advice for no particular reason.How Does the Megabucks Slot Machine Work?
Before we go on with our story, let’s first take a look and see how a Megabucks slot machine actually works. The Megabucks slot was originally put on the market in 1986 by its manufacturer, one of the best jackpot game providers, International Games Technology (IGT). At this time, all slots machines were “static” meaning that they were standalone machines, where each machine’s kitty and payout were based on the monies fed in. But IGT revolutionized the whole industry with the idea of linking machines together. These then became progressive jackpot lotteries. This would also increase the jackpot total. So, if a player was playing a slot in Reno and another anywhere else in Nevada, then all their monies would go towards just one pot.Over One Year Since the Last Payout
This “wide-area progressive slots” idea was an instant success. Players were transfixed on the machine’s meter, showing the prize rising to seven figures. In fact, you could watch the meter climb every day, as the odds were very very long on the possibility of winning the top prize. The actual Megabucks slot machines were very simple in design. There were none of these multiple pay-lines and expanded reels that you find on today’s machines. It was just three reels. You 43 was to send these spinning. They each featured the traditional symbols of sevens, bars, and cherries. All you had to do was line up three matching symbols on a single pay-line.Megabucks Slot Machine: Massive Jackpot
All the current features on any slots just hadn’t been invented then. So there were no free spins, no scatter symbols, and certainly no video clips and wacky sound effects. It was just a simple no-frills slot machine, albeit with a massive jackpot. By the way, the game’s jackpot symbol is a “Megabucks Eagle” which shows the company’s distinctive logo. Now the odds of landing just one eagle are 1:368. And the odds of landing all three, and thus winning the jackpot are 1:49,836,032. It’s for this reason that the prizes go unclaimed for lengthy periods of time. And it’s this combination of long time periods between wins and all the $3 which are continuously being put into these machines, that allows the main prize to reach such epic proportions.
Megabucks was a constant in the news of the time, as huge jackpots were won. For example, a record-setting $27.5 million was won by a lucky player in 1998 at the Palace Station. Then another record jackpot fell to a cocktail waitress playing at the Desert Inn in January of 2000. That record-breaking amount was $ 34.9 million. And here we are, three years later, as our anti-hero sits down to play.King Billy Casino Welcome Bonus 151% match bonus up to €500 + 51 Bonus SpinsThis is an exclusive bonus. 18+. New customers only. Wagering requirement: 30×. Min deposit: €20. T&Cs Apply.$100 Flier Turns Into Life-Changing Record Jackpot Win
So, with just $100 to his name, our young man would of gotten only 33 spins. Yes, it’s true you can play the Megabucks slot machine for both $1 and $2. But you need to be placing the maximum wager of $3 in order to have a chance at the main prize. This player was maybe born lucky as he was to later reveal that he had three sevens on his birthday. Without any jackpot winning strategy and yet within those thirty-three spins, the young man watched in wonder as those three Megabucks symbols lined up. And, in the blink of an eye, he’d beaten odds of nearly 1: 50 million and won nearly $40 million.Megabucks Slot Machine: The Winner is Still Collecting His Winnings
Interestingly enough the winner chooses to take his prize in yearly installments. This is a rare way of doing things. Many winners are concerned as to whether the game provider company, who has to pay the prize will be in existence in the next 10 years. Never the less, he decided on 26 installments of $1.6 million each year. From today, he still has another $15 million to collect over the course of the next 10 years. The winner wisely chooses to stay anonymous. He gave a statement, “I’m still stunned; it doesn’t seem real yet. But both of my parents are still working, so some of this money will go to fund their retirement.”Largest Megabucks Jackpot Ever – And By a Long ShotMegabucks Slot Machine Current Jackpot
There was a confirmation from the vice president of IGT, John Sears, that the jackpot of $39,713,982.25 was the largest ever. “This MegaJackpot is nearly $5 million more than the previous world record slot jackpot amount of $34.9 million – this one goes into The Guinness Book of Records.”Competing Jackpot Hunters Lament Loss of Record-Setting TotalMegabucks Slot Machine Jackpot
Everyone was happy to see the jackpot finally find a winner. But there was also disappointment for many that the prize was now back to $10 million. For many hard-core slot players, the win was a bitter-sweet moment. The Las Vegas Sun newspaper did a series of interviews where they inquired as to the feelings of other long term slot machine players. Kim Wong from Kailua told the paper, “I was here at lunchtime around 12:30 and it was still around $39.7 million. Then I came back around a quarter after one and it was resetting. It was such a drag. It was a little more enticing with the $39 million up there. But I’m still playing.”
A certain Judy Selasky from Lavonia, Michigan told a similar tale. Saying that though a record payout was off the table, she and her husband would still play in hopes of a “lightning strikes twice” type of moment: “I said, ‘Hurry up and get up to the room, so I can get downstairs. I figure if he won, there might be some magic here. I’m not a hog.”Megabucks Slot Machine Jackpot WinnersConclusion: Winning the Jackpot on Megabucks Slot Machine
Las Vegas is a city that appears to only deal in excess. As we said at the very beginning, go big or go home. Well, this young computer programmer for LA did just that. And for many gamblers, knowing that someone was able to win such a huge prize, gives them the hope that one day, it could be them. Especially when you consider that 16 years have passed since that fateful day. And since then, though many jackpots have come and gone, still no one has come close to that record amount of cash. Check out our casino jackpot guides.
Megabucks Slot Machine Jackpot Winners 2019Click here to visit King Billy Casino for fun-filled games!
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*The game’s jackpot symbol is a golden “Megabucks Eagle” which depicts the slot’s distinctive logo. The only thing is, landing even one of these crucial symbols along the payline requires the player to beat odds of 1 in 368. Knowing this, the odds against spiking all three at once come to an astronomical 1 in 49,836,032 – or (1/368) 3.
*Tracking over 25 jackpots from all over the US & Canada with 624 wins recorded and $454,401,498 in total paid out and a Current Pool of $33,118,291. Megabucks, MegaHits, Money Madness, Powerbucks, Quartermania, Spin Poker, Triple Play Joker, TV Hits, Wheel of Fortune.
*That desire has made the Wheel of Fortune, Megabucks, and other high jackpot slot machines so popular. Year after year the Wheel of Fortune and Megabucks slot machines continue to be a favorite of casino goers. Even people that don’t really like to play slots will throw $20 in a machine to see if they can hit a life changing jackpot.
Royalton punta cana resort and casino restaurants menu. Megabucks is a Nevada state-wide slot jackpot network that is owned and run by the slot machine company, International Game Technology (IGT). Considered Nevada’s state lottery, Megabucks is extremely popular and has created quite a few millionaires in its 19-year history.
*Appendices
*Slots Analysis
*MiscellaneousIntroduction
This page investigates the odds of the progressive jackpot slot machine, Megabucks, including the average jackpot and breakeven point.
For now, let’s ignore the fact that a jackpot is paid by installments over 25 years and that the jackpot would be subject to income tax.
I don’t know exactly how Megabucks is programmed. However, there is some information that is public knowledge. If we fit the pieces together, we can make a pretty good estimate of the point at which the return is 100%, known as the ’breakeven point.’ Here is what we do know:
*According to John Robison, the probability of hitting the jackpot is 1 in 49,836,032. This figure comes from an article titled Megabucks closes in on record jackpot from the Las Vegas Sun, Dec. 24, 1999. That probability comes to (1/368)3, implying each reel has a 1 in 368 chance of stopping on the jackpot symbol.
*The Nevada Gaming Control Board indicates that the profit of Megabucks on both a percentage and dollar basis. The following is a summary for 1994 to 2009. Megabucks Win — 1994 to 2009YearWin ($)Win (%)200953,352,00010.43%200883,981,00011.85%200788,858,00012.72%2006100,923,00012.39%2005100,923,00012.39%200467,326,00010.54%200383,069,00010.41%200276,842,00011.98%200169,821,00011.50%200069,103,0009.75%199974,921,00012.28%1998134,943,00012.25%199766,166,00012.18%199657,619,00010.03%199565,223,00010.48%199446,760,0009.44%total1,239,830,00011.39%
The key piece of information from this table is that the overall profit of the game has been 11.39%. In other words, 88.61% is returned to the players.
*According to defunct source, starting in September 2005, Megabucks was reset to a jackpot of $10 million. Before that, the reset value was $7 million.
*According to a2zlasvegas.com, there have been 11 jackpots hit between September 2005 and the date of the last jackpot (Feb. 21, 2010). That same website shows a jackpot was hit on September 15, 2005. The number of days between then and the time of this writing is 1,619 days. We also see from that website that the total of the last 11 jackpots was $167,367,727. Of that, $110,000,000 was from the reset amounts and $57,367,727 was from the progressive contribution. We can estimate the number of times Megabucks was played during the 1619 day period by dividing the number of jackpots of 11 by the probability of winning: 11/(1/368)3 = 548,196,352. Assuming each player bet the $3 required to win the jackpot, then a total of $1,644,589,056 was bet.
The portion of money returned to players in form of jackpots is thus $167,367,727/$1,644,589,056 = 10.18%. From the Nevada Gaming reports, we know a total of 88.61% is returned to players. That means that the portion returned to players in non-jackpots is 88.61% - 10.18% = 78.44% (The 0.01% apparent difference is due to rounding).
If there were no small wins, and no progressive contribution, then the return of the game would be $10 million/(3×(1/368)3) = 6.69%. As already shown, the total return from jackpots is 10.18%, leaving 3.49% coming from the jackpot meter. Here is a summary of where each $1 bet on Megabucks goes:Megabucks BreakdownItemCentsFixed wins78.44¢Meter reset6.69¢Progressive contribution3.49¢Profit11.39¢Total100.00¢
The average point at which the jackpot will hit is 10 million + [$3 × 0.0349 / (1/368)3] = $15,215,248. In 2006, when the jackpot was almost $16 million, IGT, Megabuck’s creator, purchased ads in the local media stating that the jackpot was ’overdue’ to hit. I’m quoted in a Las Vegas Sun article about it, titled ’Pennies ready to pop’. This would seem to indicate my $15.2 million figure is not far off.
If j is the jackpot at which the game becomes a fair bet, with a 100% return, then we can solve for j as follows:
1 = 0.7844 + j × (1/368)3/3
j × (1/368)3/3 = 1 - 0.7844
j = 3 × (1 - 0.7844) / (1/368)3
j = $32,238,319.
The probability of any given jackpot growing this big is 1.41%. At the current rate of play, a jackpot should get this big once every 29 years, on average.
At any given time the return can be estimated as 78.44% + 0.6689%×m, where m is the number in millions of the current jackpot. For example, at a jackpot of $15 million, the return would be 78.44% + 0.006689×15 = 88.47%.
Everything in this page should be taken as a ballpark estimate. Various factors could cause it to be off, including players not betting the full $3 and the fact that while 11 jackpots were hit in the study period, the expected number could be higher or lower.
It also bears repeating that the above does not factor in the annuity or taxes. Let’s look at what happens if we do consider those factors. For the time value of money, let’s use the return on long-term Treasury Bills. Megabucks jackpots are paid in a 25-year annuity. At the time of this writing a 20-year T-Bill paid 4.58% interest, and a 30-year one paid 4.74%. Let’s split the difference at 4.66%. Using some actuarial math I won’t get into, the value of the annuity is worth 61.07% of face value, based on that interest rate, and 25 annual installments, at the beginning of each year.
For taxes, let’s assume close to the expected jackpot of $15 million. Under 2010 income tax rates, assuming the winner is filing jointly, and all other income exactly equals deductions, the taxes due will be 30.05% for 2010. Assuming no change in the tax law, that will drop over time, because the tax brackets will be adjusted upward, but the winning payments won’t be. I tend to think the recent passage of health care will increase tax rates, especially on large incomes. Let’s just assume those factors cancel each other out, to keep it simple.
So to keep things in round numbers, the winner will keep 61% after the annuity, and 70% of that after taxes. So the jackpot winner will see about 61% × 70% = 42.7% of his winnings in current dollars. Factoring the annuity and taxes, the breakeven point becomes $75.5 million. The probability of any given jackpot growing that big is about 1 in 283,000, and will happen once every 114,000 years. Again, I’m making lots of assumptions, so these estimates should be considered very rough.
After publishing this article, a reader quoted a page at slot-machine-resource.com, which states that after the first installment is made, the player is given the option to get 60% of the rest immediately, or stick with the installment plan. Tax implications aside, which favor the annuity, the interest rate at which the two options are equal is 4.581%.External Links
*Megabucks Closes in on Record Jackpot from the Las Vegas Sun, Dec. 24, 1999.
*Nevada Gaming Control Board
*Slots Payout percentage, from Cassaon Casino.
*History of Megabucks Jackpots, from a2zlasvegas.com.
*Pennies Ready to Pop, from the Aug. 9, 2006 Las Vegas Sun.
*Megabucks, from slot-machine-resource.com.
Written by: Michael ShacklefordIntroduction: Winning the Jackpot on Megabucks Slot Machine
Have you ever thought about winning the jackpot on the Megabucks slot machine? If there’s a motto for gamblers coming in search of a fortune in Las Vegas, then it’s, “Go big, or go home”! The thing about playing jackpot slots in the casino is that in order to win big, you have to place maximum bets. So, though we always reckon you should follow some serious guidelines on money management, it’s also true that you’ll never hit the big time unless you slash out. And if you’re going to be laying the massive progressive jackpot slots, then your dream is to hit the main prize. And there’s just no way of doing that without playing to the max.
Unfortunately, the vast majority of gamblers playing progressive slot machines will not become overnight millionaires. Quite the opposite. They will lose money thanks to the house edge and every game inherent odds, which stack up against them. The casino is a business and it runs on the losses of most of its customers. But on March 21st, 2003, a random tourist decided to try his luck and in an instant became a Las Vegas legend.The Largest Progressive Jackpot
It was on that fateful date that a young man came from Los Angeles to visit his relatives. A member of his family, his uncle to be precise, said that he should try the Megabucks slot machine which was in the Excalibur Hotel and Casino. He told the young man that the machine hadn’t paid out for some time….and that maybe today would be the lucky day. At that time, the Megabucks slot machine hadn’t actually paid out for nearly one year. We should also point out that this machine was based on the largest network progressive jackpot in the world.
Map showing casinos near Reno, Nevada. Map showing location of all casinos in Reno Nevada with pictures, gambling information and location of golf courses and RV parks. Reno, NV 89503 Sands Regency Casino Hotel Reno 345 N Arlington Ave, Reno, NV 89501 Circus Circus Reno Hotel & Casino 500 N Sierra St, Reno, NV 89503 Sands Regency Casino & Hotel 345 N Arlington Ave, Reno, NV 89501 Spa at Grand Sierra Resort 2500 E 2nd St, Reno, NV 89595. Reno nevada casino & hotel map.
Initially, megabucks had seeded the machine with $1 million in 1997 and then again, but with $10 million in 2005. But back in 2003, it had a starting seed of $10 million. If you add all the $3 per spin that was put into the slot over almost a year, then the prize was a massive $39.7 million when our young man went to play. He said to himself, that he would allow $100 to play and no more. It was some silly fun for him as he wasn’t a gambler. He just was following his uncle’s advice for no particular reason.How Does the Megabucks Slot Machine Work?
Before we go on with our story, let’s first take a look and see how a Megabucks slot machine actually works. The Megabucks slot was originally put on the market in 1986 by its manufacturer, one of the best jackpot game providers, International Games Technology (IGT). At this time, all slots machines were “static” meaning that they were standalone machines, where each machine’s kitty and payout were based on the monies fed in. But IGT revolutionized the whole industry with the idea of linking machines together. These then became progressive jackpot lotteries. This would also increase the jackpot total. So, if a player was playing a slot in Reno and another anywhere else in Nevada, then all their monies would go towards just one pot.Over One Year Since the Last Payout
This “wide-area progressive slots” idea was an instant success. Players were transfixed on the machine’s meter, showing the prize rising to seven figures. In fact, you could watch the meter climb every day, as the odds were very very long on the possibility of winning the top prize. The actual Megabucks slot machines were very simple in design. There were none of these multiple pay-lines and expanded reels that you find on today’s machines. It was just three reels. You 43 was to send these spinning. They each featured the traditional symbols of sevens, bars, and cherries. All you had to do was line up three matching symbols on a single pay-line.Megabucks Slot Machine: Massive Jackpot
All the current features on any slots just hadn’t been invented then. So there were no free spins, no scatter symbols, and certainly no video clips and wacky sound effects. It was just a simple no-frills slot machine, albeit with a massive jackpot. By the way, the game’s jackpot symbol is a “Megabucks Eagle” which shows the company’s distinctive logo. Now the odds of landing just one eagle are 1:368. And the odds of landing all three, and thus winning the jackpot are 1:49,836,032. It’s for this reason that the prizes go unclaimed for lengthy periods of time. And it’s this combination of long time periods between wins and all the $3 which are continuously being put into these machines, that allows the main prize to reach such epic proportions.
Megabucks was a constant in the news of the time, as huge jackpots were won. For example, a record-setting $27.5 million was won by a lucky player in 1998 at the Palace Station. Then another record jackpot fell to a cocktail waitress playing at the Desert Inn in January of 2000. That record-breaking amount was $ 34.9 million. And here we are, three years later, as our anti-hero sits down to play.King Billy Casino Welcome Bonus 151% match bonus up to €500 + 51 Bonus SpinsThis is an exclusive bonus. 18+. New customers only. Wagering requirement: 30×. Min deposit: €20. T&Cs Apply.$100 Flier Turns Into Life-Changing Record Jackpot Win
So, with just $100 to his name, our young man would of gotten only 33 spins. Yes, it’s true you can play the Megabucks slot machine for both $1 and $2. But you need to be placing the maximum wager of $3 in order to have a chance at the main prize. This player was maybe born lucky as he was to later reveal that he had three sevens on his birthday. Without any jackpot winning strategy and yet within those thirty-three spins, the young man watched in wonder as those three Megabucks symbols lined up. And, in the blink of an eye, he’d beaten odds of nearly 1: 50 million and won nearly $40 million.Megabucks Slot Machine: The Winner is Still Collecting His Winnings
Interestingly enough the winner chooses to take his prize in yearly installments. This is a rare way of doing things. Many winners are concerned as to whether the game provider company, who has to pay the prize will be in existence in the next 10 years. Never the less, he decided on 26 installments of $1.6 million each year. From today, he still has another $15 million to collect over the course of the next 10 years. The winner wisely chooses to stay anonymous. He gave a statement, “I’m still stunned; it doesn’t seem real yet. But both of my parents are still working, so some of this money will go to fund their retirement.”Largest Megabucks Jackpot Ever – And By a Long ShotMegabucks Slot Machine Current Jackpot
There was a confirmation from the vice president of IGT, John Sears, that the jackpot of $39,713,982.25 was the largest ever. “This MegaJackpot is nearly $5 million more than the previous world record slot jackpot amount of $34.9 million – this one goes into The Guinness Book of Records.”Competing Jackpot Hunters Lament Loss of Record-Setting TotalMegabucks Slot Machine Jackpot
Everyone was happy to see the jackpot finally find a winner. But there was also disappointment for many that the prize was now back to $10 million. For many hard-core slot players, the win was a bitter-sweet moment. The Las Vegas Sun newspaper did a series of interviews where they inquired as to the feelings of other long term slot machine players. Kim Wong from Kailua told the paper, “I was here at lunchtime around 12:30 and it was still around $39.7 million. Then I came back around a quarter after one and it was resetting. It was such a drag. It was a little more enticing with the $39 million up there. But I’m still playing.”
A certain Judy Selasky from Lavonia, Michigan told a similar tale. Saying that though a record payout was off the table, she and her husband would still play in hopes of a “lightning strikes twice” type of moment: “I said, ‘Hurry up and get up to the room, so I can get downstairs. I figure if he won, there might be some magic here. I’m not a hog.”Megabucks Slot Machine Jackpot WinnersConclusion: Winning the Jackpot on Megabucks Slot Machine
Las Vegas is a city that appears to only deal in excess. As we said at the very beginning, go big or go home. Well, this young computer programmer for LA did just that. And for many gamblers, knowing that someone was able to win such a huge prize, gives them the hope that one day, it could be them. Especially when you consider that 16 years have passed since that fateful day. And since then, though many jackpots have come and gone, still no one has come close to that record amount of cash. Check out our casino jackpot guides.
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