Online Betting Jackpots
Betting jackpots come in many forms and sizes, but they all have one thing in common: they give bettors a chance to win large payouts with minimal risk. Wining a betting jackpot online is no easy task, but the potential payoff is always attractive. On this page, you will find an overview of how the most common jackpots at online betting sites work.
Best Betting Sites With Jackpots
If you are looking for top rated betting sites with jackpots, the list above is our editors picks. For more information, we have written a jackpot betting guide below.
Sports Betting Jackpots
Sports betting jackpots typically take the form of parlays and teasers. Other than one major difference, these two types of betting jackpots are quite similar. The basic idea behind both types of bets is that you can make predictions on multiple teams and win a large payout if all your predictions are correct.
Parlay Bets And Jackpots
Parlay bets at online sports betting sites are the most well known form of sports betting jackpots. In a parlay bet, you make picks on multiple games and win only if you are correct in all your picks. Parlay bets offer higher payouts than could be achieved by multiple individual bets because the odds of getting every game correct are low.
Parlay Betting Example:
Bodog Sportsbook is offering a four team NFL parlay that is paying 10:1. You bet $10 on the parlay and predict that the Chiefs, Colts, Broncos and Saints will all cover the spread this Sunday. If all four teams cover the spread, you will be paid $100. If one or more of the teams you picked fails to cover the spread, the bet is lost.
If any of the teams tie in your parlay, most sportsbooks do not consider it a loss. Instead, they reduce the payout odds for the remainder of the bet. So if you get three of the games correct but the last one results in a tie, you might be paid 6-1 instead of 10-1. Always check the rules to make sure of this before you bet.
Teaser Bets And Jackpots
Teaser bets also let you make multiple picks and then get large payouts if you get them all correct. The difference between these and parlays is that these bets let you adjust the point spreads or point totals in return for receiving reduced odds. This makes it easier for you to win your bets, but it reduces the maximum payout.
Teaser Betting Example:
Sportsbook.com is offering a two team 6.5 point teaser on NFL games this Sunday. That means you can pick the outcome of two games and can adjust the point spreads a total of 6.5 points in your favor. So let’s say you choose the Denver Broncos and New Orleans Saints.
According to Sportsbook.com, the Broncos are favorites at -3 and the Saints are favorites at -7. You decide to move the Broncos to +1.5 and Saints to -5. This has just made it easier for each of your teams to cover the spread. The tradeoff is that you will not get as large a payoff as you would have gotten with a parlay jackpot bet.
Casino Game Jackpots
Certain casino games also come with their own jackpots. In these betting jackpots, the casino promises huge payouts to players who beat long shot odds in one way or another. For example, a slot machine may give a $100,000 payout to any player who hits a specific set of symbols.
Table game jackpots at online casino sites are similar except the payouts are offered to players who catch just the right cards. For example, many poker-based table games offer large jackpots for people who end up with Royal Flushes.
Online Poker Jackpots
Poker bad beat jackpots are activated when players lose betting on real money poker games with exceptionally strong hands. Many online poker sites give players a jackpot if they lose with four of a kind 8s or better. Poker betting sites can afford these poker jackpots because it is rare to see a bad beat that brutal.
High hand jackpots give special payouts to players who catch Royal Flushes during the course of play. These jackpots are much smaller than online poker bad beat jackpots because it is much more common to see a Royal Flush than it is to see a high four-of-a-kind hand lose.
Bingo Jackpots
Online bingo sites have betting jackpots for players who end up with certain patterns within a specific number of balls being called. For example, a bingo site might offer players a $1,000 reward if they end up with a complete X pattern before anyone else gets a regular bingo.
Progressive Jackpots
Betting on progressive jackpots are a type of betting jackpot that can be found in all types of betting games. In a progressive jackpot, the total jackpot amount grows until one player hits the jackpot and wins it all. At that point, a new progressive jackpot begins growing.
Some slot machines, table games and poker tables collect a percentage of every bet and add it to the jackpot. In doing so, the casino ensures that the jackpot always grows and that there will never be a shortage of funds to pay for the jackpot. The longer a progressive jackpot goes between wins, the larger it grows.