Jackpots in Gambling

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 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 work.

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Sportsbooks

Jackpots in sportsbooks typically take the form of parlays and teasers. Other than one major difference, these two types of 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

Parlay bets 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. Parlays offer higher payouts than could be achieved by multiple individual bets because the odds of getting every game correct are low.

Parlay Example:

Bovada 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

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 they 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 Example:

BetOnline.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 BetOnline.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 wager.

Casino Games

Certain casino games also come with their own jackpots. Casinos promise 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 games at casinos on the internet 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.

Poker Rooms on the Internet

Poker bad beat jackpots are activated when players lose 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. They can afford these 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 are much smaller than bad beats 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

Many bingo websites have 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

Progressive jackpots can be found in all types of betting games. In a progressive jackpot the amount grows until one player hits the jackpot and wins it all. At that point, a new pot 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 it will always grow, and  there will never be a shortage of funds to pay for the jackpot. The longer it goes between wins, the larger it grows.

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