Is It Worth Playing Slot Machines for $1 Million Jackpots?

$1 Million Dollar SLots Jackpots Written Over Slot Machine on Right With Stacks Of Money On Left

Slots are exciting because they offer the chance to win big jackpots. Some of these games even feature prizes worth $1 million or more.

If you’re somebody who dreams of getting rich instantly, then you’ll likely be interested in such slots. Before jumping into these games, though, you should definitely think about all of the angles.

The following guide discusses different ways that you can win $1 million or more through a slot machine. It also covers whether it’s really worth pursuing such jackpots.

How Can You Play For Millions in Slots?

You have multiple routes for pursuing life-changing slots prizes. Here are the different ways that you can chase these jackpots.

Online and Live

Both land-based and real money online slots feature jackpots worth $1 million or more! That said, you can pick your setting in this manner.

If you’re going to play in brick-and-mortar casinos, then Las Vegas is definitely the best place to visit. It offers multiple wide-area progressive jackpots worth seven figures, including the famed Megabucks, which has paid a record $39.7 million.

Of course, you can find huge slots jackpots in other major gambling destinations too, such as Atlantic City, Reno, Biloxi, and Tunica.

Plenty of multimillion-dollar jackpots also exist in online casinos. Some of the games that feature massive jackpots at the time of this writing are:

  • Jackpot King (Blueprint at PaddyPower Betfair) – $8.91 million
  • Hall of Gods (NetEnt) – $8.30 million
  • Jackpot Giant (Playtech) – $6.68 million
  • Jackpot King (Blueprint at PartyGaming) – $6.28 million
  • Joker Millions (Yggdrasil) – $4.64 million
  • Leprechaun’s Luck (Ash Gaming) – $2.95 million
  • Funky Fruits (Playtech) – $2.91 million
  • Mega Moolah (Microgaming) – $2.39 million

Progressive Jackpots

Getting into specific game types, progressive slots feature jackpots that grow by small increments with each bet. The jackpots continue growing until they’re eventually won.

The jackpot’s size depends upon two main factors:

  1. The seed value
  2. The odds at which the jackpot is set

A larger seed value attracts more players in the beginning. A slot with a $500,000 starting jackpot, for example, will draw more gamblers than one with a $5,000 beginning jackpot.

Variety of Colorful Slot Machines

The longer the odds, the less likely it is that somebody will win the top prize immediately. Therefore, the jackpots can reach much bigger proportions.

The aforementioned Megabucks is the most lucrative progressive slot anywhere. Aside from the record $39.7 million payout, it has offered other eight-figure windfalls.

Mega Moolah and Aztec’s Millions are examples of online progressive slots. These games have paid as much as $21 million and $4.4 million, respectively, in their histories.

Large Maximum Wins Based on Stake

You don’t have to chase a progressive jackpot just to win big. Plenty of slots also feature big payouts that are based on a multiple of your stake.

No Limit City’s San Quentin xWays, for example, can pay up to 150,000x your bet. In this instance, you could wager $6.67 per spin and win as much as $1 million.

Of course, this slot presents an extreme example. The key point, though, is that you can go for $1 million through games with stake-based prizes.

Here’s how much you’d need to bet in hopes of winning seven figures in another scenario:

  • You’re playing a game with a top payout worth 50,000x the stake
  • You want to win $1 million
  • 1,000,000 / 50,000 = 20
  • You’d need to wager $20 per spin

$20 per round is obviously a lot to wager. Unless you have a particularly large bankroll, you’d have trouble surviving at $20 a pop.

However, you can at least get an idea of what you must wager to win $1 million. Provided you’re like most players and can’t risk $20+ per spin; you should look for games that offer even higher stake-based payouts.

Bonus Buy Option

Some slots software developers provide a feature buy (a.k.a. bonus buy) option. You can use bonus buy to activate the feature immediately.

Image of Colorful Slot Machines

This option requires a multiple of your stake. Oftentimes, you’ll need to wager 100x your total bet.

Here’s an example on using bonus buy:

  • You’re wagering $1 per spin
  • Feature buy costs 100x your stake
  • You must wager $100 to use this option

Most nonprogressive slots feature their largest payouts in the bonus round. For a hefty cost, you can use feature buy to immediately play for the biggest prize.

What Are Your Odds of Winning a Big Slots Jackpot?

Your chances of winning any slots jackpot aren’t great. However, the odds only get longer when you’re chasing the largest prizes.

Some slots feature jackpot odds in the billions. For example, a slot might only give you 1 in 10 billion odds of winning 100,000x your stake. Likewise, a slot may only offer 1 in 30 billion odds of delivering a multimillion-dollar progressive jackpot.

Of course, many games are friendlier on the jackpot odds than this. Most of the same slots, though, don’t boast the industry’s biggest payouts

How Much Will You Need to Spend Chasing Huge Jackpots?

Theoretically, you must spend hundreds of millions, or even billions, of dollars going after the largest jackpots. As explained above, the odds are rather long on instant life-changing money.

Here’s an example of what you’ll spend on average when trying to win a $1 million jackpot:

  • A developer seeds a progressive jackpot at $1 million
  • The odds of winning this prize are 1 in 15 billion
  • You’d theoretically have to wager $15 billion before winning

Of course, things aren’t really as bad as they seem regarding how much you must spend. Here are two factors to keep in mind when pursuing the biggest prizes:

  1. You’ll win many smaller payouts along the way
  2. Luck could be on your side

Regarding the second point, nobody really wagers 9, 10, or 11 figures when going after jackpots. Instead, winners get lucky and defy the odds.

Again, your chances of winning an astronomical payout aren’t favorable. However, you could always get a stroke of luck and win big.

Tips for Chasing $1 Million Slots Jackpots

I can’t reiterate enough how much luck plays a role in hitting seven-figure jackpots. Nevertheless, you can take some steps to improve your odds. The following tips will give you a better chance of netting a massive prize someday.

Look for High Base RTP With Progressive Slots

Base return to player (RTP) refers to the underlying payback behind a slot. It’s an important term to remember when playing progressive slot machines.

For example, a progressive game might feature 94% RTP when a developer seeds the jackpot. The payout percentage will increase from here as the jackpot grows.

However, you won’t realize the increased RTP unless you eventually win the jackpot. You’ll be dealing with the base payback in almost every situation

Of course, your goal is likely to win the jackpot at some point.

You also want to be realistic, though, and realize that you’ll have to win many small payouts, too. Higher base RTP helps you achieve the goal of collecting lots of smaller prizes.

Search For Jackpots With More Theoretical Value

Staying on the subject of progressive slots, you also want to consider theoretical value. Again, a progressive game’s payback increases along with jackpot size.

Perhaps you’ll never win a $1 million prize. If you’re going to play progressive slots, though, you might as well do so when the jackpot has gotten larger.

The more progressive a prize grows, the higher its theoretical value will be. In some cases, you can even look forward to over 100% theoretical value.

Here’s an example that shows when this is possible:

  • A slot features 93% base payback when the jackpot is first seeded at $100,000
  • The jackpot grows to $2.5 million
  • The game is now offering 101% RTP

Unfortunately, only the developers truly know when a progressive game is offering over 100% payback.

Closeup of a Variety of Slot Machines

Still, you can make an educated guess by knowing the base RTP and starting jackpot amount. From here, you can try determining when to jump in and take advantage of the incredible theoretical value.

We broke this down even further in our search for slot machines with 99% RTP.

Properly Manage Your Bankroll

Going after multimillion-dollar slots prizes isn’t easy. Some of the payback is wrapped up in the jackpot. Given the long odds on seven-figure prizes, your chances of winning any time soon are rather low.

With that said, bankroll management becomes even more important when pursuing the largest available jackpots. You can look forward to playing longer and enjoying stress-free entertainment when properly managing your slots bankroll.

Here are a couple of examples of how you can do so:

Example #1: Accounting for Base RTP Only

  • A progressive slot has 94.5% base payback
  • You wager $1 per spin
  • You perform 500 spins per hour
  • 500 x 1 = $500 wagered an hour
  • 500 x 0.945 = $472.50 in hourly winnings
  • 500 – 472.50 = $27.50 in hourly losses
  • Your bankroll is worth $400
  • 400 / 27.5 = 14.55
  • Your bankroll will theoretically last for 14.55 hours

Icon of Three Casino Slot Machines

Example #2: Accounting for Estimated Theoretical RTP

  • A progressive game’s jackpot grows from $500k to $1.2 million
  • Its base RTP is 95%
  • You estimate that the slot is now offering 98% RTP
  • You wager $1 per spin
  • You perform 500 spins per hour
  • 500 x 1 = $500 wagered an hour
  • 500 x 0.98 = $490 in hourly winnings
  • 500 – 490 = $10 in hourly losses
  • Your bankroll is worth $400
  • 400 / 10 = 40
  • Your bankroll will theoretically last for 40 hours

Example #3: Accounting for Estimated Theoretical RTP Worth Over 100%

  • A progressive game’s jackpot grows from $500k to $5 million
  • Its base RTP is 95%
  • You estimate that the slot is now offering 102% RTP
  • You wager $1 per spin
  • You perform 500 spins per hour
  • 500 x 1 = $500 wagered an hour
  • 500 x 1.02 = $510 in hourly winnings
  • 510 – 500 = $10 in hourly profits
  • Your bankroll is worth $400
  • You’ll theoretically add $10 to your bankroll every hour
The choice is yours whether you want to focus on base RTP or include the jackpot. Do note, though, that the theoretical route is very theoretical. You’re not going to actually make hourly profits unless you win big someday

Collect Bonuses and Rewards

You don’t have to rely on slots winnings alone when hunting for life-changing jackpots. Both land-based and online casinos offer loyalty rewards.

When playing at a brick-and-mortar casino, you need to sign up for the players club. Afterward, you insert the players club card whenever you’re playing a slot machine.

With online casinos, you register before even making a deposit. You’ll be immediately eligible for VIP benefits as soon as you begin playing real money slots.

Online casinos provide the added benefit of bonuses. Many gambling sites offer a large welcome bonus when you first deposit. For example, you might be eligible for a 100% match bonus worth up to $500.

Our experts have done extensive research to find the best real money casino bonuses online. Check them out now and see what welcome bonuses are waiting for you to claim!

Our Conclusion About Chasing Big Slot Jackpots

You aren’t going to win seven figures through slot machines without a lot of luck. Therefore, you must consider the very realistic possibility that you won’t win $1 million.

Provided you’re fine with this; then you can enjoy yourself when pursuing the biggest payouts. The online and land-based gaming world both offer plenty of life-changing prizes.

Before playing, you should perform bankroll management calculations. I suggest focusing on base RTP when doing so. This way, you’re basing bankroll needs on more tangible numbers.

Assuming you have an adequate bankroll, then you’re good to go when chasing seven-figure jackpots!