What You Need to Know About IGT’s Megabucks Machines

megabucksAside from the lottery, there’s only one other gambling game that can turn anyone into a millionaire in just a blink of an eye- progressive slots! In contrast to old, regular, stand-alone slot machines, progressive slots are essentially a group of linked machines spread over an area that use one single large “pot” alone. This means that all bets on a network of machines go into one pot, and all its payouts will come from the same pot too.

This pooling of resources means that progressive machines can afford to give out large payouts that would sometimes reach up to the millions. Progressive slot machines are, in simpler tems, “instant millionaire” machines. No particular skill and talent needed.

The Rise of Megabucks

Megabucks was also an important key to the global success of its maker, the slot machine company International Game Technology. The machines were released to huge acclaim in the mid 1980s, the first networked progressive machine of its kind in the whole world. Nearly thirty years later, Megabucks slot machines are still going strong in the Nevada casino circuit.

A Megabucks machine requires players to bet at least $3.00 to get a shot at the jackpot. Each machine is equipped with a Random Number Generator that decides the outcomes for the rolls. Currently, the majority of the Megabucks system can only be found within Nevada. In fact, Megabucks is so popular within the state that it is usually considered as Nevada’s unofficial state lottery.

While IGT also runs minor Megabucks networks in other states such as California, Mississippi, and New Jersey, the jackpots for these are usually much lower. These states have different meters and winners from the main Megabucks network in Nevada.

Megabucks and Millionaires

So, can Megabucks machines really make millionaires out of thin air? It’s a definite yes. In 2005, a 25-year-old software engineer took home a whopping $39.7 million jackpot from a Megabucks machine at the Excalibur in Las Vegas. Whenever someone hits a jackpot, the counter is reset back to $10 million. As of this writing, the jackpot currently stands at around $11,600,000 and counting, with the most recent at $10,300,000 won at the MGM Grand Hotel and Casino in December last year. The current jackpot value and past win records can be easily accessed searched via Google.

Should You Bet Your Money on Megabucks Machines

The odds for Megabucks remain sketchy at best. There are varying figures, depending on who you ask. Some put the odds at a high like one in 50 million, while some say its at the low end like around one in 15 million. But the thing that you have to remember (and a rule of thumb for most gambling games) is that the higher the jackpot, the lower the odds. You can probably spend a few extra dollars on Megabucks now and then, but don’t expect to make a lot of money out of it. Skill-based games like poker and low house edge games such as blackjack or baccarat

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