Path: Mega Slots Jackpot History

Jackpot History

This article delves on the odds of the progressive slot machine Megabucks and the analysis will also cover the breakeven point and the average jackpot. In our analysis, we will not consider the fact that the Megabucks jackpot is paid in installments for a period of 25 years and that the amount is subject to tax.

There is actually no way for us to clearly describe how the progressive jackpot slot machine has been programmed. However, there is some information and things about the Megabucks which are considered public knowledge. And we can use this data and information to create a template which you can use in answering some of the most important questions about the slot machine. For instance, with the information and data that is available, we are able to make a pretty fair determination of the point where we can obtain a 100 percent return, commonly referred to as the “breakeven point.”

Here is some of the important information and data about the Megabucks that we are aware of right now.

  • The probability of hitting the jackpot of this progressive slot machine is 1 in 49,836,032. This probability for the jackpot is equivalent to (1/368)3. This means that we have a 1 in 368 chance of hitting the jackpot in each of the 3 reels of the slot machine.
  • According to the report of the Nevada Gaming Control Board, the generated profit for the Megabucks, expressed in dollars and percentage bases for the period 1994 to 2009 are as follows:

YEAR

Megabucks Win

Dollar ($)

Percentage (%)

1994

46,760,000

9.44

1995

65,223,000

10.48

1996

57,619,000

10.03

1997

66,166,000

12.18

1998

134,943,000

12.25

1999

74,921,000

12.28

2000

69,103,000

9.75

2001

69,821,000

11.50

2002

76,842,000

11.98

2003

83,069,000

10.41

2004

67,326,000

10.54

2005

100,923,000

12.39

2006

100,923,000

12.39

2007

88,858,000

12.72

2008

83,981,000

11.85

2009

53,352,000

10.43

Total

1,239,830,000

11.39

 

 

 

 

 

 

 

 

 

 

 


Based on the above data, we can clearly infer that the overall return of the progressive jackpot slot machine is 11.39 percent. This means that 88.61 percent is returned to the slots players.

  • The reset value of Megabucks was adjusted to $10 million in September 2005. Prior to this adjustment, the reset value was pegged at $7 million. In order to get the chance of hitting the Megabucks jackpot, a player must play 3 coins, which is equivalent to $3.00.
  • Since September of 2005 up to June of 2011, there have been a total of 15 jackpot hits and the latest jackpot hit was on June 15, 2011. The aggregate amount corresponding to the jackpot prize for all the 15 hits since September of 2005 is equal to $222,301,800.38. Of this aggregate amount, $150,000,000 was accounted for by the reset amounts and $72,301,800.38 was accounted for by the progressive contributions. The number of days from the first jackpot hit with the $10,000 reset amount up to the latest jackpot hit (June 15, 2011) is 2,099 days.

The following is a detailed list of jackpot hits for Megabucks for the period October 1995 to June 2012.

Date

Casino

Megabucks Jackpot (%)

October 18, 1995

Gold Coast

10,918,895.00

January 27, 1996

Las Vegas Hilton

11,967,142.00

August 13, 1996

Monte Carlo

11,290,521.00

September 07, 1996

Ramada Express – Laughlin

6,341,415.00

October 26, 1996

Rio

6,270,747.00

April 14, 1997

New York-New York

12,510,559.00

July 13, 1997

Tahoe Biltmore

8,306,511.00

November 15, 1998

Palace Station

27,580,878.00

June 01, 1999

Caesars Palace

21,346,937.00

January 26, 2000

Desert Inn

34,955,490.00

February 04, 2000

MGM Grand

7,671,788.00

February 14, 2000

Bellagio

7,783,158.00

April 19, 2000

Oasis in Mesquite

9,634,286.00

May 19, 2000

Lake Tahoe Horizon Resort

7,744,104.00

August 23, 2000

Las Vegas Hilton

8,736,647.00

January 12, 2001

Harrah’s Las Vegas

9,396,271.00

March 14, 2001

The Orleans

7,986,899.00

May 27, 2002

Bally’s Las Vegas

22,621,229.00

March 21, 2003

Excalibur

39,713,982.25

November 14, 2003

Stardust

19,600,523.30

December 22, 2003

Fremont

8,918,163.00

February 13, 2004

MGM Grand

10,189,907.00

March 07, 2004

Palms

8,068,293.00

October 31, 2004

Palms

13,607,239.00

September 15, 2005

Cannery

21,147,947.00

October 16, 2005

Aladdin

11,909,745.00

June 05, 2006

Cannery

20,519,025.00

July 28, 2006

Wynn Las Vegas

12,317,717.96

September 02, 2006

Wynn Las Vegas

10,828,990.00

February 05, 2007

Orleans

12,076,530.00

May 19, 2007

Fremont

10,762,066.40

May 07, 2008

The Palms

21,030,657.77

April 12, 2009

Terrible’s Rail City Casino

33,000,563.00

July 29, 2009

Casino Royale

12,236,709.00

December 28, 2009

Bellagio’s Resort & Casino

12,262,968.60

February 21, 2010

Reno Airport, Reno, NV

10,422,754.08

January 21, 2011

Aria Hotel & Casino

12,769,933.87

April 22, 2011

Aria Hotel & Casino

10,636,897.78

June 15, 2011

Grand Sierra Resort

10,379,294.92

Using this secondary information and data, we can now estimate the number of times the Megabucks was played during the 2,099 day period. The number of times it has been played can be derived when we divide the number of jackpot hits within the stated time period by the probability of winning.

Computation:

x times Megabucks was played = 15/(1/368)3
= 747,540,480 times

Let us assume that each of the players will bet the required $3 for them to be entitled to the progressive jackpot. Thus, the aggregate amount of bet made for the period is equivalent to $2,242,621,440. Further, the portion of the aggregate amount of bet for the same period that was returned to the players as progressive jackpot is equivalent to 9.91 percent.

Since we are already aware that the Megabucks progressive jackpot returns 88.61 percent of the total amount, the portion of this amount which is classified as non-jackpot is equivalent to 78.7 percent (88.61 – 9.91).