A jackpot is the largest or most valuable prize in a lottery, casino game, slot machine or other gambling game. In many games, the jackpot grows or carries over until a player meets the winning conditions.
Jackpot at a Glance
| Term | Meaning |
|---|---|
| Jackpot | The top prize in a game or lottery |
| Progressive jackpot | A jackpot that increases as money is added or players continue playing |
| Rollover jackpot | A jackpot carried into the next draw or game because nobody won it |
| Cash option | A single lump-sum payment |
| Annuity option | Payments made over a set number of years |
How Does a Jackpot Work?
A game sets the conditions for winning its jackpot. Those conditions may include:
- Matching all the winning lottery numbers
- Getting a particular combination on a slot machine
- Winning a qualifying poker hand
- Completing a special bonus feature
If nobody meets the conditions, the jackpot may remain available for the next game or increase. Powerball, for example, says its jackpot grows until someone wins it.
When multiple players win the same jackpot, the prize may be divided among the winning tickets, depending on the game's rules.
What Is a Progressive Jackpot?
A progressive jackpot increases over time instead of staying at a fixed amount. The increase may come from ticket sales, player wagers or a contribution built into the game.
Progressive jackpots are common in:
- Online slots
- Casino slot machines
- Networked casino games
- Some lottery games
A rollover jackpot works differently. It occurs when nobody wins, so the prize moves to a later draw or round.
Is the Advertised Jackpot the Amount the Winner Receives?
Not always. A lottery may advertise its jackpot as an estimated annuity value rather than as a single cash payment.
Mega Millions winners can generally choose between a one-time cash payment and an annuity paid through annual installments. The final amount depends on ticket sales and the lottery's rules.
Taxes and other legal deductions may reduce the amount the winner receives. Powerball states that both its annuity and lump-sum prize options are before applicable taxes.
What Does "Hit the Jackpot" Mean?
"Hit the jackpot" means winning the top prize. In everyday conversation, the phrase can also describe an unusually good result, such as finding an excellent job or a valuable opportunity.
The word originally referred to a large accumulated poker stake in a game involving jacks or better. It later became a general term for a major prize.