Megabucks Odds
- Oregon Megabucks Odds
- What Are The Chances Of Winning Megabucks
- Mass Megabucks Odds
- Oregon Megabucks Payout Chart
- Megabucks Odds
What are the Odds of Winning Megabucks? Statistics regarding the true odds of winning the Megabucks jackpot remain sketchy. Some put the odds down to about one in 50-million, while others, such as the Las Vegas Sun, put it as ‘low’ as 1 in 17-million. Jackpot odds of winning Mass Megabucks are one in 13,983,816. The best game to play in Massachussets is Mass Cash with jackpot odds of only one in 324,632. However, Mass Megabucks is still a better bet than some of the options in your state like the odds of one in 30,821,472 of winning Lucky for Life.
First bullet point, article is spelled as artitle.Great page!
Odds of winning smaller prizes are much greater than the odds of winning the top prize. Remember, the outcome is random, every time you play. The overall odds of winning a prize for each Video Lottery game is posted either on the main game screen, or a help screen on each video lottery terminal. Megabucks Doubler Game Drawing: Saturday, February 27, 2021. If playback doesn't begin shortly, try restarting your device. Videos you watch may be added to the TV's watch history and influence TV recommendations. To avoid this, cancel and sign in to YouTube on your computer.
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I for one like it. I was wondering what formula you used for the annuity? I had to learn that back in Finance 101 and am just curious if the 'pros' use the same formulas or something more complex.
The formula is V = P * [(1-(1/(1+i)^n)]/i, where
V = value of annuity
P = individual payment amount
i = interest rate
n = number of payments
If you're doing a monthly annuity, which we're not here, remember to divide the interest rate by 12.
Let's say the jackpot was 15M. Using i = 4.66%, and n=25, the fair payment to keep up with inflation would be $1,028,311. You would actually get 15M/25 = $600,000. Actual payment/fair payment = 58.35%.
You can see I didn't even fuss with the state tax issue.
It can get more, or perhaps less, complicated if a foreign national wins a jackpot, right?
I wonder how hard it is to set up an account in a tax heaven in the caribbean....
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Link here
Oregon Megabucks Odds
History of Megabucks Jackpots(Latest first)
| Date | Place | Amount won |
|---|---|---|
| 02/21/10 | Reno Airport, Reno, NV | $ 10,422,754.08 |
| 12/28/09 | Bellagio's Resort & Casino, Las Vegas | $ 12,262,968.60 |
| 07/29/09 | Casino Royale, Las Vegas | $ 12,236,709.00 |
| 04/12/09 | Terrible's Rail City Casino, Sparks, NV | $ 33,000,563.00 |
| 05/07/08 | The Palms | $ 21,030,657.77 |
| 05/19/07 | Fremont | $ 10,762,066.40 |
| 02/05/07 | Orleans | $ 12,076,530.00 |
| 09/02/06 | Wynn Las Vegas | $ 10,828,990.00 |
| 07/28/06 | Wynn Las Vegas | $ 12,317,717.96 |
| 06/05/06 | Cannery | $ 20,519,025.00 |
| 10/16/05 | Aladdin | $ 11,909,745.00 |
| 10/16/05 | Cannery | $ 21,147,947.00 |
Using the statewide revenue from non restricted sites, from February 2007 to February 2010, I get the following data (in thousands)Total amount wagered: $1,893,366 = 100%
Total Won: $1,582,459 = 83.586%
What Are The Chances Of Winning Megabucks
Jackpots: $ 89,293 = 4.72%Reseeds: $ 60,000 = 3.17%
So, for me, your table would look like the following:
Fixed Wins: 83.58
Meter Reset: 3.17
Progressive: 1.55
Profit: 11.70
Since your data set is greater than mine, I would agree with your figures except I think the fixed wins are higher because gaming shows an average monthly profit when there is no jackpot of 12.87%.
On the other hand, in months when there is a win, the profit does not go down by the jackpot value given out for the month, meaning that there is some weird formula being used to accrue the payout, but the profit does go down in months when jackpots are won, just not be the corresponding amount...
I see your point. My first post in this thread questioned why the Gaming reports didn't seem to jive with the posted list of jackpots. I decided to use the Gaming data as little as possible, relying only on the percentage return. For one thing, who knows how they are calculating the win. Do they count the entire jackpot amount in the year it was paid, or only the payments made on all jackpots in that year? I sent a letter to Nevada Gaming about it, but their answer didn't help much.
I'm almost ready to announce my new page on Megabucks on my 'Odds' site. However, I'd be interested in any initial comments or questions on it. Just click on the link above to see a rough draft.
I like the info, but do you think you should add as a credit at the bottom: Photography by the guy who destroyed me in liars poker last weekend?
When the jackpot is funded:DR Slot Revenue 10,000,000
CR Slot Liability 10,000,000
As the game is played (for each $3)
DR Cash .45
CR Slot Revenue -.40
CR Slot Liiability -.05
When the jackpot is won
CR Cash Jackpot
DR Slot Liability Jackpot
So I don't think that the slot revenue is hit when the jackpot hits. But that's on an aggregate, Nevada wide.
My actual feeling is that different casinos probably account differently based on the expected
Mass Megabucks Odds
return, depending on how their auditors feel.For example, some casinos might elect to fund the liability over time rather than take the full 10 million hit when the jackpot is seeded. Maybe with an expectation that 2.3 jackpots are to be won every year they fund the liability that way. My general feeling is that because the revenue dips when the jackpot is won (or just after), there is some accounting that we don't see.
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I like the info, but do you think you should add as a credit at the bottom: Photography by the guy who destroyed me in liars poker last weekend?
How about, 'Photography by the guy who chopped off my foot'?
I don't know the answer to those questions based on the data either. For example, when the jackpot is won close to the end of the month, it seems that the revenue dips the following month. Let me put on my accountant hat.
As I mentioned earlier, I wrote to Nevada Gaming about it. Here is a scan of their reply.
It says the win amount 'reflects the amount won and paid in that month.' The way I would think of it is if I won $15M, and got paid $600K for my first payment, then the amount won is 15M, and the amount paid is 600K for the year the jackpot was won. So I'm not sure what to make of the reply. Any thoughts?
I guess i should stop putting in my daily $20 into the machine when I visit Vegas...
Oregon Megabucks Payout Chart
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Megabucks Odds
I'm pretty sure the machines do say that...in small print.The actual win on the meter is not what is paid, and it is not financially reported as such. If it was, you would see the win on the revenue reports for Megabucks dip much more than it actually does in a win month. What is paid initially is the initial 1/25th of the total amount (less taxes of course). Winners then have 60 to 90 days to decide whether they want to get paid a lump sum of 60% of the remainder or have it paid in an annuity over the remaining 24 years. In the case of the lump sum, the win would be reduced by the payout. In the case of the annuity, what is paid is the present value of the annuity (Mike, you know all about this).
In the case of a $25,000,000 jackpot, if you deposit the amount into an annuity earning 5%, the casinos would only have to deposit $13,798,642 to fund the remaining 24 payments. (Or the player could take the $14,000,000 as a lump sum). So the amount on the jackpot is never what costs the casino... it is substantially less. But this transaction does not get recognized until the player makes his decision. This is why I believe the slot win sometimes goes down in the following month for the megabucks win.
In any case, the casinos probably only end up paying about 60% of the stated jackpot amount.
Dating back to the early 2000s, slot machines were only legal in 31 states around the U.S. Today there’s around 40+ states that have made them legal as well as other states that are in the process of being added to this number soon. If you think the U.S. has a lot of slot machines, check again. In Japan, slot machines are more popular and accepted than in the U.S. In comparison to the rest of the world, Japan is #1 on the list for having the most slot machines, followed by the U.S. ranking in at #2. Japan alone has around 5 million slot machines, and a smaller population than the U.S.
With all this talk about how popular slot machines are, have you ever dreamed of walking into a casino and then walking back out a millionaire? Surely, a lot of people have, especially when there’s so many slot machines out there that offer progressive jackpots such as the Megabucks slot machines, which have enormously large jackpots. In fact, Megabuck slot machines are a very big network operating their machines all over Vegas, and run by a company called International Game Technology (IGT). Speaking of Megabucks slots, that’s exactly what we’ll be talking about in this article. We’ll be looking at some of the winners, locations of the machines, what kind of jackpots they offer and what kind of odds they have.
Megabucks Slot Machine Payout Rules
If you’re familiar with the appearance of the classic slot machines, Megabucksslot machines are very similar holding a true and classic style with just three columns and only one payline. In order to spin the reels with the possibility of hitting a jackpot, the typical rules are that you need to bet at least a dollar, going up to three dollars. Keep in mind, in order to have a chance at winning the progressive jackpot, each spin must be three dollars. Of course you can win other smaller payouts from other combinations, however the Megabuck symbol is the symbol with the most value, and if you get three Megabuck symbols, you will be walking home with tons of cash in your pocket. What’s cool about Megabucks, all the slot machines around Vegas are all connected to one another. That means each person gambling on these machines is contributing to the jackpot amount, and whenever someone wins the jackpot, the jackpot amount for that machine, as well as all the other ones are reset to the starting amount which is $10,000,000. As of now, there are approximately 800 of these machines being operated in about 150 casinos in Nevada.
Megabucks Slot Winners
Over the last 20 years or so, Megabucks has had a handful of winners who walked out of the casinos a millionaire. As mentioned before, the progressive jackpot award starts at $10,000,000, meaning it continues to go higher until someone gets lucky and wins. Since Megabucks was first introduced back in 1986, on average 2 people win each year. Only one person won in 2016, whereas three people won in 2013, however in the year 2000, six people won. The biggest jackpot amount ever won was taken place at the Excalibur casino back in 2003, where someone took home a gigantic check with their name on it for a whopping $39M+. Keep in mind that the nearly 40% of the earnings are removed after having to pay state taxes from the winning amount, which can dramatically drop the initial win amount.
Speaking of Megabucks slot winners, below are some people that have won over the years:
- In 2000, a local cocktail waitress aged 37 won almost $35M at the Desert Inn
- In 1998, a woman who was almost 70 years old won nearly $28M at the Palace Station, and only spent around $300 to reach that win. On top of that, she won close to $700K from another machine sometime before
- In 1999, a 44-year-old man won over $21M at Caesars Palace who only supposedly won on his first spin
- In 2002, a lady at the age of 74 gambled around $150 at one of the Megabucks machine at Bally’s casino, and turned it into approximately $23M
- In 2005, a 92-year-old man won close to $21M at the Cannery Casino, and won another Megabuck jackpot at time before that one back in the late 80s for about $4M from the casino at the Mirage.
- In 2011, some lady bet only around $6 and ended up winning approximately $12M from the Megabucks machine at the Aria.
Megabucks Slot Machine Odds
Now let’s talk about the Megabucks slot machine odds. First of all, all the official machines are equipped with a software installed called a Random Number Generator (RNG), which controls the random behavior of each spin. The RNG ensures that each spin that takes place is indeed random, making it impossible to control anyone’s payouts.
Although not guaranteed, but some people believe the odds of winning one of the Megabuck jackpot awards are anywhere from 1 in 17M to 1 in 50M, which means the odds of actually winning are worse than a majority of the state lotteries. Aside from the jackpot odds, the non-jackpot spins have a higher house edge than the slot machines without a progressive jackpot feature. Overall, there’s a possible chance anyone could win a Megabuck, since the odds are so small it will take a lot of losses before someone will actually wins. Nonetheless, you have to play in order to win, so don’t let the odds hold you back. If you think you’re the lucky one, go for it.
Here at Caesars Casino online, we offer a progressive jackpot feature on some of our video slot machines, which is similar to the Megabucks. In fact, if you’ve never played a progressive jackpot feature before, this is a great way to try it out for your first time, for free without any risk involved. Even if you have some experience with them, go ahead and play them anyways for some fun and/or to practice before you gamble at a real casino, with real money.