- Appendices
- Slots Analysis
- Miscellaneous
Tracking over 25 jackpots from all over the US & Canada with 619 wins recorded and $454,126,369 in total paid out and a Current Pool of $33,318,420. Megabucks, MegaHits, Money Madness, Powerbucks, Quartermania, Spin Poker, Triple Play Joker, TV Hits, Wheel of Fortune. Home / Without Label / Megabucks Las Vegas 2019. Kamis, 30 April 2020. Megabucks Las Vegas 2019 Going For 12 771 754 Wife Vs Husband Megabucks Vs Double Diamond Deluxe. Megabucks offers a chance to win NOW and LATER for an additional $1! When EZ Match is selected, five EZ Match numbers and instant prize amounts will print below the Megabucks numbers on the ticket. WIN NOW by matching any EZ Match number to any Megabucks number on the ticket (not the numbers in the drawing) to win the corresponding prize amount.
Introduction
This page investigates the odds of the progressive jackpot slot machine, Megabucks, including the average jackpot and breakeven point.
Megabucks Vegas Jackpot
For now, let's ignore the fact that a jackpot is paid by installments over 25 years and that the jackpot would be subject to income tax.
I don't know exactly how Megabucks is programmed. However, there is some information that is public knowledge. If we fit the pieces together, we can make a pretty good estimate of the point at which the return is 100%, known as the 'breakeven point.' Here is what we do know:
- According to John Robison, the probability of hitting the jackpot is 1 in 49,836,032. This figure comes from an article titled Megabucks closes in on record jackpot from the Las Vegas Sun, Dec. 24, 1999. That probability comes to (1/368)3, implying each reel has a 1 in 368 chance of stopping on the jackpot symbol.
- The Nevada Gaming Control Board indicates that the profit of Megabucks on both a percentage and dollar basis. The following is a summary for 1994 to 2009.
Megabucks Win — 1994 to 2009
Year Win ($) Win (%) 2009 53,352,000 10.43% 2008 83,981,000 11.85% 2007 88,858,000 12.72% 2006 100,923,000 12.39% 2005 100,923,000 12.39% 2004 67,326,000 10.54% 2003 83,069,000 10.41% 2002 76,842,000 11.98% 2001 69,821,000 11.50% 2000 69,103,000 9.75% 1999 74,921,000 12.28% 1998 134,943,000 12.25% 1997 66,166,000 12.18% 1996 57,619,000 10.03% 1995 65,223,000 10.48% 1994 46,760,000 9.44% total 1,239,830,000 11.39% The key piece of information from this table is that the overall profit of the game has been 11.39%. In other words, 88.61% is returned to the players. Imvu download mac.
- According to defunct source, starting in September 2005, Megabucks was reset to a jackpot of $10 million. Before that, the reset value was $7 million.
- According to a2zlasvegas.com, there have been 11 jackpots hit between September 2005 and the date of the last jackpot (Feb. 21, 2010). That same website shows a jackpot was hit on September 15, 2005. The number of days between then and the time of this writing is 1,619 days. We also see from that website that the total of the last 11 jackpots was $167,367,727. Of that, $110,000,000 was from the reset amounts and $57,367,727 was from the progressive contribution.
The portion of money returned to players in form of jackpots is thus $167,367,727/$1,644,589,056 = 10.18%. From the Nevada Gaming reports, we know a total of 88.61% is returned to players. That means that the portion returned to players in non-jackpots is 88.61% - 10.18% = 78.44% (The 0.01% apparent difference is due to rounding).
If there were no small wins, and no progressive contribution, then the return of the game would be $10 million/(3×(1/368)3) = 6.69%. As already shown, the total return from jackpots is 10.18%, leaving 3.49% coming from the jackpot meter. Here is a summary of where each $1 bet on Megabucks goes:
Megabucks Breakdown
| Item | Cents |
|---|---|
| Fixed wins | 78.44¢ |
| Meter reset | 6.69¢ |
| Progressive contribution | 3.49¢ |
| Profit | 11.39¢ |
| Total | 100.00¢ |
The average point at which the jackpot will hit is 10 million + [$3 × 0.0349 / (1/368)3] = $15,215,248. In 2006, when the jackpot was almost $16 million, IGT, Megabuck's creator, purchased ads in the local media stating that the jackpot was 'overdue' to hit. I'm quoted in a Las Vegas Sun article about it, titled 'Pennies ready to pop'. How to calculate roulette payouts. This would seem to indicate my $15.2 million figure is not far off.
If j is the jackpot at which the game becomes a fair bet, with a 100% return, then we can solve for j as follows:
1 = 0.7844 + j × (1/368)3/3
j × (1/368)3/3 = 1 - 0.7844
j = 3 × (1 - 0.7844) / (1/368)3
j = $32,238,319.
The probability of any given jackpot growing this big is 1.41%. At the current rate of play, a jackpot should get this big once every 29 years, on average.
At any given time the return can be estimated as 78.44% + 0.6689%×m, where m is the number in millions of the current jackpot. For example, at a jackpot of $15 million, the return would be 78.44% + 0.006689×15 = 88.47%.
Everything in this page should be taken as a ballpark estimate. Various factors could cause it to be off, including players not betting the full $3 and the fact that while 11 jackpots were hit in the study period, the expected number could be higher or lower.
It also bears repeating that the above does not factor in the annuity or taxes. Let's look at what happens if we do consider those factors. For the time value of money, let's use the return on long-term Treasury Bills. Megabucks jackpots are paid in a 25-year annuity. At the time of this writing a 20-year T-Bill paid 4.58% interest, and a 30-year one paid 4.74%. Let's split the difference at 4.66%. Using some actuarial math I won't get into, the value of the annuity is worth 61.07% of face value, based on that interest rate, and 25 annual installments, at the beginning of each year.
Megabucks Las Vegas Today
For taxes, let's assume close to the expected jackpot of $15 million. Under 2010 income tax rates, assuming the winner is filing jointly, and all other income exactly equals deductions, the taxes due will be 30.05% for 2010. Assuming no change in the tax law, that will drop over time, because the tax brackets will be adjusted upward, but the winning payments won't be. I tend to think the recent passage of health care will increase tax rates, especially on large incomes. Let's just assume those factors cancel each other out, to keep it simple.
So to keep things in round numbers, the winner will keep 61% after the annuity, and 70% of that after taxes. So the jackpot winner will see about 61% × 70% = 42.7% of his winnings in current dollars. Factoring the annuity and taxes, the breakeven point becomes $75.5 million. The probability of any given jackpot growing that big is about 1 in 283,000, and will happen once every 114,000 years. Again, I'm making lots of assumptions, so these estimates should be considered very rough.
Megabucks Las Vegas 2019 Shows
After publishing this article, a reader quoted a page at slot-machine-resource.com, which states that after the first installment is made, the player is given the option to get 60% of the rest immediately, or stick with the installment plan. Tax implications aside, which favor the annuity, the interest rate at which the two options are equal is 4.581%.
External Links
- Megabucks Closes in on Record Jackpot from the Las Vegas Sun, Dec. 24, 1999.
- Nevada Gaming Control Board
- Slots Payout percentage, from Cassaon Casino.
- History of Megabucks Jackpots, from a2zlasvegas.com.
- Pennies Ready to Pop, from the Aug. 9, 2006 Las Vegas Sun.
- Megabucks, from slot-machine-resource.com.
Written by: Michael Shackleford
Which is the Best Casino in Vegas to Win on?
There is no lack of great casinos in Las Vegas, but you may ask yourself, what is the best casino in Vegas to win and which casino in Vegas pays out the best? Good questions, for sure, but you have to know whatever casino you go into the house always has the edge. Some of the premier and biggest casinos in Sin City have tons of slots games and while all give the house an edge there are some that have better returns than others.
Typically, slot machines have a payback of between 75% and 98% and broken down it means for every dollar spent on the slots a player can win between 75 cents to 98 cents. As you can see the house has an edge making money on every dollar spent on a slots machine and it does not matter if it is a penny slots or ones that cost more to play, but have much higher payouts. While the house always has, at least a 2% edge, on slots players can and do win big it just depends of Lady Luck is on the side of the player. There are numerous slot machines in Las Vegas where on a single pull of the lever you can line up a winning combination and become an instant millionaire! Pretty enticing to say the least.
It is not common where casinos in Las Vegas will show what the odds are for their slots offerings. However, in looking at the best casino in Vegas to win some of the solid ones will show that their slots have a great 98% payback. You have to be aware that even if this is the case it does not mean every slot machine on the floor has that payback. The casino will usually just have one machine with that figure and they do not let the people know which one that is. Still, if that old Lady Luck is on your side and you come across that machine then you will have found the best casino to win in Las Vegas.
Slots games are fun to play with their great graphics and sounds and they can be more fun if you hit a winning combination and pocket some cash. It is a good idea to play around when it comes to slots, as it not only great fun, but can also be very profitable.
LET'S LOOK AT THE TOP 5 HIGHEST PAYING LAS VEGAS CASINOS
Megabucks Casinos
When looking for what casino in Vegas pays out the best and not have one that features Megabucks slots? They have a network of slots all around the state of Nevada and they have been in business for over 20 years. Their slogan is 'Dream big. Win big.' They begin their top jackpot at a whopping $10 million and it only increases from there. The minimum spin for the main jackpot is $1, but to win the maximum jackpot you will have to wager $3 per spin. In 2015 on a Megabucks slots machine at Westgate Casino one of the biggest slot jackpots in the history of Sin City was won by 78-year old Trinidad Torres from Utah. She put a cool $100 in the machine and made a few plays for $3 each before she hit the big jackpot of $10.7 million. When asked how she would spend her winnings she stated she would buy a yellow Mustang and take a trip to the Philippines. Rules for playing jacks. Needless to say, she probably had a little loot left over.
Aria Resort and Casino
Once again, a Megabucks slot machine hits big and this time it was at the Aria Resort and Casino, which has over 150,000 square feet of gaming space and nearly 2,000 slot machines. In 2011 a woman was in Las Vegas to celebrate the birthday of her niece when she decided, by chance, to plunk down $6 on a slots game and when it went crazy she through the machine was malfunctioning. Turns out, it was not, as she hit the jackpot for $12.8 million. Not long after another player hit a $10 million jackpot, so you can see Aria Resort and Casino has seen their fair share of HUGE winners.
Palace Inn and Casino
When looking for what casino in Vegas pays out the best and not have one that features Megabucks slots? They have a network of slots all around the state of Nevada and they have been in business for over 20 years. Their slogan is 'Dream big. Win big.' They begin their top jackpot at a whopping $10 million and it only increases from there. The minimum spin for the main jackpot is $1, but to win the maximum jackpot you will have to wager $3 per spin. In 2015 on a Megabucks slots machine at Westgate Casino one of the biggest slot jackpots in the history of Sin City was won by 78-year old Trinidad Torres from Utah. She put a cool $100 in the machine and made a few plays for $3 each before she hit the big jackpot of $10.7 million. When asked how she would spend her winnings she stated she would buy a yellow Mustang and take a trip to the Philippines. Rules for playing jacks. Needless to say, she probably had a little loot left over.
Aria Resort and Casino
Once again, a Megabucks slot machine hits big and this time it was at the Aria Resort and Casino, which has over 150,000 square feet of gaming space and nearly 2,000 slot machines. In 2011 a woman was in Las Vegas to celebrate the birthday of her niece when she decided, by chance, to plunk down $6 on a slots game and when it went crazy she through the machine was malfunctioning. Turns out, it was not, as she hit the jackpot for $12.8 million. Not long after another player hit a $10 million jackpot, so you can see Aria Resort and Casino has seen their fair share of HUGE winners.
Palace Inn and Casino
The Palace Inn Casino is the place where jackpots have hit often and one of the biggest hits came in 1998. A 67-year old retired flight attendant from Sin City plunked $300 into a Megabucks slot machine and she won just over a cool $27.5 million. Not only was luck on her side, but also at Palace Station she had won earlier won nearly $700,000 playing the Wheel of Fortune slots offering. Her big win was the first Megabucks fir payout of over $20 million.
Excalibur
This very popular medieval themed casino has been a go-to spot in Las Vegas for many years and why not since the casino holds the claim of the biggest slots jackpot ever won. In 2003 a software engineer from Los Angeles with the ripe old age of 25 played a Megabucks slots and he played big at $100 a spin. Well, his spin for the big bucks paid off in bigger bucks netting a jackpot of just under $40 million.
Caesars Palace
Caesars Palace is one of the most popular and well-known casinos on the Las Vegas strip and in 1999 a 49-year old business consultant was there and decided to try his luck on the slots and began playing a game for $10 a pop. Not long after the bells and whistles started to go off and he had hit the main jackpot netting just south of $21.4 million. The machine? We accept skrill. You guessed It was a Megabucks slots offering.
A few of the top jackpots every won in Las Vegas have been on Megabucks slots offerings. So, maybe looking for those games are key when you are looking for the best casino in Vegas to win. https://rebelsoftware.mystrikingly.com/blog/best-android-data-transfer-app. Still, every casino has had their slots jackpots hit by some lucky player at some time and that time can be anytime, which means your time for big money may be up soon if you know the slots and casinos to check out for the biggest possible payouts.
