Megabucks Slot Machine Current Jackpot




This page will be constantly updated as the jackpots as you can imagine change by the second. We also have available the World Records for jackpots and systems by each machine type, click here to see World and System Records. Amounts posted below are for Nevada and many other states. Good Luck.

Last System Jackpots
Updated 2/5/2008


ArizonaAmountDateCasino
FAMOUS GAMES Mixed Denom$582,096 2007-06-10 CASINO ARIZONA-SALT RIVER, SCOTTSDALE
WHEEL OF FORTUNE $0.25$163,336 2008-02-16 COCOPAH CASINO & BINGO, SOMERTON
WHEEL OF FORTUNE $1.00$1,511,175 2007-11-02 YAVAPAI CASINO, PRESCOTT
WHEEL OF FORTUNE VIDEO $0.05$394,469 2006-12-28 FORT MCDOWELL GAMING CENTER, FOUNTAIN HILLS
CaliforniaAmountDateCasino
MEGABUCKS $1.00$4,922,221 2005-12-11 TABLE MOUNTAIN, FRIANT
ColoradoAmountDateCasino
MEGA RICHES Mixed Denom$128,919 2006-07-27 GOLD CREEK CASINO, CRIPPLE CREEK
TV HITS Mixed Denom$1,183,443 2006-04-10 BULLWHACKERS, BLACK HAWK
WHEEL OF FORTUNE VIDEO $0.05$629,516 2005-01-31 RIVIERA, BLACK HAWK
IowaAmountDateCasino
ELVIS $0.25$601,992 2004-05-04 CATFISH BEND RIVERBOAT CASINO, FORT MADISON
WHEEL OF FORTUNE $0.25$199,160 2008-02-14 CATFISH BEND CASINO, BURLINGTON
WHEEL OF FORTUNE $1.00$521,601 2008-02-17 HORSESHOE COUNCIL BLUFFS, COUNCIL BLUFFS
LouisianaAmountDateCasino
DIAMOND CINEMA $0.05$1,721,376 2006-02-10 DELTA DOWNS RACETRACK & CASINO, VINTON
TV HITS $0.05$176,825 2003-02-16 DELTA DOWNS RACETRACK & CASINO, VINTON
WHEEL OF FORTUNE $0.25$472,838 2007-09-30 SAM'S TOWN, SHREVEPORT
WHEEL OF FORTUNE $0.50$546,765 2004-11-05 ELDORADO RESORT CASINO, SHREVEPORT
WHEEL OF FORTUNE $1.00$930,665 2007-12-26 BOOMTOWN BELLE, HARVEY
WHEEL OF FORTUNE $5.00$1,192,061 2007-08-25 HORSESHOE CASINO, BOSSIER CITY
WHEEL OF FORTUNE SPECIAL EDITION $0.05$2,374,496 2007-03-02 ELDORADO RESORT CASINO, SHREVEPORT
WHEEL OF FORTUNE VIDEO $0.05$820,420 2005-11-24 ELDORADO RESORT CASINO, SHREVEPORT
MichiganAmountDateCasino
JEOPARDY! VIDEO $0.05$410,908 2002-06-16 MOTOR CITY CASINO, DETROIT
MEGABUCKS VIDEO SLOTS $0.05$1,167,713 2003-11-25 GREEKTOWN CASINO, DETROIT
WHEEL OF FORTUNE $0.25$1,367,715 2008-01-14 MGM GRAND, DETROIT
WHEEL OF FORTUNE $1.00$392,471 2006-10-28 MOTOR CITY CASINO, DETROIT
WHEEL OF FORTUNE VIDEO $0.05$651,151 2006-12-22 GREEKTOWN CASINO, DETROIT
MississippiAmountDateCasino
ELVIS $0.25$949,906 2004-12-20 HORSESHOE - TUNICA, TUNICA
JEOPARDY! $0.25$630,309 2005-03-17 ISLE OF CAPRI, BILOXI
MEGA RICHES $0.01$283,428 2007-10-18 RAINBOW CASINO, VICKSBURG
REGIS CASH CLUB $0.05$1,242,327 2003-03-21 AMERISTAR CASINO, VICKSBURG
TV HITS $0.01$253,614 2006-09-17 RAINBOW CASINO, VICKSBURG
WHEEL OF FORTUNE $0.25$330,404 2007-10-28 BOOMTOWN, BILOXI
WHEEL OF FORTUNE $0.50$869,033 2007-12-01 BEAU RIVAGE, BILOXI
WHEEL OF FORTUNE $1.00$921,313 2006-12-30 BEAU RIVAGE, BILOXI
WHEEL OF FORTUNE $5.00$1,378,129 2006-06-24 SAM'S TOWN, TUNICA
WHEEL OF FORTUNE VIDEO $0.05$1,110,505 2007-07-29 BALLYS, TUNICA
MissouriAmountDateCasino
WHEEL OF FORTUNE $0.25$842,445 2007-10-29 AMERISTAR SC BARGE, ST. CHARLES
WHEEL OF FORTUNE $1.00$125,285 2007-12-25 TERRIBLE'S MARK TWAIN CASINO, LA GRANGE
WHEEL OF FORTUNE SPECIAL EDITION $0.05$658,431 2007-04-08 SAN MANUEL INDIAN BINGO & CASINO, HIGHLAND
Native AmericanAmountDateCasino
CASH BALL Mixed Denom$1,684,417 2008-02-09 HIGH WINDS CASINO, MIAMI
DIAMOND CINEMA $0.05$452,464 2007-12-23 MOHEGAN SUN, UNCASVILLE
ELVIS $0.25$148,641 2007-08-06 MESKWAKI CASINO, TAMA
FAMILY FEUD SLOTS VIDEO SLOTS Mixed Denom$323,014 2006-12-23 GOLDEN MOON HOTEL & CASINO, CHOCTAW
FAMOUS GAMES Mixed Denom$349,942 2008-02-17 WINSTAR CASINO, THACKERVILLE
I LOVE LUCY SLOTS VIDEO SLOTS Mixed Denom$174,956 2007-04-29 TACHI PALACE HOTEL & CASINO, LEMOORE
JEOPARDY! $0.25$742,507 2007-05-18 RAINBOW BINGO & CASINO, NEKOOSA
MEGABUCKS $1.00$2,346,820 2007-11-08 MOHEGAN SUN, UNCASVILLE
MEGABUCKS VIDEO SLOTS $0.05$1,566,178 2007-03-30 THE SPA, PALM SPRINGS
MONEY MADNESS Mixed Denom$1,317,713 2007-04-23 THUNDER VALLEY CASINO, LINCOLN
TV HITS Mixed Denom$348,136 2008-02-17 WINSTAR CASINO, THACKERVILLE
WHEELIONAIRE $0.01$500,000 2007-10-15 KEWADIN SHORES, ST. IGNACE
WHEEL OF FORTUNE $0.25$103,191 2008-02-15 CHER-AE HEIGHTS, TRINIDAD
WHEEL OF FORTUNE $0.50$203,206 2007-10-27 SENECA, NIAGARA FALLS
WHEEL OF FORTUNE $1.00$2,079,858 2008-02-05 MOHEGAN SUN, UNCASVILLE
WHEEL OF FORTUNE $5.00$1,201,447 2007-07-28 SPIRIT MOUNTAIN RESORT & CASINO, WILLAMINA
WHEEL OF FORTUNE SPECIAL EDITION Mixed Denom$3,509,803 2008-02-17 MOHEGAN SUN, UNCASVILLE
WHEEL OF FORTUNE VIDEO $0.05$179,391 2007-07-27 COEUR D'ALENE CASINO RESORT, WORLEY
WHEEL OF GOLD $0.25$199,801 2007-09-07 SKY CITY CASINO, ACOMITA
NevadaAmountDateCasino
CASH BALL Mixed Denom$1,000,000 2007-06-06 BALDINIS CASINO, SPARKS
ELVIS $0.25$154,769 2006-03-25 MGM GRAND HOTEL & CASINO, LAS VEGAS
FAMOUS GAMES Mixed Denom$189,600 2007-09-28 SILVERTON HOTEL & CASINO, LAS VEGAS
JEOPARDY! $0.25$399,995 2005-08-16 PRIMM VALLEY RESORT, PRIMM
MEGABUCKS $1.00$10,762,067 2007-05-19 FREMONT HOTEL & CASINO, LAS VEGAS
PENNY MEGABUCKS $0.01$11,319,297 2007-11-03 CASINO ROYALE, LAS VEGAS
TV HITS Mixed Denom$2,018,108 2006-11-22 SUNCOAST, LAS VEGAS
WHEEL OF FORTUNE $0.25$372,441 2008-02-18 CANNERY, LAS VEGAS
WHEEL OF FORTUNE $0.50$3,080,610 2007-08-12 VENETIAN, LAS VEGAS
WHEEL OF FORTUNE $1.00$1,025,378 2008-02-09 CACTUS PETE'S, JACKPOT
WHEEL OF FORTUNE $5.00$1,208,591 2008-01-27 MIRAGE HOTEL & CASINO, LAS VEGAS
WHEEL OF FORTUNE SPECIAL EDITION $0.05$4,387,211 2007-10-19 BOOMTOWN HOTEL & CASINO, VERDI
New JerseyAmountDateCasino
ELVIS $0.25$232,067 2005-02-20 SHOWBOAT HOTEL & CASINO, ATLANTIC CITY
JEOPARDY! $0.25$119,053 2008-01-21 HARRAH'S MARINA HOTEL & CASINO , ATLANTIC CITY
JEOPARDY! $0.50$2,381,583 2006-11-11 TRUMP TAJ MAHAL, ATLANTIC CITY
JEOPARDY! $1.00$3,974,645 2007-08-25 RESORTS CASINO & HOTEL, ATLANTIC CITY
JEOPARDY! VIDEO $0.05$141,665 2004-12-10 TRUMP TAJ MAHAL, ATLANTIC CITY
MEGABUCKS VIDEO SLOTS $0.05$1,956,174 2007-05-02 HARRAH'S MARINA HOTEL & CASINO , ATLANTIC CITY
MEGA RICHES Mixed Denom$164,917 2007-09-02 TROPICANA HOTEL & CASINO, ATLANTIC CITY
SPIN POKER $0.05$30,299 2008-02-17 ATLANTIC CITY HILTON CASINO & HOTEL, ATLANTIC CITY
TRIPLE PLAY JOKER POKER $0.25$58,114 2008-01-27 BALLYS PARK PLACE CASINO & HOTEL, ATLANTIC CITY
TRIPLE PLAY JOKER POKER $1.00$123,236 2008-02-10 ATLANTIC CITY HILTON CASINO & HOTEL, ATLANTIC CITY
WHEEL OF FORTUNE $0.25$303,655 2008-02-11 TRUMP PLAZA HOTEL & CASINO, ATLANTIC CITY
WHEEL OF FORTUNE $0.50$607,714 2007-10-14 ATLANTIC CITY HILTON CASINO & HOTEL, ATLANTIC CITY
WHEEL OF FORTUNE $1.00$2,468,434 2007-04-21 TRUMP PLAZA HOTEL & CASINO, ATLANTIC CITY
WHEEL OF FORTUNE $5.00$1,596,955 2007-05-18 BORGATA HOTEL CASINO & SPA, ATLANTIC CITY
WHEEL OF FORTUNE SPECIAL EDITION $0.05$2,462,754 2007-03-10 BORGATA HOTEL CASINO & SPA, ATLANTIC CITY
WHEEL OF FORTUNE VIDEO $0.01$3,215,710 2007-08-03 BORGATA HOTEL CASINO & SPA, ATLANTIC CITY
WHEEL OF FORTUNE VIDEO $0.05$685,985 2007-04-06 BALLYS PARK PLACE CASINO & HOTEL, ATLANTIC CITY
South DakotaAmountDateCasino
WHEEL OF FORTUNE $0.25$241,283 2007-08-13 GOLD DUST, DEADWOOD

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  • Appendices
  • Slots Analysis
  • Miscellaneous

The Megabucks IGT Jackpot – Progressive Slot Machine Review February 19, 2020 October 23, 2019 by Jim Wagner The Megabucks IGT jackpot was the first WAP (wide-area progressive) jackpot game in the world.

  • The Triple Platinum Riches Megabucks slot is one of the more recent slots to be released on which the Megabucks jackpot is on offer, however there are also four other smaller sized local progressive jackpots attached to this slot machine which do tend to hit very frequently, and whilst those local jackpots are not as large as the Megabucks one.
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Introduction

This page investigates the odds of the progressive jackpot slot machine, Megabucks, including the average jackpot and breakeven point.

MegabucksCurrent

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:

Current

Megabucks Slot Machine Current Jackpot Amount

  • 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

    YearWin ($)Win (%)
    200953,352,00010.43%
    200883,981,00011.85%
    200788,858,00012.72%
    2006100,923,00012.39%
    2005100,923,00012.39%
    200467,326,00010.54%
    200383,069,00010.41%
    200276,842,00011.98%
    200169,821,00011.50%
    200069,103,0009.75%
    199974,921,00012.28%
    1998134,943,00012.25%
    199766,166,00012.18%
    199657,619,00010.03%
    199565,223,00010.48%
    199446,760,0009.44%
    total1,239,830,00011.39%

    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.

  • 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.
We can estimate the number of times Megabucks was played during the 1619 day period by dividing the number of jackpots of 11 by the probability of winning: 11/(1/368)3 = 548,196,352. Assuming each player bet the $3 required to win the jackpot, then a total of $1,644,589,056 was bet.

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 slot machine current jackpot amount

Megabucks Breakdown

ItemCents
Fixed wins78.44¢
Meter reset6.69¢
Progressive contribution3.49¢
Profit11.39¢
Total100.00¢

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'. 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:

Megabucks Slot Machine Current Jackpot Results

Megabucks slot machine current jackpot

Megabucks Slot Machine Current Jackpot Winning

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.

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.

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