When you put money in a slot machine and pull the lever, you can’t always expect to walk away a winner. But occasionally, Lady Luck smiles upon you, and you hit the casino jackpot.

A casino jackpot is the top prize in many slot games at both land-based and online casinos. These can range from fixed to progressive, with the latter getting bigger with each bet placed. They can be triggered randomly or by completing a bonus game or feature.

The value of a jackpot is calculated by a mathematical formula. A common approach is to use the average amount wagered on a slot machine before winning the jackpot as the starting point. However, since the average wagered is not always the same as the maximum jackpot value, this can skew results.

In the United States, a casino jackpot refers to any amount that exceeds a machine’s max bet. The term is also used for a top prize in some video poker games and some other types of electronic gambling machines.

If you win a jackpot, the casino will try to handle your payout as quickly as possible. But they will need to verify your win, inform managers and security personnel, check that you’re not on a state-wide list of restricted players, and handle a lot of paperwork. This can take hours, especially if the jackpot is huge. Moreover, some jackpots are actually out of the casino’s hands because they are handled by the gaming manufacturers. You may need to wait days or weeks before seeing a penny of your winnings.