If you’re a fan of slot machines, then chances are high that the beckoning pot of gold known as the casino jackpot has caught your eye. These massive prizes are what makes many slot games so enticing and can lead to life-changing wins. But before you decide to spin for the big bucks, it’s important that you consider a few things about the different types of casino jackpots.

Fixed jackpots

Fixed jackpot slots are one of the most common types of casino games. These are games where the jackpot remains a constant amount, regardless of how many times players play the machine. In some cases, the jackpot can reach millions of dollars. This type of jackpot is also popular at land casinos and can be found in video poker and slot machines.

Progressive jackpots

Progressive jackpots are one of the most sought-after prizes in casino gambling. These jackpots are calculated from a percentage of the bet made by players who play on a specific game. Usually, the value of these jackpots is set within a specific range. This way, the chances of winning a jackpot are much higher than for non-progressive jackpots.

When you win a jackpot, the casino will make a loud noise and light up the machine to signal that a winner has been found. A member of the casino staff will then be called to verify the win and issue a W-2G form, a special IRS form designed specifically for gambling winnings. You will then be able to choose whether you would like the lump sum or an annuity payment.