Can anyone explain who holds the jackpots $$ and who pays whom?

[HankP]

Hello All,

Being new here I wanted to get a better understanding on how these jackpots are won and collected?

I see many progressive jackpots and I was trying to figure out whom holds the money? If I were to win and claim the jackpot does the software IElaytech pay me or does the casino? how does that work exactly?

When or if a jackpot is won do I get to claim the whole amount or is it a negotiation with the casino where it is won to claim winnings? or do they set their own payment rules and regulations?

Does anyone IE Gaming commissions overview the transaction?

Thanking you all in advance for your responses...:notworthy

 

[metaxa]

don't know it for sure...

at Microgaming the Software Provider MG itself collects the money via jackpot contributions from the Operators. If a jackpot is won, the money is being paid from Microgaming to the Casino Operator, who pays you then quick in a lump sum.

at Playtech the system works similar, but here I don't know, what happens if a Million-Dollar Jackpot is won, but the Casino Operator has a max cashout of 10.000 Dollars a month (the majority of Playtechs have that limit). When its handled as at Microgaming, that would mean the Operator sits then on Millions of Dollars in Cash over years, which belongs to the player.

In one case I know that a lady got a higher monthly payout from a Playtech, after she agreed to have her photo and story published. But it was then only the double monthly max cashout, she still has to wait for years to get the all the Millions.

 

[Tengil]

Assuming a casino pays the progressive in installments and they have got the whole sum from the network.

So what happens if the casino goes belly up?

 

[love2winalot]

Hiya: I do not know who holds the money, but i do know that several years ago, I Volunteered, to hold the money for them, AND THEY SAID NO??????

hehehe