Who pays out for a progressive jackpot?

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webmeister
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I would be thrilled to have won that much money, even if that means having to wait 6 months for it. That is, as long as the money doesn't sit there to be played away.

To the OP, I would do some negotiation with VS. It does say in their T's and C's that the max withdrawal of £30k can be changed by mutual agreement.
 

Casinomeister

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What I mean by shared pool, is that the money is held by the software provider and that all of the casinos that host that progressive game have contributed funds into that pool. This means that when the progressive jackpot is paid out, it is coming directly from the software provider (Netent, Playtech, Microgaming etc.). It is not coming from the casino's coffers - and has nothing to do with the casino's revenue flow.

The reason for this rule in the standards is to eliminate situations where a player wins millions but can only withdraw small amounts each month - like what happened here: Playtech Progressive Scandal.
That progressive win did not belong to the casino - and they confiscated nearly half of that in the most devious way.
 

lockinlove

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I would be thrilled to have won that much money, even if that means having to wait 6 months for it. That is, as long as the money doesn't sit there to be played away.

To the OP, I would do some negotiation with VS. It does say in their T's and C's that the max withdrawal of £30k can be changed by mutual agreement.

Yeah as long as videoslots doesnt keep the money sitting there staring you in the face and cant request to have it reversed, I would be ok with it too probably.
 

nikantw

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As mentioned above the difference in this case is that the money is not held by the software provider. The limit of 30k will almost always be enforced by VS, as this case proved, if the money is not from the software provider.
But we should give VS a credit for having players money secured (medium protection) something not many others do.

One thing can be improved. AFAIK the money left stay at the accound and can be played and lost. I think you need an option to request a withdrawal and lock it and leave it there locked for as many months as it takes. If you can already do that by asking support, that is good news, but it better be as easy as the press of a button.
 
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colinsunderland

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As mentioned above the difference in this case is that the money is not held by the software provider. The limit of 30k will almost always be enforced by VS, as this case proved, if the money is not from the software provider.
But we should give VS a credit for having players money secured (medium protection) something not many others do.

But the terms and conditions don't say that, they say progressives will be paid in full. This is a progressive jackpot. It also says £30k per month, yet they are paying £24.6k.
 

slotter999

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I’ve been offered a Play Block on my account - a great idea I think
Yes a good idea. Pretty disappointing though if that's the best videoslots can do. I hope Dan comes back with something more positive.

I personally disagree with many on this thread in that I view this as a progressive jackpot which the casino has accumulated all the money towards. There is no good reason why they cannot pay that amount in full unless....they don't have it...in which case....where is the accumulated money? Pretty unfair to make you take it in installments but then I guess it's still a nice problem to have :)

Congrats on the win.
 

nikantw

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But the terms and conditions don't say that, they say progressives will be paid in full. This is a progressive jackpot. It also says £30k per month, yet they are paying £24.6k.

Its in euros (the limit) and apparently not categorized as a progressive jackpot (this win).

2.15 When and if, there are jackpot games on the website, an account holder who won a jackpot of more than € 50,000 in the progressive slots, may have to wait up to 30 working days on payment from the time of the jackpot. Account holder can then choose to take out the full jackpot profit, regardless of size.
For winnings that are not categorized as progressive jackpots, the following applies:

  • Account holders may only withdraw the maximum amount of 30,000 per month, unless a larger amount has been agreed with Videoslots. Then the Account holder is paid an amount of € 30,000 per month until all winnings has been received
 

colinsunderland

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Its in euros (the limit) and apparently not categorized as a progressive jackpot (this win).

2.15 When and if, there are jackpot games on the website, an account holder who won a jackpot of more than € 50,000 in the progressive slots, may have to wait up to 30 working days on payment from the time of the jackpot. Account holder can then choose to take out the full jackpot profit, regardless of size.
For winnings that are not categorized as progressive jackpots, the following applies:

  • Account holders may only withdraw the maximum amount of 30,000 per month, unless a larger amount has been agreed with Videoslots. Then the Account holder is paid an amount of € 30,000 per month until all winnings has been received
On the UK version it is £30000

2018-05-02.png

The definition of progressive is 'happening or developing gradually or in stages'. This is clearly a progressive Jackpot, so by paying in stages, they are breaching their own terms, unless I missed something, I did ask Dan yesterday but he hasn't replied.
 

brianmon

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Its in euros (the limit) and apparently not categorized as a progressive jackpot (this win).

2.15 When and if, there are jackpot games on the website, an account holder who won a jackpot of more than € 50,000 in the progressive slots, may have to wait up to 30 working days on payment from the time of the jackpot. Account holder can then choose to take out the full jackpot profit, regardless of size.
For winnings that are not categorized as progressive jackpots, the following applies:

  • Account holders may only withdraw the maximum amount of 30,000 per month, unless a larger amount has been agreed with Videoslots. Then the Account holder is paid an amount of € 30,000 per month until all winnings has been received
But even the game rules in the helpfile categorise it as a progressive.
Whichever way you look at it, it IS a progressive jackpot game.

In order for Videoslots T&C to be correct they need to specify 'a network progressive jackpot'

The all time RTP is currently 91.8% against it's TRTP of 96.6%, even after paying this win. So it's not like they haven't made anything from the game
 
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nikantw

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I have to agree, they can do a better job at informing the players. Up to this thread I had no idea this was not paid by Netent.
They should add a "local" and "network" section in the "jackpots" and also write "network" in the terms.

A small derail here, maybe at the CM accredited standards there should be the lock function for cashouts. It is easy to have and protects your money if they can't be processed immediately.
 
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Steviedoo

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So he will be paid 24 k a month and the rest of the money will be in his account. And he would be able to play it? That’s why they offered the play block ?
 

me_and_ed

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I have an issue with this, weather a local or network progressive these pots are filled with a percentage of players funds on every spin, being the case of a local in this instance the casino should segregate those funds so the player can be paid in its entirety, appears to be another situation where the casino gets to sit on those players built funds until the player is paid over time.
 

Dan.Videoslots

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Hello everyone,

I would firstly like to apologize that we have not been clear in the information going out to everyone, the cause for this has been internal misinformation and we have been talking on how to proceed in the correct way from here.
The Jackpot winnings will get paid, in full, to the winner. For any upcoming Progressive Jackpot winner, their money will also be paid out, in full, to them as we believe that it is the best way to handle such winnings.

Br,
Daniel.
 

colinsunderland

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Hello everyone,

I would firstly like to apologize that we have not been clear in the information going out to everyone, the cause for this has been internal misinformation and we have been talking on how to proceed in the correct way from here.
The Jackpot winnings will get paid, in full, to the winner. For any upcoming Progressive Jackpot winner, their money will also be paid out, in full, to them as we believe that it is the best way to handle such winnings.

Br,
Daniel.

Thank you for doing the right thing.
 

lockinlove

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Wow! Really didn’t expect that. Thanks very much Dan and for all those that have posted on here - I didn’t mean to cause an issue at all but glad it’s been highlighted and resolved for future winners. Cheers
videoslots is an upstanding casino and when it comes to ethics they usually lead the pack on how to act.

I bet you there is maybe a handful of casinos, if any that would have paid fully in this way especially after Bryan chimed in and said they arent obligated.

Enjoy.
 

brianmon

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videoslots is an upstanding casino and when it comes to ethics they usually lead the pack on how to act.

I bet you there is maybe a handful of casinos, if any that would have paid fully in this way especially after Bryan chimed in and said they arent obligated.

Enjoy.
@Casinomeister could maybe have a think about that one.

The reason the rule for accreditation is there, is to prevent unscrupulous casinos holding onto a network progressive after they've received it from the provider.

But in the case of a local progressive, the jackpot has already been 'received' by the casino from their customers playing the game. It's the contribution from their stakes, which builds the jackpot, and is already included in the TRTP.

Or specify 'network progressive' in the rules, to save any future confusion
 
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