Who pays out for a progressive jackpot?

colinsunderland

Experienced Member
webmeister
MM
Joined
Jan 28, 2016
Location
uk
@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

Exactly, this shouldn't be part of the cashflow, it should be ringfenced so when it's won, it can be paid in full by the casino. They have had the money, theres no excuse for it not to be paid, in fact it should be paid faster than a network progressive as they don't have to wait for the funds to be transferred by the provider.
 

Supababe

Opinions Meister!
CAG
mm1
Joined
Aug 10, 2016
Location
Lancashire, UK
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

We told you Dan had magic powers didn’t we? He can pull a punch or 2 at VS x x x

Supa loves a happy ending x
 

Jasminebed

Game old gal
Joined
Mar 13, 2008
Location
Ontario
I am very pleased with this outcome. Thank you Dan, and my fellow CM members that chimed in.

For the casino, this means a big winner can continue to play if they want, instead of going to another casino for the next six months.

For the OP, woohoo!!! If you get it all at once, it's possible to do things now like buying a home or paying down a mortgage, rather than having to "save up" for winnings for months.

It's easy to go on tilt after a big win, and hard to keep low-rolling. I know as well as anyone. Use the RG tools VS offers, and let us know what you decide to do with the money.
 

GC_Konstantin

Full Member
webmeister
Joined
Nov 3, 2017
Location
Europe
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.

Great to read that instead of updating the T&C to specify that local progressive jackpots will be the subject of maximum payout per month to a player (which btw it is 30k GBP if you live in UK or it is the equivalent of 30k EUR which then would be 26,4k GBP ?), Videoslots Casino agreed and confirmed that any progressive jackpot (be it even a local jackpot which is not paid to the casino by the game provider) shall and will be paid to the player in full in a one time payment if the player wants to.
 

GC_Konstantin

Full Member
webmeister
Joined
Nov 3, 2017
Location
Europe
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.

@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

@Casinomeister -- given the above aspect which @brianmon rightfully evidenced, and the fact that Videoslots Casino agreed that it is correct to pay any progressive (be it network or local progressive jackpot) win in full to the player, I think someone has to put the following question straight so members also know what to expect from other CM accredited casinos: will the operational standards for accredited casinos be updated to specify that it only apply to network jackpots and does not include local jackpots (those which are not paid by the software provider) or it will remain as it is which will imply that all progressive jackpots (network and local) must be excluded from the casinos max daily / weekly / monthly payout limits ?

Btw, I took a closer look at the said term ".7 Must pay out progressive jackpot wins in full or in reasonable chunks, regardless of any terms and conditions limiting payouts." and I think probably it needs to be updated in a sense to make it clearer on what the "reasonable chucks" can translate to. -- Probably it should specify a maximum time frame (say 90 days ?) for which the casino assure to pay the full winnings to the player even if it spreads the payment over multiple "decent" installments ?
 
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