Who pays out for a progressive jackpot?

[Steviedoo]

ugh videoslots...come on...

 

[Supababe]

Buy a euro millions ticket or 2 now x

Crazy luck and a massive congratulations.

As always, I have to put this :

Please, please spend wisely and enjoy your good fortune. It’s life changing so make it change for the better....
you might even consider leaving the slots alone for a while. Even giant balances diminish quickly on Max bet + autoplay.
....and chasing the win increasingly dangerous.

Sorry if this sounds like a lecture.... it’s not, I’m just mummy bear here on the forum my little cub x

 

[nutnut]

6 months is pathetic. If this was any other. casino it would be 5 pages long.

Player should be paid in full

 

[Dan.Videoslots]

Hi again guys,

Don't worry, I will talk to the correct department tomorrow morning and keep you all updated here.

Br,
Daniel.

 

[dbl88]

Following

 

[Supababe]

I came to the thread earlier as I wondered only this morning about the Will Hill promo for £5 on a king jackpot slot. Winnings from free cash capped at £20. Would this apply if a JP was won do you think? and would Will Hill keep the payout from the provider?

 

[paul7388]

I came to the thread earlier as I wondered only this morning about the Will Hill promo for £5 on a king jackpot slot. Winnings from free cash capped at £20. Would this apply if a JP was won do you think? and would Will Hill keep the payout from the provider?

Saw it in William Hills terms before. Winnings are capped except for jackpot wins. If you hit the Jackpot you would get paid it.

 

[ssrrlldog]

What reason did they give for paying in installments? I'll be honest, I wouldn't be happy with this, it is clearly a progressive Jackpot. I can't see anything in the T&C's that state the payouts are different if its local or networked.
Why only £24600 when the T&C's state £30000?

• 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.

Think it's 30,000 Euros and although it's a progressive it's still considered a local jackpot.

 

[colinsunderland]

Think it's 30,000 Euros and although it's a progressive it's still considered a local jackpot.

You are in the UK though aren't you, so it's £30000 according to the T&C's, and the T&C's don't make a distinction between types of progressives so you should be paid all at once.

 

[ssrrlldog]

Thanks all - let's see what happens tomorrow. Seems there has been some miscommunication along the line somehow but no matter when I'm paid I've still won a life changing amount so got nothing to grumble about and everything to look forward to!

 

[brianmon]

The fact that it is a local jackpot makes the situation worse.
3.7% of all bets contribute to the mega jackpot, and 20% of that total amount is reserved to reseed the jackpot plus €10,000.
The TRTP of 96.59% even takes into account the €10,000 reseeding.

So assuming this is the first time it's paid out at VideoSlots. It must have turned over around 3,600,000 to generate a jackpot of 133,000.

So VideoSlots have already received the money to pay it out, from people playing it previously.
Ideally they should have ring-fenced the amount of contributions, so they were able to payout in full.
Since they're the only site where that jackpot could have been won

 

[Casinomeister]

The CM standards for the progressive jackpots to be paid out in one lump sum or so are based on the logical presumption that it is a from a shared pool of funds. If it is from a non-shared pool (like in this case), then their payout policies apply. I will update the CM standards to reflect that. This is not the time to start badgering the casino rep. Thanks!

 

[ssrrlldog]

As mentioned in an earlier post I’m just happy to get the money whether in instalments or one go. I just wanted to provide an update on my original post. No complaints about at all from me (just a comment on the slightly confusing communication).

 

[lockinlove]

6 months is pathetic. If this was any other. casino it would be 5 pages long.

Player should be paid in full

5 pages long of what? The rep said he was looking into it so nothing to really say until then aside from congrats.

 

[aceking123]

The CM standards for the progressive jackpots to be paid out in one lump sum or so are based on the logical presumption that it is a from a shared pool of funds. If it is from a non-shared pool (like in this case), then their payout policies apply. I will update the CM standards to reflect that. This is not the time to start badgering the casino rep. Thanks!

Not sure on that brian it is a shared pool every player who plays that slot pays into the pot , this is no different from any other progressive slot payout , just thats its a local jackpot from casino , but still is a progressive win so should be paid in one payment.

 

[interlog]

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]

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]

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]

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.

 

[ssrrlldog]

I’ve been offered a Play Block on my account - a great idea I think

 

[colinsunderland]

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]

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]

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]

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



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]

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