Who pays out for a progressive jackpot?

[colinsunderland]

 

[nikantw]

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.

 

[Steviedoo]

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 ?

 

[brianmon]

IIRC 'Cosmic Fortune' is also a local progressive game

 

[me_and_ed]

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]

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]

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.

 

[ssrrlldog]

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

 

[lockinlove]

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]

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

 

[colinsunderland]

@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]

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

 

[Steviedoo]

all's well that ends well.
enjoy your money...

 

[Nicola]

Fantasic news

Enjoy the winnings!

 

[sapit222]

Great news!

 

[interlog]

Excellent news and well done VS for doing the right thing!

 

[Jasminebed]

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]

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]

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 ?

 

[brianmon]

At least everyone knows now that Videoslots is probably the safest place to play local progressive jackpot games