The IGT's Megabucks Slot jackpot was worth over $17 Million and this is the first time the progressive jackpot has been realized in Nevada since June 15, 2011, when the Grand Sierra Casino in Reno paid out $10.3 million. So, what are the chances of winning this Megabucks jackpot? Megabucks is a $1 slot machine. To be eligible for the jackpot, you must play $3.
Megabucks have 368 positions on each reel. The exact odds of hitting 3 Megabucks symbols are 1 in 49,836,032. Megabucks is a lottery as well as a slot machine. Megabucks slot machines pay out about 90% vs. 52% for the lotto. The 90% includes all returns on each dollar played. The Megabucks slot machine has similar odds as other slot machines with nearly 90% payouts. This is way better chances for a jackpot than 52%.
Keeping this in mind, the jackpot was won again this December. An unnamed woman won $17.3 million on the Megabucks slot machine. The winning spin paid out $17,329,817 on the Nevada statewide progressive jackpot. The jackpot has been reset and currently stands at $10 million. This win is the first substantial win in almost two years when a woman hit a $12.7 million Megabucks jackpot Jan. 21, 2011. The record remains $39.7 million to a California software engineer March 21, 2003, at the Excalibur.