When you hear the term ‘penny slots’, do you think “Big wins”? Probably not, and that may be a commonly held misconception. The truth is, you can potentially win big on some online slots and penny slots.

The online slot world is filled with entertainment and potential, and taking a spin on some fantastic slot games does not have to cost much, depending on the game, of course.

If you want to find out more about the chances of winning big in online and penny slots, continue reading this King Casino blog post.

We explore the likelihood of winning in online slots, how much you can possibly win, and go through a list of some big slot machine winners!

How Much Can You Win On Online Slots?

Slot games are popular in online casinos for many reasons, including their randomness. While many people enjoy the chance aspect of slot games, they also may like the possibility of winning big.

However, the exact amount of how much you can potentially win when playing slot games depends on the type of slot game you are playing. For example, some slot games offer fixed jackpots, meaning they have a predetermined amount that does not change. 

Others can offer progressive jackpots. Progressive jackpots do not have a fixed amount. Their prize size changes with every participating bet players make. These jackpots can have initial amounts starting from in the millions, typically ￡2 million, depending on the game. 

You can always refer to the game’s paytable to see what the starting seed amount is for a particular progressive jackpot.

Some slot players have made some big wins from progressive jackpot slots. For example, a Las Vegas player won an amazing $39.7 million (￡30.9 million) in 2003.

How Likely Is It To Win On Online Slots?

The likelihood of winning in slot games can be indicated by the game’s Return to Player (RTP) rate. The RTP of a slot game is a theoretical representation of how much it may give back to its players over time.

Slot games typically have RTP rates ranging from 86% up to 98%. For example, if playing a game with a 95% RTP, you could potentially win ￡95 for every ￡100 wagered.

But remember, this is only a theoretical value calculated over hundreds and thousands of simulated spins, and all slot games at regulated casinos are random. So, you may win more than this or nothing at all.

Also, remember that slot games have a Random Number Generator (RNG) software or chip if land-based. This RNG helps in making sure that the slot game’s results are always random and fair.

To improve your chances of potentially winning, you could consider playing slot games that offer a higher RTP rate. For example, a slot game with a RTP of 96% may have a higher winning potential than one with 90%.

However, nothing is ever guaranteed, and progressive jackpot slots tend to offer a lower RTP rate.

Some slot players may choose a game based on its RTP percentage. Others may only play games that offer a high max potential win. Overall, it comes down to personal preference.

Do Slot Machines Ever Hit The Jackpot

As mentioned above, some slot games offer jackpots, fixed and/or progressive, and a number of slot game punters have won them. However, you can only potentially hit the jackpot if you play a slot game offering one.

Not all slot games have jackpots, but they all have a maximum potential win, which varies from game to game.

Typically, the slots offering the biggest possible win are the progressive jackpot slots. These jackpot prizes have the potential to reach up into the millions!

Progressive jackpot games can be linked to several casinos and have a payout pool that keeps growing with each bet. If you land a winning combination that triggers the jackpot, you will be the winner. 

How much you win, however, will depend on the slot and the type of jackpot you are playing. Slot games usually have tiered jackpots, and you can refer to the game’s paytable or rules to learn more.

Can you Win Big Money on Penny Slots?

Yes, you can potentially win big money on penny slots. Remember that winning in a slot game is determined by the RNG. Despite their minimum bet size, some penny slots have the potential to award big wins!

Do You Have To Play Max Bet To Win The Jackpot?

Although it is possible to win the jackpot by playing a maximum bet on a slot machine, it may not always be necessary, depending on the game.

In some slots, you may potentially win the jackpot regardless of how much money you bet, but others may require a specific minimum bet amount. 

You can read the game rules to learn more about any possible jackpot prizes on offer and how they may be triggered.

Big Slot Machine Wins: List of Big Winners

Despite the rarity of hitting a massive jackpot, there have been a number of slot game winners who bagged slot machine jackpots. Below is a short list of some notable slot game winners:

• A Finnish player in 2013 won €17.8 million (￡13.3 million) on the Mega Fortune progressive jackpot slot from a ￡0.25 bet.
• A British soldier won ￡13.2 million on Mega Moolah in 2015.
• A punter from Aberdeen won ￡6.3 million playing Hall of Gods.
• A Newcastle punter made another impressive win worth ￡5.4 million in January 2023.

This list is by no means exhaustive. These are only a few players. There have been many more winners over the years, with some opting to remain anonymous. 

Conclusion

In conclusion, you can potentially win big in online slots and penny slots, depending on the game. To learn more about a specific jackpot or penny slot, it may be best to read the game rules and paytable. 

*All values (Bet Levels, Maximum Wins, etc.) mentioned in relation to these slot games are subject to change at any time.