The flashing lights, the sirens and the stunned silence before an eruption of cheers — hitting the Megabucks slot jackpot is a once-in-a-lifetime moment.
But as one lucky player celebrates their multimillion-dollar win, behind the scenes, a carefully coordinated process is already in motion. The slot machine locks up, casino staff notify security and officials from the game’s manufacturer, International Game Technology, are called in to verify the win.
“As soon as the jackpot hits, the game displays the winning amount and IGT’s central system then resets the wide-area progressive meter to $10 million, which is automatically broadcast to all other Megabucks games connected to the system,” an IGT spokesperson explained.
Megabucks is unique because of its huge jackpot potential, low hit frequency and annuity payout option. Other gaming jurisdictions, such as New Jersey, offer a version of Megabucks, but Nevada’s wide-area progressive offers the largest payout.
The exact odds of winning Megabucks are not publicly disclosed by IGT. Estimates from gaming experts suggest the odds are around 1 in 49.8 million per spin. For comparison, the odds of hitting a royal flush in video poker are 1 in 40,000, while the odds of winning the Powerball jackpot are roughly 1 in 292 million.
Other progressive slot machines, like Wheel of Fortune, Lightning Link or Dragon Link, offer more frequent jackpots but at lower amounts and typically pay out in full immediately.
Unlike most slot jackpots, a Megabucks payout is not as simple as printing a ticket or handing over a giant check. Because Megabucks is a statewide progressive system, its jackpot is funded by thousands of linked machines across Nevada, and IGT — not the individual casino — handles the payment.
Once the win is confirmed, the massive jackpot resets to $10 million on every Megabucks machine in the state. The winner faces an important financial decision: take a reduced lump sum upfront or receive the full amount through a 25-year annuity.
The most-recent Megabucks jackpot was won last month at Virgin River Casino & Lodge in Mesquite. An anonymous gambler hit for more than $12.3 million on a $5 bet on Feb. 16. According to a news release, the gambler was playing Megabucks Spitfire Multipliers Red Hot 7s.
In 2023, there were two Megabucks jackpots won. The first was for $14 million, which was won at South Point hotel-casino in April. In August, a gambler won $10.1 million at Atlantis hotel-casino in Reno.
The largest Megabucks jackpot in history was won on March 21, 2003. A 25-year-old software engineer from Los Angeles won $39.7 million while playing at Excalibur hotel-casino. He had bet the minimum amount required ($3) to enable a player to win the jackpot.
The longest dry spell without a Megabucks jackpot was over two years (2015-2017) before a $11.8 million jackpot hit at the Fremont hotel-casino in downtown Las Vegas.
Contact David Danzis at ddanzis@reviewjournal.com or 702-383-0378. Follow @ac2vegas-danzis.bsky.social or @AC2Vegas_Danzis on X.
