Pull the trigger on progressive 8

Apr 18, 2005 5:08 AM

There are quite a few progressive tickets around these days, and one of the most popular is the progressive 8-spot. This is one of the few wagers in the casino or the keno lounge where the player can, with proper playing strategy, actually play with a positive mathematical expectation. In other words, the player can in certain situations expect to win more money than he or she has played.

This is not a sure thing, of course; you are still gambling. The odds against hitting a solid 8-spot are about 230,115 to one.

When we say that the player has a positive expectation, we mean something like this. Suppose that the jackpot on a $1 8-spot is $400,000, with only the solid eight paying a winner to simplify matters. Since the odds against winning are 230,115 for one, we divide 400,000 by 230,115 and get a figure of 1.74. This means that we EXPECT to win $1.74 for every dollar we bet, which is a pleasant prospect. This would hold true only until the progressive is hit and then reset, of course.

To reap this benefit, the player must not play the progressive until it reaches at least the break-even point. Below is a chart that will help you determine that point easily. The chart tells you, for various 8-spot prices, how much money must be added to the initial jackpot in order to reduce the house percentage by x-percent. NOTE THAT THE FIGURE ON THE CHART DOES NOT INCLUDE THE INITIAL JACKPOT, which is usually but not always $50,000.

PROGRESSIVE 8 SPOTS
PERCENTAGE REDUCTIONS

 

$1.00

$2.00

$3.00

$4.00

$5.00

1%

$2,300

$4,600

$6,900

$9,200

$11,500

2%

$4,600

$9,200

$13,800

$18,400

$23,000

3%

$6,900

$13,800

$20,700

$27,600

$34,500

4%

$9,200

$18,400

$27,600

$36,800

$46,000

5%

$11,500

$23,000

$34,500

$46,000

$57,500

6%

$13,800

$27,600

$41,400

$55,200

$69,000

7%

$16,100

$32,200

$48,300

$64,400

$80,500

8%

$18,400

$36,800

$55,200

$73,600

$92,000

9%

$20,700

$41,400

$62,100

$82,800

$103,500

10%

$23,000

$46,000

$69,000

$92,000

$115,000

11%

$25,300

$50,600

$75,900

$101,200

$126,500

12%

$27,600

$55,200

$82,800

$110,400

$138,000

13%

$29,900

$59,800

$89,700

$119,600

$149,500

14%

$32,200

$64,400

$96,600

$128,800

$161,000

15%

$34,500

$69,000

$103,500

$138,000

$172,500

16%

$36,800

$73,600

$110,400

$147,200

$184,000

17%

$39,100

$78,200

$117,300

$156,400

$195,500

18%

$41,400

$82,800

$124,200

$165,600

$207,100

19%

$43,700

$87,400

$131,100

$174,800

$218,600

20%

$46,000

$92,000

$138,000

$184,000

$230,100

21%

$48,300

$96,600

$144,900

$193,200

$241,600

22%

$50,600

$101,200

$151,800

$202,500

$253,100

23%

$52,900

$105,800

$158,700