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Nevada Megabucks Record: $28 Million and Climbing!

Megabucks is a dollar progressive slot machine that's supplied and linked state-wide by International Game Technology, the world's largest manufacturer of slots. It began in Nevada in 1986, and now covers 157 casinos.

The previous record slot jackpot was $27,582,539, won by a Megabucks player Nov. 15, 1998, at Palace Station Hotel & Casino in Las Vegas.

The casinos don't pay the Megabucks jackpots; IGT does, in return for a share of the revenue from the machines. The company buys annuities to cover the jackpots, and winners are paid in annual installments. When there is a winner, the jackpot is re-set at $5 million.

To fund the huge jackpots, Megabucks machines have a lower payout rate than similar machines that are not linked.

IGT has copied the idea for other denominations of slots and for other states, using different names. Because gaming is regulated at the state level, the progressives can't be linked across state lines.

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