I was in Laughlin yesterday and came across a $1 Million Progressive
Keno game. This is a 10-spot game, for $1. Because of the huge
jackpot, compared to most I've seen, I decided to check the odds.
The pay table is as follows:
4 hits: 50 cents
5 hits: $1
6 hits: $5
7 hits: $50
8 hits: $500
9 hits: $5000
10 hits: $1,038,366
It turns out the long term return is a miserable 47.8%! To reach
100% the progressive must be $5,700,000.
Certain details in the Official Rules are interesting. First, they
allow the player to play up to 1000 games at a time (every 10
minutes), meaning it's possible to play 6000 games an hour, or
144,000 a day. And you don't need to be there to do it! Second,
multi-race tickets cannot be voided. Thus, if you should happen to
hit the big one you can't void the games you've already paid for. In
other words ... no "early out". Third, the winner is paid a lump
sum, so tax implications need to be considered.
There you have it. Now, all I need to do is wait 10 years for the
jackpot to reach $5,700,000.