jackpot

noun jack·pot \ ˈjak-ˌpät \

Updated on: 14 Apr 2018

Definition of jackpot

1 a : the top prize in a game or contest (such as a lottery) that is typically a large fund of money formed by the accumulation of unwon prizes

b (1) : a hand or game of draw poker in which a pair of jacks or better is required to open

(2) : a large pot (as in poker) formed by the accumulation of stakes from previous play

c (1) : a combination on a slot machine that wins a top prize or all the coins available for paying out

(2) : the sum so won

2 : an impressive often unexpected success or reward

3 chiefly Western US : a tight spot : jam

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Examples of jackpot in a Sentence

The lottery jackpot is up to one million dollars.
a wily dude who managed to get himself out of one jackpot after another

Recent Examples of jackpot from the Web

A week before that, a Fort Worth resident claimed a $1 million jackpot from the $1,000,000 Big Money scratch-off.

— anna m. tinsley, star-telegram, "Another big lottery winner in Fort Worth — this one claims $3 million | Fort Worth Star-Telegram," 10 Apr. 2018
If no one wins, the Mega Millions jackpot will get even bigger for Tuesday's drawing.

— national desk, NOLA.com, "Mega Millions numbers: Did you win Friday's $521 million lottery jackpot?," 30 Mar. 2018
The largest Mega Millions jackpot was $656 million, hit on March 30, 2012.

— BostonGlobe.com, "New England news in brief," 29 Mar. 2018
The odds of winning the Mega Millions jackpot are 1 in more than 302 million.

— chris sims, Indianapolis Star, "Unexpected Powerball payout stuns Fishers couple," 2 Feb. 2018
The winning numbers to claim the Mega Millions jackpot were 28-30-39-59-70-10.

— Bloomberg.com, "Two Tickets, More Than $1 Billion in Lottery Jackpots," 7 Jan. 2018
Now the Mega Millions jackpot resets to $40 million for the next drawing on Tuesday.

— mará rose williams, kansascity, "Mega Millions jackpot has a winner," 6 Jan. 2018
The odds of winning the Mega Millions jackpot are 1 in more than 302 million.

— darcy costello, The Courier-Journal, "The Powerball jackpot is still growing, and one Louisville store sold a $50,000 ticket," 4 Jan. 2018
The jackpot was $458 million, with a one-time cash option of $274 million.

— CBS News, "Mega Millions winning numbers announced for $458 million jackpot," 28 Mar. 2018

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'jackpot.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

First Known Use of jackpot

1865

in the meaning defined at sense 1b(1)

See Words from the same year

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jackpot Synonyms

Synonyms

jack, pool, pot;

Related Words

fund, kitty;

bet, stake, wager;

Financial Definition of JACKPOT

jackpot

noun

What It Is

A jackpot is a big winning -- often the largest a competition or event has to offer.

How It Works

Let's say John Doe goes to Las Vegas to get away from his wife for a few days. He puts a few dollars in a slot machine and pulls the handle. Three red cherries pop up, lights start flashing, and music starts playing. John has won a $250,000 jackpot -- the largest payout the slot machines offer. He collects his winnings and leaves his wife, who later sues him for half.

Why It Matters

In the finance world, a jackpot is similar to a windfall -- it is an amount of money that is usually unexpected and usually very large. Jackpots can be the result of investing in IPOs that do well, holding onto a stock that everybody else left for dead, or investing in assets that were undervalued.

Note, however, that when you win a jackpot, the IRS does too -- income is taxable, regardless of whether it was expected.

Source: Investing Answers