jackpot

noun

jack·pot | \ˈjak-ˌpät

Definition of jackpot

1a : 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

Synonyms Example Sentences Learn More about jackpot

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Synonyms for jackpot

Synonyms

jack, pool, pot

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 on the Web

The Jackpot Slots Fast Cash ticket instantly won a $519,456 progressive jackpot prize last year and has gone unclaimed for 11 months, according to the Michigan Lottery. — Tanya Wildt, Detroit Free Press, "Deadline nears to claim $500,000 lotto ticket sold in Detroit," 27 June 2018 One lucky Texan who just weeks ago bought a Texas Lotto ticket that matched all the winning numbers for a $30.25 million jackpot has already claimed the prize. — Anna M. Tinsley, star-telegram, "This Texan didn't wait long to claim a $30 million Texas Lotto jackpot," 5 June 2018 Then good Samaritans arrived 'Just look at him:' Rescuers raced from California to SC to save kitten trapped in well There are two major lotteries in the U.S. with jackpots around $300 million each. — Joe Marusak, charlotteobserver, "NC man rolled his eyes when wife asked him to buy a lottery ticket. Then he won big | Charlotte Observer," 23 May 2018 One hit a $5 million jackpot, according to the California Lottery. — Don Sweeney, sacbee, "He hit a $1 million jackpot in November. He just won $5 million more | The Sacramento Bee," 22 May 2018 Ayton represents the jackpot that comes with winning the lottery and hope for the future if James is gone. — cleveland.com, "Ten players in the 2018 NBA Draft who fit the Cavaliers," 15 May 2018 The recent Supreme Court sports-betting decision won’t necessarily be the jackpot for a certain ETF focused on gambling. — Gerrard Cowan, WSJ, "A Gambling ETF Bets on Global Growth," 8 July 2018 The lottery winner matched all five numbers in the Badger 5 drawing on Wednesday, June 27, to win the night's $94,000 jackpot. — Jeff Rumage, Milwaukee Journal Sentinel, "Jackpot! $94,000 lottery ticket sold at Grafton store," 3 July 2018 The entry fee for jackpot (50/50) beans is $10 with a noon turn-in. — Houston Chronicle, "Katy-area calendar of events," 12 June 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.

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More Definitions for jackpot

jackpot

noun

Financial Definition of jackpot

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

jackpot

noun