jackpot

noun jack·pot \ ˈjak-ˌpät \

|Updated on: 17 Aug 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

See jackpot defined for English-language learners

See jackpot defined for kids

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

One can assume the Jamaican woman, who won a portion of the $301.5 million Super Lotto jackpot, used the cover-up to protect her identity against greedy friends and thieves.

— Essence.com, "The Quick Read: Celebrity Chef And Travel Host Anthony Bourdain Dead At 61," 8 June 2018
If there are multiple winners, the jackpot is divided among them.

— laurel andrews, Anchorage Daily News, "Clock stops in Nenana Ice Classic guessing game," 1 May 2018
Additional games and jackpot games will be available for purchase.

— christina hyder, Howard County Times, "Spring means yard sales, proms and more [North Laurel/Savage]," 26 Apr. 2018
The Mega Millions jackpot began growing May 8 and has rolled over 10 times.

— fleming smith, ajc, "Mega Millions jackpot at $144M; Powerball reaches $121M," 12 June 2018
In March, a Vernon man won a $533 million Mega Millions jackpot.

— CBS News, "$315M Powerball Jackpot winner comes forward," 8 June 2018
Birney, now co-director of the European Bioinformatics Institute (EBI) in Hinxton, UK, took the first bets at a bar during an annual genetics meeting, and the contest eventually attracted more than 1,000 entries and a US$3,000 jackpot.

— cassandra willyard, Scientific American, "New Human Gene Tally Reignites Debate," 19 June 2018
The selection of San Francisco was essentially hitting the jackpot for net neutrality advocates.

— aja romano, Vox, "Net neutrality is officially repealed. Here’s what happens next.," 11 June 2018
The jackpot was worth $315,300,000, according to Lottery officials.

— kim chatelain, NOLA.com, "Powerball ticket worth $50,000 sold in Slidell," 21 May 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

NEW! Time Traveler

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