jackpot meaning, definition, what is jackpot: the largest prize in a competition or game. Learn more. Jackpot definition, the chief prize or the cumulative stakes in a game or contest, gent die, er did Brother Peyton jump the game, taking the jackpot with him?. Today I found out the origin of the term “ jackpot ”. if a player does not have a pair of “jacks or better” in the first round of betting, he has to pass. This doesn't necessarily mean he has to be holding a pair of jacks, queens.