Used in informal conversations and often involves luck in gambling or lotteries. When he won the poker tournament, he said he'd finally hit the jackpot.
Pro Tip 2/3
Unexpected Windfall
Implies a large amount of money won or received unexpectedly and easily. After investing in stocks on a whim, I hit the jackpot when their value soared.
Pro Tip 3/3
Not Literal
Can be used metaphorically, not just for actual money wins. Our team hit the jackpot with that unexpected sponsorship deal.