A Norwegian man in his 40s has won over €4.8 million with a stake of just €5 through the online gaming site Betsson, based in Mata.

The win is the largest payout in Betsson's history and one of the largest in online gaming.

"The jackpot has built up over a long time and it is always nice when a normal customer becomes a Betsson millionaire. The prize is the largest single win we have ever paid out and shows it is possible to win big even with small stakes," says Magnus Silfverberg, CEO of Betsson Malta Ltd.

The gamer hit the jackpot after betting €5 on Betsson's Arabian Nights online game. Jackpots have grown significantly in recent years and online games are increasingly competing with national lotteries to fulfil Europeans' dreams of becoming millionaires.

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