The name was officially adopted in 1963 when it was determined the name had long been in local usage. Although the origin of the name is not known, there may be at least two explanations. The Dictionary of Canadianisms defines jackpot to mean "a difficult or embarrassing situation, a predicament." Whether the creek was the site of an embarrassing incident, or of something more positive is not recorded. The more widely known meaning of the word comes from games of chance, meaning to have great luck.

Flows north-east into Hay River approximately 149 km north of High Level.