Odds in Slots
Top slots casinos
Put a coin in, pull the lever or click the button, and collect the money. What could be easier than playing the slots? With promises of an immediate large cash payout, slot machines provide a convenient method for the gambler to cash in. With slot machine popularity increasing it is logical to assume they must offer greater odds of winning.
Cashing in is every gamblers dream. However, not every gambler likes the high stakes pressure of poker, or rolling the dice. Slots offer the little solitary thrill the more private gambler seeks.
Slots also offer quick and convenient sources of entertainment. A single slot machine can be installed in the most inconspicuous places. At the end of the bar, restaurant tables, or the local convenience store, slot machines are easy to place and even easier to maintain.
Even though readily available, it is hard to predict the odds of a particular machines payout. In card games, the number of potential card combinations determines the odds of wining. When rolling dice, odds are determined by the number of dice and dice combinations. Roulette odds are calculated by the chance of which number or color will be rolled. Slot machine odds on the other hand, are based on the coin value, the number of possible combinations, and the payout amount.
The greatest odds of winning at slots are not always with the slot machines inside the traditional casino environment. A recent study of Las Vegas area slots revealed the payout for nickel slots was 93.42% at the Palms Casino and only 85.02% at the airport. However, looking closer at the overall study revealed that on average the casino strip only paid a payout of 91.47%, but the off-strip areas actually averaged a slot payout 92.07%
For slot machines, or even online slots, payout is the largest variable in calculating the odds of winning. A slot payout is the percentage amount each machine will pay for every dollar spent. For instance, a slot payout of 95% means the slot owner will effectively keep five cents for dollar spent.
Even though a slot owner may keep 5%, it does not mean the gambler receives 95% for every dollar gambled. Overall theoretical payout is calculated by the expected value for the largest win. In the case of a $1000 theoretical payout, a gambler would have to spend $1050 on a particular slot before receiving the total payout. That is assuming that no other smaller payout has already been won.
Spending the $1050 to win $1000 does not provide a great amount of entertainment for the average slot player. Slot machine owners, and gamblers, all bank on the idea that multiple players will continue to play and win small slot amounts while building the prize bank. Once the slot machine bank approaches the theoretical payout, a gambler can step in playing a smaller amount and winning the slots payout. The challenge for the average slot player is predicting when this theoretical payout will occur.
The factor gamblers must consider in predicting the slots theoretical payout is the programming of the microchip that calculates the roles and payouts. Most slot machine programs are based upon the theoretical payout using a secret formula only known to the manufacture and in same cases casinos.
Many governments that allow slot gambling have regulated the minimum theoretical payout level. What is not regulated is when the payout actually occurs. Some slot machines pay quickly, building their bank slowly. Other slot machines build the bank quickly but do not pay very often. Even with regulation and many slot machines paying in the 90% range, it is still impossible to know a specific slot machine payout.
Compared to other gambling games, slots provide the highest risk and disparity of odds. It does not matter if the slot is online or a traditional machine, the programming of the game is where the real risk for average gambler lay. Without knowing what specific theoretical payout, or speed of payout, is programmed in the slot machine, it is virtually impossible to calculate the odds for a single machine.