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Remember the movie National Lampoon’s Vegas Vacation, when gambling fever consumes Chevy Chase’s character, Clark W. Griswold? He goes on a losing streak to beat all losing streaks while his son, Rusty, wins four cars by playing the slot machines. Maybe Clark would have done better if he had read Probability For Dummies! In this article, you discover the basic ideas behind slot machines and how they work, so that you can get past the myths and develop a strategy based on sound probability.
Understanding average payout
When casinos advertise that their slot machines pay out an average of 90 percent, the fine print they don’t want you to read says that you lose 10 cents from each dollar you put into the machines in the long term. (In probability terms, this advertisement means that your expected winnings are minus 10 cents on every dollar you spend every time the money goes through the machines.)
Suppose you start with $100 and bet a dollar at a time, for example. After inserting all $100 into the slot, 100 pulls later you’ll end up on average with $90, because you lose 10 percent of your money. If you run the $90 back through the machine, you’ll end up with 90 percent of it back, which is 0.90 x 90 = $81. If you run that amount through in 81 pulls, you’ll have $72.90 afterward (0.90 x 81 = 72.90). If you keep going for 44 rounds, on average, the money will be gone, unless you have the luck of Rusty Griswold!
How many pulls on the machine does your $100 give you at this rate? Each time you have less money to run through the machine, so you have fewer pulls left. If you insert $1 at a time, you can expect 972 total pulls in the long term with these average payouts (that’s the total pulls in 44 rounds). But keep in mind that casinos are designing slot machines to go faster and faster between spins. Some are even doing away with the handles and tokens by using digital readouts on gaming cards that you put into the machines. The faster machines can play up to 25 spins per hour, and 972 spins divided by 25 spins per minute is 38.88 minutes. You don’t have a very long time to enjoy your $100 before it’s gone!
The worst part? Casinos often advertise that their “average payouts” are even as high as 95 percent. But beware: That number applies only to certain machines, and the casinos don’t rush to tell you which ones. You really need to read or ask about the fine print before playing. You can also try to check the information on the machine to see if it lists its payouts. (Don’t expect this information to be front and center.)
Implementing a simple strategy for slots
Advice varies regarding whether you should play nickel, quarter, or dollar slot machines and whether you should max out the number of coins you bet or not (you usually get to choose between one and five coins to bet on a standard slot machine). In this section, you’ll find a few tips for getting the most bang for your buck (or nickel) when playing slot machines.
Basically, when it comes to slot machines, strategy boils down to this: Know the rules, your probability of winning, and the expected payouts; dispel any myths; and quit while you’re ahead. If you win $100, cash out $50 and play with the rest, for example. After you lose a certain amount (determined by you in advance), don’t hesitate to quit. Go to the all-you-can-eat buffet and try your luck with the casino food; odds are it’s pretty good!
Choosing among nickel, quarter, and dollar machines
The machines that have the higher denominations usually give the best payouts. Casino shopping 19 cours gambetta 34000 montpellier de. So, between the nickel and quarter slots, for example, the quarter slots generally give better payouts. However, you run the risk of getting in way over your head in a hurry, so don’t bet more than you can afford to lose. The bottom line: Always choose a level that you have fun playing at and that allows you to play for your full set time limit.
Deciding how many coins to play at a time
When deciding on the number of coins you should play per spin, keep in mind that more is sometimes better. If the slot machine gives you more than two times the payout when you put in two times the number of coins, for example, you should max it out instead of playing single coins because you increase your chances of winning a bigger pot, and the expected value is higher. If the machine just gives you k times the payout for k coins, it doesn’t matter if you use the maximum number of coins. You may as well play one at a time until you can make some money and leave so your money lasts a little longer.
For example, say a quarter machine pays 10 credits for the outcome 777 when you play only a single quarter, but if you play two quarters, it gives you 25 credits for the same outcome. And if you play the maximum number of quarters (say, four), a 777 results in 1,000 credits. You can see that playing four quarters at a time gives you a better chance of winning a bigger pot in the long run (if you win, that is) compared to playing a single quarter at a time for four consecutive tries.
The latest slot machine sweeping the nation is the so-called “penny slot machine.” Although it professes to require only a penny for a spin, you get this rate only if you want to bet one penny at a time. The machines entice you to bet way more than one penny at a time; in fact, on some machines, you can bet more than 1,000 coins (called lines) on each spin — $10 a shot here, folks. Because these machines take any denomination of paper bill, as well as credit cards, your money can go faster on penny machines than on dollar machines because you can quickly lose track of your spendings. Pinching pennies may not be worth it after all!
Are They Worth Playing?
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Did you know that the average income in 1913 was $4,000? That every penny back then is worth a quarter in today’s dollars? [1]
Okay, but what does that have to do with penny slots?
A lot. Let me explain.
Back then playing penny slots was a much bigger deal. Every penny you risked made up a much larger percentage of your income than it does today. Never mind playing 40 lines (had they been around) – that would’ve equaled almost $10 per spin today.
So back then you’d get pretty dang excited hearing 100 pennies hit the tray. CLANG! CLANG! CLANG! That’s the equivalent to one-third the average weekly salary. A big deal, to say the least.
But that’s hardly the case nowadays. Hell, what does a penny get you anymore? Even Obama is open to getting rid of the penny. [2]
So that brings us to a very important question:
Should You Even Bother With Penny Slots Anymore? Are They Worth Playing?
I think so. Let me give you a few reasons why (below).
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1. You can win lots of money, for starters.
You’d be forgiven for thinking you could only win hundreds of thousands – or even millions of dollars – by playing the costly progressive slot machines. Nothing against them, but I have no desire to spend $5 or more per spin. Do you?
And that’s okay, because it’s 100% possible to win life altering money playing penny slots. Here’s one of many examples:
In 2006 a 66-year-old man in Nevada stuck it rich when he won the largest amount ever recorded from a Penny Megabucks machine. How much did he win?
Oh, only $18,799,414. [3]
But lets make something clear – this isn’t normal. I am not saying you’re going to win millions of dollars. The odds are against you, honestly.
I’m only saying that it’s possible.
2. Some of the coolest machines are penny slots.
Just check out some of the slot games you can play:
The Dark Knight
The Dark Knight Rises
60s Batman and Robin
Wonder Woman
Superman
Hitman
Wizard of Oz
Monopoly
Life
Clue
Willy Wonka
Star Trek
Iron Man
Wheel of Fortune
Lord of the Rings
Grease
Jeopardy
This barely scratches the surface – there are TONS more where these came from. And they come from the best slot software companies, such as:
BetSoft
Real Time Gaming
Microgaming
Playtech
Bally
IGT
WMS
Aristocrat
One thing to keep in mind though –
Where you live will determine what slots you can or can’t play. For example, players in the United States can only play penny slots from BetSoft or Real Time Gaming. Software companies like Microgaming and Playtech don’t cater to US-friendly casinos.
3. You can still play for (and win) slot jackpots.
Think you can only win jackpots by playing those big, expensive dollar machines?
Well, you’d be wrong. Many penny slot machines have jackpots you can win.
For example, a few weeks ago in Missouri I was playing a random slot machine. It had two jackpots – one was for smaller stakes and the other for larger stakes. I happened to win the smaller one for $30. The cool part is this jackpot HAD to payout before it reached $40.
And here’s another example…
The wife and I enjoy playing the Adventures to Neverland slot. This has a progressive jackpot for each of the characters – Captain Hook, Peter Pan, Wendy and I think Tinkerbell. Whenever you play a bonus round you have a chance to win one.
Then you have my example above where people have won millions playing penny progressive slots.
So the jackpots are out there – you just have to find them. (And a good way to do that is to visit our recommended casinos above or read our casino reviews.)
4. You can try them out for cheap.
Maybe a machine catches your eye, but you have no idea if you’ll like playing it. The theme might suck or maybe it doesn’t have bonus rounds.
The good news is penny slots let you find out for cheap. You can wager as little as one cent, which means you won’t lost more than $3-$6 (on average) in an hour.
Plenty of time to decide if the machine is any good.
Then once you do then bet all the lines (for $12-$30 per hour). At that point you’ll be having fun and increase your chances at hitting something good.
Pro Penny Slot Tips
I wanted to wrap this page up with some tips for playing penny slots. These tips will help you online or in a brick and mortar casino. So lets get to it.
1. Be careful! You can spend money fast playing penny slots.
Yes, you’re only spending 1-60 cents per spin. But keep in mind you can make 400-600 spins PER HOUR. Do the math:
1¢ = $4-$6/hr
60¢ = $240-$360/hr
And that’s only at one bet per line. You can usually make 3-5 bets per line, which means you can spend upwards of $1,800 per hour.
2. Some machines payout more often or trigger more bonus rounds than others.
One thing I have noticed is that some machines are just setup to payout more, and more often. The same goes for bonus rounds.
So I suggest finding a machine that does. Because even if you’re not winning any money, at least you can have a good time playing mini-games and getting small wins here and there.
3. Get a players card.
Remember what I said above about how much money you can spend on a penny slots?
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If you get a players card then all that money you spend will contribute to you getting more spins (which can turn into LARGE WINS), cash back or, if you’re playing live, buffet or drink coupons.
4. Find a machine with bonus rounds and jackpots.
Even if the winnings won’t often be as big as the larger denomination machines, hitting any kind of jackpot or bonus round is exciting. And any sort of winning – no matter the size – will give you something to talk bout with your friends later.