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.
Both types of machines have a certain payout related to them. The truth is the outcome of the game is pretty much the same as in any slot machine, but you have a chance of winning more money playing Class 3 machines. Electronic Bingo Machine: How Do Bingo Slot Machines Work. Electronic bingo games are quite similar to Class 2 slot machines. Variance can simply be put as the payout ratio of a slot machine. Many high variance slot games will have around the same RTP value as low and medium-sized volatility slots. High Volatility vs. Low Variance Online Slots. High variance slot machines are for players that are willing to take a risk and are on a good budget.
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!
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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. 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!
By Nicholas G. Colon
When you walk onto a casino your senses are assaulted by flashing lights, and the sounds of slot machine bells and beeps indicating payoffs to players. There are several thousands of slot machines on a casino floor and have scores of different themes. The overwhelming majority of slots available at online casinos are also found in land-based casino. Winkslots is a great online slots website that has a wide variety slot games for players to play. These slots machines have various themes to them. Some are inspired by movies and popular TV shows, while others have the subject of famous rock bands and general topics like aliens or monsters. Whatever the topic is these modern games have highly sophisticated graphics and sounds that give the player a real interactive experience with the game.
Most of the newer games seen in casinos (online and land based) are multi-credit and multi-line games that have highly recognizable themes like Wheel of Fortune and Wizard of Oz, while others are more generic themes like fire fighters, space aliens and the standard 3 wheel slot machines. Many of the multi-line, multi-credit machines that dominate the gaming realm have bonus round options where the big jackpots are attainable. Even though the chance of hitting a big payout is rare, it adds excitement to the play experience.
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The latest trend for slot games is to have TV show themed games that people are familiar with. It occurred to me that players may want to know the difference between main stream themed machines and generic themes as well as between the multi-line, multi-credit games and the traditional 3 wheel slot games.
First the difference between the multi-line, multi-credit machines and the traditional 3 wheel slot machines. Prior to the 2001 tech crash casinos were making copious amounts of money from the standard 3 wheel slot machines. In an effort to increase their revenue operators and casinos introduced a new type of machine one that would increase the wager amount of the player as well as increasing the hold percentage for the casino.
To illustrate the cost of play difference, consider the effects on a routine player (i.e. one who visits a site twice a week and plays on an average of 2 hours per trip). For the 2 variations of games we will assume an average bet of $.75 for the traditional 3 coin quarter game and $.90 for the new multi-line, multi-credit games (18 lines at $.05 per line).
3 Coin Quarter Player
The average spin rate of a slot is 10 spins a minute, therefore over a 2 hour play period this represents a total number of spins of 1200. With an average bet of $.75 and a 10% hold this represents a player lost of $90 for a single trip. With a routine player coming 2 times a week this represents a total loss for the month of $720
Multi Line, Multi Coin Games
With an average spin rate of a slot is 10 spins a minute over a 2 hour play period this represents a total number of spins of 1200. With an average bet of $.90 and a 10% hold, this represents a player lost of $108 for a single trip. With a routine player coming 2 times a week this represents a total loss for the month of $864. The total effect of this cost of play example is a $144 increase in loss per month. This is a 20% increase in loss rate or a 20% decrease in value to a player.
Traditionally, as casinos shift from higher denominations to lower denomination games the hold % increases. So as players moved from quarter games to nickel games the player is betting more while losing more.
The difference between the multi-line, multi-credit machine and the traditional three wheel machine is an important distinction when evaluating value for slot games. An equally important aspect for players to be aware of is to understand the difference between mainstream branding and the generic branding themes of slot games.
The benefits that name and image recognition bring is that people will be subconsciously be drawn to the machine. Play rates will increase at first but then rapidly fall after a few quarters. These initial benefits are from the casinos perspective. From the players perspective the benefits of playing name brand machines over generic themed machines are exactly none.
Casino game developers are not allowed to name a game whatever they want and put any image on a slot machine they want. They have to pay product licensing fee to the company who holds the rights to the name and images. And the popular culture icons that are used do not come cheap for the game developers. These fees are on top of the initial development cost, and the regulator’s approval cost. The total cost to get a new game into a single market is well over 1 million dollars and take several years to complete.
To recoup those initial funds and pay the licensing fee to the owners of the image rights the casinos have to increase hold percentages of the machines. This burns out players at an accelerated rate. The casinos get the money from the players at a faster rate and this decreases the entertainment value for the player. Simply stated playing a generic machine will prolong the players time on device.
Slot Machine Vs Pendulum Machine Operator
Despite these short comings casinos game developers continue to put out multi-credit, multi-line branded games at the World Global Gaming conference every year. The market has become saturated with these games and the players are the ones that get the short end of the stick.