What You Need To Know About Slots Payout Rates
It is no secret that slot machines like malaysia online casino mobile account for more gambling revenue to casinos than any other game type. We know this, we accept it and we play anyway. Slots are endearing in that way. They don’t try to hide the fact that they are pure, unadulterated gambling; they embrace it. Plus, slots require no great mental effort and offer the biggest jackpots in the casino.
Slot machines offer a simple deal to all comers. Any given slot machine will probably just take some of your money, but it might also pay you a life-changing jackpot. Certain progressive jackpot slots may even turn you into an instant millionaire. As public annual revenue reports indicate, plenty of people are more than happy to take that deal. As long as you keep it under control, there’s nothing wrong with throwing a little cash at the old one-armed bandit for a chance at riches.
However, not all slot machines were created equal. Payout rates vary from one slot game to the next and have a huge impact on your long term return. While some machines are known to return as much as $0.98 for every dollar wagered, others return a measly $0.75 for every dollar wagered.
Explaining Slots Payout Rates
Payout rates, return to player and payback percentage are all terms that refer to the same thing: how much of each dollar wagered is returned to players in the form of prizes. If a slot machine advertises a 90% payout rate, that means $0.90 of every $1.00 wagered is returned to players as cash prizes.
Another way to look at it is that if you were to bring $100 with you to the casino and play all of it at a 90% payback slot game, you would expect to end up with an average of $90 remaining after feeding all $100 through the machine.
Payout Rates are a Long Term Average
Payout rates are just an average calculated over the long run. Feeding $100 worth of coins through a slot machine does not guarantee that you will end up with exactly $90 every time. In fact, you will rarely end up with exactly $90 after a single session.
Instead, you might end up with $98, $79 or even $12,520.83. The payout rate simply takes the results of thousands of spins and comes to an average by dividing the total dollar amount paid out over that period by the total dollar amount paid in over that same period.
To use a simplified example, let’s pretend we were to look at a single slot machine in Las Vegas and find that it took in exactly $1,000,000 worth of wagers over the course of a year. That same year, that machine paid out $900,000 in prizes. To find the payout rate, we would divide $900,000 by $1,000,000 and end up with 0.9. Move the decimal two places to the right and we end up with a payout rate of 90%.
In this hypothetical example, it does not mean that every gambler in Las Vegas who paid in $100 ended up with $90 worth of prizes. What it means is most players ended up either winning or losing just a little bit. A few players lost more than average while a few players won way more than average after hitting large jackpots. In the end, it all averaged out to a 90% payout rate that year.