Slot Machine Payouts
Slot machines are programmed to take in more than they pay out. That keeps the casinos in business.
Calculating Payout PercentagesIf a slot takes in $100, and pays out $92, it will have a payout rate of 92%. This doesn't mean that if you pull the handle 100 times, you will land 92 winning combinations.
Payout RatesThe payout percentages for slot machines vary. Here is a link to a site that keeps an eye on land-based casino slot payouts. You may notice that the higher denomination machines tend to show the highest payout rates as well. I am not sure if that holds true for online casinos as well.
In general, online casinos have better odds for slot players. Many of the land-based casinos have payouts in the low 90's. Most online casinos have payouts in the mid 90's, with a few reaching as high as a 98% payout rate on a regular basis.
For example, between July 1, 2004 and June 30, 2005 the payout on the quarter slots at Foxwoods Casino Resort in CT was 91.03%, their 50¢ machines payed out 91.46%, and their $1 games payed out 92.43%. (Connecticut’s Division of Special Revenue ).
On the other hand, Roxy Palace, an online casino, payed out an average of 95.88% on their slots during the first quarter of 2006.
Payout VolitilityYou credits in a slot machine go up and down, even with a machine that has a high payout rate. Let's say you are sitting down at home, playing at Slotland, where the machines are set to a 98% payout rate.
You put $50 into your player account, and they match it as a bonus. You have $100 total to start playing. You play $1 spins, and after 100 of them, your balance is $103.
The payout percentage of the slot is ($103 paid out/$100 in spins), or 103%. Suppose you keep playing for another round of $100 in spins, during which the machine pays out $92. Now your total are ($103 +$92 in winnings / $200 in spins). That comes to a payout percentage of 195/200 or 97.5%.
That machine has been paying out steadily, and is not very volitile. Suppose you chose a different slot, one with a high payout chart. It pays out less often, but the winners are bigger. Your session might look like this . . .
For the first $100 in spins, you might win $42, for a payout of 42%. The next 100 spins might win you $63. Now your payout rate on that machine is ($42 + $63 / $200 in spins) or 52.5%. Your last 100 spins brings $184 in winnings, making your grand total for the 300 spins ($42 + $63 + $184 / $300 in spins) or a payout percentage of over 96%.
That machine paid out well, over 96%, but it was very volitile!
If you have a smaller bankroll, you might not want to play a volitile machine where all of the sinning combinations bring lots of credits because the dry spells in between winners may run you broke.
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