One of the biggest mistakes penny slots players make is playing without a budget. They assume that because they play at such low rates , they don’t have to worry about how much they are spending. But even if you only play one penny per spin, losses can come up pretty quickly.
This is how casinos view a slot machine – it is a gambling device that occupies a specific place in the casino hall. There is a limited amount of space in the casino and the manager’s task is to maximize the amount of money that the casino makes from one square meter. If in this situation you are the manager and you have a game that takes a penny per spin, but it takes the same amount of space as a game that takes a dollar per spin, then how do you make up for such a large difference in bets?
The answer is that you are lowering the payout percentage on machines with lower stakes. In Las Vegas, all slot machines are required to have a payout percentage of at least 75% by law, however, high limit slots often have a payout percentage of 93% or more . But what does that mean directly in dollars and cents? The average slot machine player makes about 600 spins per hour. If this player bets one penny per spin, then he will invest $ 6.00 per hour. But if this player bets one dollar on the spin, then he will invest $ 600.00 in the game per hour.
Penny slot machines payouts
Payout percentage is the theoretical amount of money a player will receive back in that hour. Thus, if you play a penny slot with a payout percentage of 75%, you will get $ 4.50 back, which is a net loss of $ 1.50 per hour. If you play a dollar per spin with a 93% payout percentage, you will get $ 558 back and a net loss of $ 42.
Of course, these are only theoretical sums applicable to an infinite number of spins. Anything can happen over a short distance, but the casino has a mathematical edge that is very difficult to beat. They can wager a 99% payout percentage on the dollar machine, and it will still be more profitable for the casino than a penny slot.
But the average slots player doesn’t bet just one penny per spin. The average player makes the maximum bet, which could be five cents per line, and it could be (probably) a machine with several lines, like nine. The player now bets 45 cents on each spin, which increases the total amount he invests in the game to $ 270 per hour. With a 75% payout, this player can expect to lose $ 67.50 an hour.
Thus, penny slot players on average lose more per hour than dollar slot players, despite the fact that they play at lower rates.
Smart penny slots players pay attention to these things and do not fall for the psychotic tricks that are present in these machines.
The best strategy is to determine how long you want to play and how much you can afford to lose, and then choose your bets based on that budget. Use a reasonable guess about the payout percentages for these games. You know that in the worst case, the payout percentage will be 75%, but in a respectable and popular casino, the payout percentage should be at least 85% or more.