Best Odds Bet For Slot Machines

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The best deal for players, if you can afford it, was the casino's $10 slot machines, which kept a minuscule 1.77 percent of the money put into them, returning 99.23 percent to those spending their.

Ever since the 1980s, casinos have discovered that they make more profits off their slot machines than they do from their table games. This is just as true of online casinos as it is of land-based gambling halls. In Las Vegas, where free drinks and loyalty rewards have long been used as inducements for slot play, the latest promotional craze is bragging about payback rates. Where are the biggest jackpots being hit? Who can offer the best slot machine odds?

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Slot

If you listen to Las Vegas locals, they say never play the slots at casinos that line Las Vegas Boulevard. “Strictly for tourists,” they will tell you. Then, they’ll point downtown where many of the city’s oldest casinos are grouped within easy walking distance from one another and add, “The best payouts are along Fremont Street.”

But what do the actual numbers say? Is Vegas street wisdom to be believed? And what to make of claims made by casinos themselves? Who really has the loosest slots in town?

Downtown vs. the Strip

Overall, slots generate nearly 60% of Nevada’s annual gaming revenues and almost twice as much as table games. The Nevada Gaming Control Board breaks down its Las Vegas slot statistics in two major tourist areas: downtown and the Strip. Additionally, there is a large locals market, which reports of gaming revenue classify as the Boulder Strip and North Las Vegas areas.

In the full fiscal year between July 1, 2011 and June 30, 2012, the payback percentages for all slots in Clark County were 93.51%. By area, the downtown paid back 93.47% and the Strip returned 92.62%, so there is a certain ring of truth to the locals’ claim. However, what goes unsaid is that North Las Vegas slots returned 93.91% and the Boulder Strip slots paid back 94.76%, so the best advice is to avoid the tourist areas and play where the locals play.

Compared to fiscal 2011, all of the areas except the Boulder Strip showed a slight reduction in paybacks in 2012. Slots located along Boulder Highway paid out exactly the same year on year; they include the machines of such popular casinos as Sam’s Town, Arizona Charlie’s, and Boulder Station, to name a few.

Odds by Slot Type

The Gaming Control Board statistics also indicate which slots pay out the best in order of the denomination of credit played. In fiscal 2012, Megabucks progressive slots showed the worst payback percentage overall, just 87.16%. However, the appeal of a massive jackpot obviously outweighs the poor odds during hard economic times, as Megabucks revenues rose 59% versus fiscal 2011—the biggest gain among all types of slots.

At the other end of the spectrum, the very best payback percentages came from high roller slots. Those accepting denominations of $5, $25 and $100 returned 94.67%, 96.52% and 96.30%, respectively—proving once again that it takes money to make money.

For those whose champagne tastes come with beer budgets, the most fruitful games are on the nickel and quarter slots, which also include video poker machines of those denominations. Fully 94.48% of all 25¢ wagers were returned in fiscal 2012. Coming in right behind were nickel slots, paying back 94.40%.

Many slot players enjoy multi-denomination slots, which were a reasonably good bet in 2012 with a 94.65% payback rate. Meanwhile, dollar machines were not bad performers, yielding a 94.42% return of the cash invested. Much less favorable to players were penny machines, returning just 89.33%—the worst bet other than Megabucks.

What About Other Games

If slots aren’t your cup of tea, and you much prefer real money blackjack, then visit our dedicated page to online blackjack. United States Blackjack typically affords better odds than the slots, especially if players are willing to learn card counting. Bet your real money wisely with the tips you garner from reading legitimatecasino.com.

Who’s Really #1?

For those looking for a specific casino to frequent or a certain machine offering the very best slot odds, it is hard to separate the hoopla from the reality. The Gaming Control Board statistics do not reveal the results casino by casino or machine by machine. And the claims made by the casinos themselves have to be taken with a grain of salt.

For example, in 2010 the Palms Casino Resort launched a massive advertising campaign based upon the results of an “independent survey by the Las Vegas Advisor (that) indicates Palms’ slots and video poker returns are better than the average payback percentages in Nevada.” Their claim was that Palms’ slots were “28.278 percent looser than Clark County and 36.856 percent looser than the Strip.”

Not to be outdone, in 2011 the downtown’s El Cortez Casino shot back with advertising claiming that their slots were “39% looser than the Strip,” implying looser than the Palms’ slots by inference. Most lists of “hot slots” in Las Vegas mention the two properties as #1 and #2, but with three Megabucks jackpots awarded since 2004, perhaps the Palms deserves a slight edge. The El Cortez has paid no Megabucks winners to date.

I recently read an article where someone asked for advice on changing your bet size while playing slots. The idea was, when you get ahead, you raise your bets to try to hit a bigger win.

Over the years, I’ve also seen questions about betting more when you’re losing to try to make up for past losses when you hit a win.

These look like two different questions, but they’re actually the same question. And the answer should be the same to both questions.

In the article I just read, the answer was decent, but it didn’t cover the real reasons in enough depth. Anyone asking either of these questions doesn’t understand how slot machines work. They also don’t really understand how expected value and long term expectation works.

I’m going to explain why changing the size of your bet while playing slots doesn’t matter. The fact is that the more you bet, the more you lose. These two things might not seem to go together, but after you learn how slots work, you’re going to see why both statements are true.

Slots and Expected Value

Every slot machine in existence, whether located in a casino or online, has a built in house edge. The house edge is how the casinos make money, and it’s impossible to legally overcome the house edge on a slot machine in total. What I mean by “in total” is that slot machines make money collectively.

A few players win more than they lose in the short term, and a few lucky players win a big enough progressive jackpot to come out ahead. But overall, the slot machine industry is wildly profitable.

Expected value is a term often used in gambling that is a way to express the value of a betting decision. It’s used most often in poker to determine the best way to play a hand in a certain situation. You can also use it in games like blackjack to determine the best way to play a hand.

In games like poker and blackjack, you can make strategy decisions based on expected value. Bets on slot machines also have an expected value, but they’re all negative. A negative expected value means that, on average, you’re going to lose money.

Here’s an example of expected value on a slot machine.

If a slot machine has a house edge of 5% and you bet $1 on every spin, the expected value is -.05 per spin. On an individual spin, you might lose your entire $1 or win something, but the expected value is the amount you expect to lose on average over thousands of spins.

Expanding this example, if you make 500 bets in an hour, you’re expected value is -$25. In other words, you can expect to lose $25 an hour playing this slot machine. Once again, this is an average, so in any single hour, you can lose more or win.

The expected value is tied directly to the house edge. If you bet more than $1 per spin, it doesn’t change the house edge. You’re still going to have an expected value of -5% on every dollar you bet.

The house edge is the same whether you bet $1 or $100 per spin. It’s also the same if you lost the last three spins or won the last three spins. The house edge doesn’t change, so changing your bet sizes doesn’t help you win more often.

Slots Long Term Expectation

Best Odds Bet For Slot Machines

This is going to sound similar to what you learned in the last section because it’s closely related. The mistake many slots players make, like the ones asking the two questions in the opening section, is thinking past results in some way change future results.

But, if nothing you can do changes the house edge, how can you believe that you should raise your bets after a losing streak or after a winning streak?

The belief is that because the long term results must come very close to equaling the expected results that there must be a correction one way or another after a winning or losing streak. But the problem with this is that the house edge and expectation are based on a large number of outcomes.

Instead of it being based on 10 or 100 spins like many players act, it’s based on hundreds of thousands or millions of spins. Even if you win 10 spins in a row, it doesn’t change the odds of what’s going to happen on the next spin because the machines are based on such a large number of spins.

I’m trying to show you why without getting into complicated mathematical principles, but you can run the math on the effect of short streaks in large pools of results to prove what I’m saying is true.

The belief many players have about short term streaks is made worse when they guess correctly about the next result after a streak. This reinforces what they want to believe, even though the math shows it isn’t true.

If you win 10 spins in a row, what do you think is most likely to happen on the next spin? Some players say a loss, because the machine is due for a loss. Other players say a win, because the machine is hot. How can both opinions be true?

The fact is that neither opinion is true based on why they think they’re correct. The true chance of a win or loss is 100% based on how often the machine is programmed to produce a winning spin.

Is It Ever Correct to Alter Your Slots’ Bet Size?

When I play slots, I operate in what I call the “jackpot or bust” mode. I set aside a bankroll to chase a jackpot and keep playing until I either hit a jackpot or run out of money. Most of the time, I run out of money, but every once in a while, I get lucky and hit a small jackpot.

I know that, in the long run, I’m going to lose unless I hit a big slots jackpot. I’m okay with this, just like I’m okay with buying a lottery ticket chasing a big prize. The odds of winning are low, but I’m willing to risk a set amount for the chase.

Best Odds Bet For Slot Machines Jackpots

I always bet the minimum amount on my chosen slot machine that allows me to qualify for a jackpot. I tend to look for machines that have a low bet threshold to unlock the jackpot, because I want to take as many spins as possible.

If you buy a lottery ticket, do you ever spend more money than the ticket costs? Do you give the store clerk $5 for a $3 ticket and not expect to get your $2 in change?

This is how I feel about betting more than I need to while playing slots. This is why I never bet more than the minimum to qualify for a jackpot while playing slots.

Best Casino Slot Machine Odds

The question of changing your bet size while playing slots has two answers. The first answer is if you’re betting more than the minimum, then you should bet less. The second answer is that it doesn’t matter if you change the size of your bet for any other reason. As long as you understand that the more you bet the more you lose, you can do whatever you want. It’s your money, and you can play any way you like.

But if you want to know the best way to play, it’s simply to bet the smallest amount you can while still having a chance to win a jackpot.

Conclusion

You’re welcome to change the size of your bet while playing slots any time you like. It doesn’t matter if you’re winning or losing, changing the size of your bet isn’t going to alter your chances to win. The only thing that matters is the house edge you’re working against and the average bet size of your wagers.

Best Odds For Slot Machines

When you bet more after a win, you’re just going to lose more in the long run. When you bet more when you lose, you’re just going to lose more in the long run. The only way to lose less money playing slots in the long run is to bet less.

The best way to lose less playing slots is to stop playing. But that’s not much fun, and you’re never going to hit a jackpot if you don’t play. I don’t recommend that you stop playing. But use smart money management so your bankroll lasts as long as possible and you have the best chance to hit a jackpot before you run out of money.

Best Odds For Slots

The only way you can possibly come out ahead in the long run playing slots is to win a jackpot big enough to cover all of your previous losses. This doesn’t happen often. The best chance to do this is to make the minimum bet that unlocks the chance at the jackpot and hope for the best. Changing your bet size isn’t going to help in the long run.