Quarter slot machines
Welcome to Tech4Truth, Episode Three, with me, Mark Vincent, the certified slot technician. If you havent seen my previous episodes, I would suggest you go ahead and view them now since each episode builds on what Ive already explained.
In my last episode, we learned that every spin of a slot machine is random, but the casino can control how much money a slot machine returns to the players over time by using the virtual reels and the paytable. This is called the payback, and its expressed in the form of a percentage. For instance, a slot machine with a payback of 92% should be expected to give back 92% of the money it takes in over the course of its lifetime. Thats the theoretical payback, or just theo for short. Because all the spins are random, however, the machine isnt always running at its theo percentage. Sometimes it can be higher or lower, depeding of it its just paid out a big jackpot or if it hasnt hit in a long time, and this percentage is called the actual percentage because its what the machine is actually running at. Over time, both the theo and actual percentages will be very close to each other because of the way the virtual reels and paytables are set up. Its just like flipping a coin. The chances of getting heads or tails when you flip it are 50/50, but if you flip it ten times, will you get 5 heads and 5 tails? Maybe, but maybe not. The theoretical payback in this case would be 50%, but if you got heads 7 times and tails 3 times, the actual percentage would be 70%. You chance of getting heads or tails on the next flip, however, will always be the theoretical chances, or 50%.
Slot machine paybacks arent that simple because there are multiple combinations and a huge return on investment when you hit something with a coin flip you might double your money, but on a slot machine you can turn one dollar in to ten thousand dollars if you hit which makes hitting something that much less likely to happen. Someone will, though, and eventually all the money won and lost will end up being around the theoretical payback of the machine.
You may have heard the term hold, instead of payback. Hold is simply the opposite of payback. If a machine has a 92% payback then it has a 8% hold. The higher the payback and lower the hold of the machine, the more likely youll win when you play.
Typically in US casinos, paybacks range from about 80% on the low end to 99% on the high end. Generally the higher the denomination, or value of one credit, the higher the payback. This means that quarter slots usually have a higher payback than nickel slots, and dollar slots have higher payback than quarters. This isnt always the case, but in general it does hold true. In my experience this upward climb of payback percentage tops out at around the $5 machines, meaning that the greatest jumps are between nickel and quarter, quarter and dollar, and dollar and five dollar. After that, payback doesnt go up much, if at all. This means that a $100 machine may not have a much better payback than a $5 machine, while that $5 machine will have an incredibly higher payback percentage than a quarter machine of the same type.
Here are some rough estimates of what percentages go along with denominations. Remember that these are generalized, and each casino has its own strategy and rules about how to setup machines.
Keep in mind that all this stuff can be pretty complicated, and my book goes into quite a bit of detail and gives examples of everything Ive discussed here in order to make it easier to understand. So we know that a 90% payback means the machine will pay back about 90% to players over the course of its life. Heres what a 90% payback doesnt mean:
It doesn't mean that 90% of the people who play will win. The 90% isn't talking about spins, it's talking about cold hard cash. If 99 people each put a dollar in the machine, and the 100th person walks up, puts in a dollar, and wins $90, then machine has a 90% payback. 90% of all the money put in the machine, in this case $90, was paid back eventually.
It doesn't mean that you'll get back 90% of what you put in. If you put in $90, don't win anything, and the next person walks up and puts in $10, and wins $90... then the machine has a 90% payback.
It doesnt mean that the machine has to give back $90 once it takes in $100. The outcomes are random so the machine really can't dictate when it's going to give the money back.
The real bottom line, as Im sure youve figured out by now, is that a higher payback machine is better, and those are the machines you want to play. While a penny or nickel machine is fun and can let you play for longer, you sacrifice payback when you play them, so my advice is to always play the highest denomination youre comfortable with.
In my next video Ill talk to you about the different types of machines, and how to play each one so you can make sure youre not making betting mistakes that destroy your chances of winning more. Ill see you then, and until next time, thanks for watching Tech4Truth.
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