Many casual gamblers aren’t even aware of payout percentages in slots. However, if you’ve gambled at a casino more than once, you probably know that different games provide different winning odds. What this means is that depending on the slot machine you play at, the chances of you actually winning are different.
Although things are more complicated than what a single number shows, a percentage describes the likelihood of a profitable return to the player pretty well. At least, in theory, that is. Here’s what a slot payout percentage is and what it tells in more detail.
Slot Payout Percentage
Slot payout percentage reveals the amount of money placed by the players that get paid back to the players as winnings. So, if a particular slot has a 95% payout, for every £100 placed in bets, £95 will be paid out as winnings.
Does it mean that each bet will return this amount? No, not at all.
If that was the case, it would be impossible to win at slots. What this percentage applies to is the slot machine’s theoretical lifespan.
Payout Percentage Is An Average
Whether it’s active for a few months or ten years, its average payout percentage should be 95% or very close to it by the end of its life-span.
This means that many consecutive bets could return nothing in a single session, but some of them would return more than a player wagered initially.
So, no matter what the last few bets returned, it’s the overall balance of bets and rewards that we call its payout percentage.
That’s why we called this number theoretical. It’s hardly possible to make out the likelihood and amount a particular slot will pay out simply by playing it due to fluctuation from that number on every single spin.
Fast Slot Payout Casinos
The speed of a payout at a land-based casino depends on the size of your winnings. If you played on a slot machine and doubled your initial bankroll, you can simply claim your prize at the cashier desk.
In cases like this, it’s even faster than online casinos could offer, where winnings are usually sent to the players on the next day or even after a few days or weeks.
If you hit a jackpot, however, it’s a completely different story.
Slot Machine Jackpot Payouts
When your winnings on a slot machine hit a certain mark, you may get additional options for cashing out. Huge jackpots aren’t always paid out in a single sum like smaller winnings are. Usually, there are two options:
The lump sum is a single payment whereby a casino pays out an entire cash prize in one go. It’s only possible if the casino agrees to do it and it isn’t big enough. It can be paid in cash or in a cheque.
Many operators wouldn’t be comfortable paying out millions in cash instantly as that would put the casino itself into a tight spot financially.
What’s more, lump sums may come with larger taxes in comparison with multiple payouts over time.
Annuity means that your winnings are divided into equal parts which are paid out over a period of time. If you win a truly huge jackpot, it’ll be the only option, too, though the policy also depends on particular casinos.
Unlike lump sum payments, receiving your winnings in small parts might not be great when you need a lot of money instantly. However, it’s easier to manage your money this way as it becomes a steady influx of funds.
Casino Slot Machine Payout Percentage
When it comes to particular slot machines, there are many possibilities:
1. The slot payout percentage is always less than 100%
Otherwise, the slot would bring no profit to the house or even be detrimental to the casino! This puts the player at a disadvantage, but it doesn’t mean that you can’t win at all.
2. The slot machine payout percentage can be modified
The same slot machine may have a different payout percentage in different casinos. Even more, it may have a different payout percentage on different days of the week or even time of day.
That’s because it’s very easy to chance the way slot machines work these days. All one has to do is re-program the slot and it will act accordingly.
3. The legal percentage depends on the jurisdiction the casino is in
Another reason why payout percentage can be modified is the laws that regulate the minimum payout rate. Naturally, casinos want it to be as low as possible so as to increase their profit.
Gambling regulation is one of the reasons, alongside player satisfaction and their likelihood to return, that force casinos to keep their slot machine payouts reasonable.
4. New slot machines often have a higher payout percentage
It’s not an uncommon practice at many casinos to slightly increase the odds of the game to pay out if it’s a new machine to that particular venue.
As new players try it, they get better results than on other slots, which adds some more charm to it aside from the fact that it’s a brand new game. When some time passes, however, they lower the payout percentage.
Of course, the players don’t know that, so they continue playing this slot long after the adjustment is made.
Slot Machine Payout Percentages by Casino
We mentioned that the slot machine payout depends on the jurisdiction it is in.
While the UK is one of the most thoroughly regulated and safest gambling markets in the world, it has set no minimum RTP (Return to Player or, in other words, payout percentage) that casino operators should comply with.
However, this doesn’t mean that you’re less likely to win in the UK than anywhere else. It’s not just these regulations that affect the payouts – people simply wouldn’t play if they couldn’t win.
As for specific casino networks or particular venues, it’s difficult to say anything about their slot machine payout odds. All we can do is speculate for land-based casinos since they keep this information to themselves.
If that’s an issue to you, you should consider online casinos as they officially publish payout percentages of their slots in most cases.