Games offering progressive jackpots and bonus rounds are popular with players, but slots with the best payout rates or payback percentages are considered among the top prizes in the world of gambling. After all, even a couple of extra percentage points can make a major difference when calculating the profitability of an individual slot.
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This article examines the definition of “payout percentage” and explains where to find the most generous slot games. While it won’t improve your actual chances of winning, the knowledge that you’re playing a more liberal slot machine should at least boost your confidence.
According to CBS news, Americans now spend more money on slot machines than movies, baseball, and theme parks combined. Americans have always had an uneasy relationship with gambling. To circumvent anti-gambling laws in the US, early slot machines masqueraded as vending machines. They gave out chewing gum as prizes, and those prizes could be redeemed for. Welcome to the unlimited collection of SlotoZilla’s free slot machines, over 3000 free slots games to play for fun! We are the most extensive website devoted to slot machines in particular and other free casino games on the Internet. Our users have access to a variety of free online slots to match everyone’s tastes.
What Is a Payback Percentage?
The payback percentage—also known as the payout percentage or return to player—is the amount of money deposited into a slot machine that is eventually paid back to the customer. This percentage is not determined in weeks or months, but rather over the life of the machine.
For example, let’s say that $100,000 is inserted into a slot machine with a 92% payout percentage. According to the RTP (“return to player”), the slot should pay back $92,000 of the wager in the form of wins, while keeping the other $8,000 in profit. Keep in mind, however, that the true payout of a slot machine may take millions of spin to determine.
When a machine’s software is written at the factory, this is when the payback percentage is set in accordance with local laws. For example, slots in New Jersey must be set to pay back a minimum of 83%, while games in Nevada have a lower limit of 75%. On average, the payout percentage for most slots ranges from 82% to 98%.
Slots with a high RTP are known as “loose slots,” while their stingy counterparts are referred to as “tight slots.” Since these figures are rarely reported, it’s difficult for a player to accurately determine whether the machine they’re playing is loose or tight.
In previous years, the RTP was set at the factory and any additional manipulation by the casino required the software to be switched. Thanks to advances in computer technology, many casinos can now remotely manipulate the odds and payout, although they must wait until the machine has been vacant for at least four minutes (no mid-game manipulations).
How to Find the Highest Paying Slot Machine
Casinos love to promote their slots as being loose or easy to win slot machines, but they’re tight-lipped when it comes to actually identifying the machines. In most cases, a few loosest slots are sprinkled into rows of tight machines, which still give the casino the opportunity to brag about all the loose slots they offer.
Unless you happen to have a casino manager in your back pocket, it’s going to be difficult to determine a game’s true payback percentage. Gambling forums and chat rooms are often filled with people who claim to know the RTP for various machines, but you should only trust those sources with impeccable credentials. Otherwise, it’s probably an educated guess or outright lie.
Games with Top Payback / Payout Percentages
While it may be disappointing to hear, a so-called list of loose slot machines is useless. There are a couple of reasons for this, which I will explain below.
Varies by Machine – Just because one slot machine from a certain series pays back 96%, another identical machine may only pay back 89%. These differences aren’t listed by the casino, so the player is left to play a guessing game.
Location – Even if you somehow learn that the fifth machine on the fourth row pays back 97%, it’s only a matter of time before the casino changes its physical location.
When searching for the best RTP, the best strategy is to look at the minimum paybacks allowed by law. Any law-abiding casino cannot go below this number, which at least gives you a worst case scenario for the rate of return. Unfortunately, not all states have a minimum, and establishments aren’t always required to disclose their payback setting (especially Indian casinos, who regulate themselves). Still, I’ve included what meager information I could gather.
- Arizona – 83% minimum payback
- Delaware – Their video lottery terminals must pay between 87% and 95%.
- Kansas – 87% minimum (80% at Indian casinos)
- Louisiana – Casino slots must pay no less than 80% and no more than 99.9%. The minimum return at locations other than casinos is 80%, with a maximum of 94%.
- Maine – 89% minimum payback
- Maryland – 87% minimum payout
- Minnesota – RTP must be between 80% and 95%.
- Nevada – 75% minimum RTP
- New Jersey – 83% minimum payback
- New Mexico – Between 80% and 96%, although Indian casinos have a required minimum of 80%.
- North Carolina – Payout must fall between 83% and 98%.
- North Dakota – Slots carry a minimum return of 80%.
- West Virginia – Carries of minimum requirement of between 80% and 95%.
- Wisconsin – Minimum return of 80%.
Slots with the best payback percentage are highly coveted in the world of gambling, so expect a feeding frenzy whenever a game’s true RTP becomes known. This doesn’t happen very often, though, as casinos love to move machines around to keep savvy patrons guessing. Ultimately, your best chance comes from reading the rules, understanding the pay table, and keeping your expectations in check. Once you meet these requirements, you’re a lot more likely to walk away from the casino with a smile on your face.
If you are a keen slots player then you will know that one of the most useful pieces of information about a slot that you can discover is the payout percentage for the game.
Unfortunately, the term is ripe for misunderstanding and novice slot players often misunderstand what the term actually means, which can lead to them having totally unrealistic expectations of how much they can expect to win on a slot from any given session.
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This can then lead to them feeling frustrated, cheated even and less inclined to play the slot again, which is a shame as it is their misunderstanding that is the issue, not the slot or casino in question.
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The problem often stems from misunderstanding what the term 'payout percentage' actually means and how it is applied on the slot.
So in this article, we'll attempt to explain clearly what this means.
What is a payout percentage?
A payout percentage is simply the percentage of the total amount of money that the slot will take in over a typical amount of time, that it will pay out back to players in the form of winnings.
That percentage can range from as little as 75 percent up to around 98 percent.
In essence, that is what payout percentage is. There is nothing more to it, but unfortunately, many people choose to think that this means that out of all the money they spend, they will expect to receive back between 75 and 98 percent back in winnings.
That is indubitably not the case and this misunderstanding occurs because people do not understand how the payout percentage is worked out, nor how the winnings used to calculate that amount, are paid out to players.
Suffice to say that a payout percentage is absolutely NOT a statement of how much of your wagering money you can expect to receive back in payouts on average.
Here's why:
Payout percentage - The number of spins
The first thing to note is that when an organisation such as eCOGRA tests the veracity of the claim that a slot has a payout percentage of X per cent, then they run a series of tests to authenticate that claim.
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This involves spinning the reels of the slot millions of times in order to generate what the actual payout percentage is of the slot.
It is only when the reels of the slot are spun a huge amount of times that the payout percentage shows any meaning. As such, it is a statistic which is only meaningful for the casino, rather than the player who is unlikely to have the funds or time to spin a slot the many hundreds of thousands of times needed in order to generate payouts of the percentage levels of the slot.
On fewer spins, numbering 10,000, 1,000 or less, there can be a huge difference to the stated payout percentage. A slot may seem to run 'hot' and payout considerably more than the payout percentage (even run at a loss over that period of spins), whereas at other times it may seem to run 'cold' and pay out considerably less than the stated payout percentage.
The key thing to note here is that for a player, the number of spins they play is usually so small, that payout percentage is almost irrelevant. The more spins you play the more relevant the payout percentage becomes, but only if you spin the reels thousands of times over a sustained period.
Even then the payout percentage is still only an average mark. Sometimes the slot will pay out more over one million spins than the stated percentage, other times less, but usually these measures will average out to give a mean percentage level.
Therefore, it is best to view the payout percentage as simply a measure of how much the machine pays out over millions of spins and not really relevant to your chances of success.
Payout percentage - Structure of payouts
The other key aspect to the payout percentage to understand is how the payouts of a machine are structured and that this is equally important to understanding why you are not likely to earn back 75 to 98 percent of what you spend.
The best way to do this is via a hypothetical example. So let's say I developed a slots machine that has a payout percentage of 95% and let's say that in a typical month, this machine generates 1,000,000 in revenue from players playing 1,000,000 spins in that period.
If my hypothetical machine then followed the payout percentages exactly, then 5 percent of that 1,000,000 (50,000) is the casino's operating profit from the machine. That leaves 950,000 to be shared between all the players.
However, slot machines are designed to offer a range of awards, paying out smaller rewards more often and the big jackpot prizes less frequently. Let's say that my machine has paid out one large jackpot prize of 500,000 in the last month, plus three other smaller jackpot prizes of 100,000 apiece.
That means just four lucky players have accounted for 800,000 of the payout percentage. Out of 1,000,000 spins, that means just 0.0004 percent of players have accounted for 84.2 percent of the total payout percentage.
That means the remaining 99.9996 percent of players have just 150,000 in winnings to share amongst them from 9,999,996 spins. You don't need to be a mathematics genius to realise that therefore the vast majority of players of this hypothetical slot would receive a payout that is nowhere near the stated payout percentage.
However, four lucky players have receive a payout well in excess of the payout percentage! Sounds a bit like a lottery, right?
The structure of how your slot pays out is key to understanding that payout percentage is not a figure of how much you will win on average, but simply how much the machine pays out on average over a massive number of spins. Furthermore, how often a machine pays out top prizes, will also mean that the vast majority of players will not experience a payout percentage anywhere near what is stated.
That isn't an error, or misleading, simply a fact that over small sample sizes, the averages stated in the payout percentage are irrelevant.
So while payout percentages may not be useful in letting a player understand how much of their stakes they'll win back, where they are useful to punters is in giving them a comparative measure to judge which machines are most likely to offer them a return.
In theory, you are more likely to win playing a slot with a 95 percent payout percentage than you are a slot with a 75 percent payout percentage.
However, once again, because the number of spins you play will be so small, the chances of you noticing a difference between the slots is negligible. It is entirely plausible that you will play the 75 percent pay out slot and win more than the 95 percent payout percentage slot.
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So the key lesson to learn about payout percentages is not to think they are stating how much you will win back on average in your session, but that they are a simple, general tool to assess how profitable the machine is for the casino.
Playing games of chance, which includes lotto, keno, scratch cards, slots, and many other games, can bring massive wins for the lucky. Take these games for what they are. And remember, there's no harm in trying your luck!
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