House Edge Slot Machines
Posted By admin On 22/03/22- House Edge Slot Machines Reviews
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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.
- The simplest games, like slot machines and keno, have the highest house edge. But notice the simplest games have the biggest jackpots. That's why people flock to them. Why is the house edge important?
- But the house edge for most slot machines is 5% or more. And you have no way of knowing if the game you’re playing has a house edge of 5% or 25%. In fact, 2 identical machines sitting right next to each other can have dramatically different payback percentages. That’s because the random number generator is inside the machine.
- On average, the house edge for real money slots games will fluctuate based on where you play and the type of slot machine you are playing, anywhere between 85-98%. This factor relies greatly on manufacturer or slot machine operator, and can be found online for land-based slot machines with a little bit of digging, as casinos are required by law.
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.
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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 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
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.
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.
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.
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.
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.
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.
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Why should you care? Because the lower the house edge of a slot machine, the better the odds that this casino machine will payout.
Now, it’s not always as simple as “the lower the House Edge, the better”, but well… kinda. First you need to understand what is a return to player rate (RTP) and a house edge. Then you need to understand about the slot machine volatility, which we will get onto it later.
This will help you pick the kind of slot machine that you enjoy most and then recognise others that may appeal. It will essentially make your gambling more fun and is not as complicated as you may think.
Explaining the house edge of a mobile slot
Ever heard of the saying ‘the house always wins?’ That’s because the mobile casino has a house edge or house advantage on every casino game. Mobile casinos wouldn’t last very long if they didn’t make a little off the top.
Now, that doesn’t mean the house will always win all the time, just in the long term. This is why you need to pay special attention to slots house edge.
You may have read on some mobile slot machines something like “This slot has a return to player rate (RTP) of 95%” – that’s basically another way of saying that the house has an edge of 5%.
Say you put in 1 coin. Of that one coin, the mobile casino will get 5 cents and players will get 95 cents back. Think of it as their commission for hosting the game.
Bet you are now raising your eyebrows and going: “euh… no… I don’t get 95 cents back all the time… what?”
Ok, yes, it’s not quite as simple. Because sometimes your 95 cents goes towards someone else’s win. It’s not evenly distributed; otherwise it wouldn’t be gambling, so much as paying 5 cents to press a button.
The mobile slot is constantly making calculations and equalising, taking your 95 cents and giving it to another player and taking two players 1.90 and giving it to you and… round and round it goes, over millions and trillions of spins. (This is in fact infinitely more complicated, with a percentage of your cent going to pay out different wins, but for simplicity sake, this will do.)
So as you can imagine, a high house edge means the machine will give more to the casino and less to the players. It’s usually in your best interest to find mobile slots with house edges of 5% or lower.
Why a low slots house edge is not always good
Here is where we need to start talking about the slot volatility, sometimes also known as variance. We have written a whole section of slot volatility to explain it in more detail, but we are going to touch on some of it here.
Here is a quick definition of the different types of variance for slots:
High volatility slots & house edge
Think of these as high risk and high payouts. By high risk we mean that you’ll find yourself spinning quite a few spins, but not getting a whole load back. That’s because (to use our previous analogy), your 95 cents are getting ‘stored up’ to create one big payout. Whether or not you get it, or another player does, is down to the random number generator.
Hence why it’s high risk. It’s easier to walk away with nothing with high volatility mobile slots, but also greater chances that when you do win, it’s a life changing amount.
As such, you’ll find that these machines tend to have a higher house edge than most – usually anything between 5% and 10%.
Obviously aim to find mobile slots closer to the 5% than the 10%, but it’s usually ok for these machines to have high slot house edges. Some of our favourites, such as Thunderstruck, Great Blue or Gonzo’s Quest, have a house edge of around 8%.
The higher house edge is there to make up for the big pay out when it comes.
Low volatility slots & house edge
These are low risk slots with, you guessed it, lower payouts. The good thing about low volatility mobile slots is that they pay out often, meaning your bank roll lasts longer. The maximum amount you can win on these tends to be lower than the high variance slots.
Though some do have decent max win amounts, these tend to be when you spin the maximum amount of coins at the highest bet level.
That doesn’t mean you can’t come out on top. Potion Commotion and Foxin’ Wins are two wonderfully fun slots that are low volatility and we’ve often walked away with a smile on our face from an entertaining evening and winnings in our pockets. Life changing perhaps not so much, but certainly made our day.
With low volatility slots aim to find machines that have a 3% or 4% house edge. With these machines, lower house edge really is better as how much you’ll enjoy this slot game will be dependent on how long you can make your budget last.
We’ve also written some more on the different types of variance and given some examples of slots here. Have a read to find out more about slot volatility.
What if there is no house edge on a mobile slot?
When we first started this slot reviews website we didn’t always put in all the house edge. In all honesty, we wrote reviews about how we played them and didn’t include everything we should have. Where ever we can, and whenever we know, we will write the return to player rate on all the slot machines we review. It’s as accurate as possible, though sometimes these can vary.
We’ve gone back and tried to add many, but with so many slots, as you can imagine, it’s taking some time. We are just a little two man team of gamblers. So if a slot machine review doesn’t have a house edge it could be one of two things:
- We haven’t gotten around to it yet. But we will.
- We don’t have this information – the casino didn’t release it to us, so we just don’t know.
Here’s what you should do: first, read the mobile slot reviews. Chances are we may have mentioned a thing or two about it. If we didn’t, write a comment in the comment box below the slot review. We will see it on the day and will respond and add that information if we have it. Plus say hello to you. We like to say hi!
Not sure where to go from here? How about reading some of our beautifully written mobile slot reviews? And by ‘beautiful’ we mean, you know, in English, with words.
Alternatively, now is as good a time as any to learn a little more about slot machine volatility. That way you can start testing the kind of player you are.
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