Slots Account for More Revenue than all other Casino Games Combined Fact
Slots Account for More Revenue than all other Casino Games Combined Fact
According to official data, slots account for more casino revenue than any other gambling game.
Casinos Make More Money on Slots Than Any Other Game
According to 2016 data, slot machines account for more revenue than all other casino games combined, and penny slots account for more revenue than any other casino game. [1] [2]
For example, From March 2015 to February 2016 a NEVADA GAMING CONTROL BOARD GAMING REVENUE REPORT shows that the total gaming win (the casinos win) over twelve months from slots was $7,066,306,000 (about 7 billion) total. Meanwhile, the total table games win was $4,094,401,000 (about 4 billion). [3] The implication of this is that, even with sports gamings comparatively small return of $19,236,000 (about 19.2 million) considered, no casino game even comes close to slots in terms of revenue for the casino.
This alone doesnt tell us other important information like the average return per slot machine compared to other bets (some slots can have a higher return than some other bets), or if more bets are taken on slots than on table games (that is very likely considering the fast pace of slots), it simply confirms our main claim (that Slots Account for More Revenue than all other Casino Games Combined).
Pair the above with the fact that there are more people addicted to slot machines than any other type of casino game, and you can see why slot gambling is such a big business. Below we explore facts and statistics on slot machines and offer some strategy for limiting your losses at slots. [4] [5]
TIP: To phrase this another way, the majority (over half) of all casino profits come from slot machines.
FACT: That near miss isnt really a near miss; it is fireworks designed to keep you playing. Everything inside the machine is pure math. There is no actual spinning going on; even the old machines use PRNGs and not literal spins. When you hit the button, a random string of numbers is chosen, and that is what defines the outcome. There will be many strings that show a near miss by design. Every spin has the same odds, so a win is never due; that isnt how math and machines work! These entertainment machines are designed to entertain at a cost while ensuring a house win via mathematics. Like the lotto, some will win, but more will lose, by design. The more you play, the higher your chances are that youll manifest the loss. It is how the lights stay on at the Casino.
TIP: Despite the above being true, certain machines can be cheated with the right tools (this is very illegal). For some subtleties of how PRNGs can be exploited, see Wireds Russians Engineer a Brilliant Slot Machine Cheat And Casinos Have No Fix. I.e. unless you have a hacking crew, and want to face the ramifications of a life of crime, putting inside that metaphysical thing we call luck, you can consider slots to be essentially random and based on cold hard mathematics with their only purpose being to entertain you while they take your money slowly.
FACT: From March 2015 to February 2016, according to the report cited above, Nevada casinos made $2,901,542,000 on 54,548,000 penny slots with a win percentage (AKA hold percentage) of 10.13%. This means that the average return for players was roughly 89.7 cents on the dollar or 10.13 cents in profit for the casino for every dollar spent. In comparison, 2,743,000 nickel slots paid out $82,404,000 for a win percentage of 5.76% which represented a 94.3% return or 5.7 cents on the dollar for the house. The other slots were almost all like the nickel slots; they had a lower household percentage and paid the player back more on average. Whether it is just a penny or a multi-denomination machine with a penny option, it is subject to these odds. Although multi-denomination machines show a better return on the chart, it is misleading, as this class of machines contains everything from $100 max machines and $1.50 max machines, so the higher denomination machines appear to inflate the average of the lower ones. Consider also, some machines require max bet for a chance at the jackpot; thus, lower bets can decrease odds.
FACT: 800 1200 spins an hour, .50 cents a spin on min bet, 89.7 cents on the dollar won on average (although most players wont manifest odds that good on penny slots). Do the math. It is entertaining, in the same way an expensive roller coaster or night on the town is. Dont cross the line into addiction or think this is a way to make money; it is entertainment and you are paying for it.
Slot Machine 101 Facts on Slot Machines and Slot Machine Strategy
If you look at the report, youll see a few things worth note.
- In the reporting only table games, sports betting, and slots are listed. The slot category seems to include games like video poker and video blackjack which have favorable odds for skilled players. This can potentially skew some data on house and player return.
- Slots have a better win rate (AKA hold percentage) than table games on paper. However, this factors in people who dont know the basic strategy for table games (see below), those who take side bets on tables (which often have worse odds than many slots), and those who win jackpots on slots. Slots have fixed odds while table games have odds that can change based on how you play and what side-bets you take. The core odds of table games paired with perfect strategy are some of the best odds out there.
- These games have worse odds than slot machines: 1. The Lotto; 2. Playing a table game without knowing any strategy; 3. Taking bets with poor odds such as side-bets on table games or some bets in sports betting; 4. Keno. See a list of House Edges for each gambling game. The house edge is the expected hold percentage if a game is played perfectly.
- Slot wins have to factor in giant jackpots that barely anyone hits, so the average person will have a worse payout to account for this.
- In general with slots, the higher the denomination, the better the payout. However, you have to factor in the number of spins you will take as things like volatility and standard deviation matter greatly in the short term.
- The longer you play, the more likely it is that youll manifest the theoretical odds which are not a good thing on a slot machine where the odds are against the player.
- Table games offer better odds to those who play with skills; slots dont. With slots, the skill is knowing how to find the right machine, understanding your bankroll, and then understanding what games will give you the best odds for your buck. With slots, you cant know for sure, but finding the right slot machine is the key regardless.
- Slot machines use a PRNG, a pseudo-random number generator. Everything that happens on the screen is known as fireworks. When you press a button, the win is calculated instantly. Nothing you can do, neither saying a prayer nor touching the screen, can affect a spin after it begins due to the way the machine works.
- Each spin is unique. No past spin effects a present one. The machine doesnt know you; it hasnt kept track of your luck; you are not due anything. See the gamblers fallacy and commitment bias, the bane of gamblers.
- Slots with smaller jackpots have better short-term odds. Whatever the progressive pot is, the odds are calculated to ensure the casino wins.
- The casino ensures wins by using the law of large numbers and probabilities to construct favorable odds. Why does the house always win? It is mathematics plain and simple.
- The only control you have over slot machines is betting strategy and machine choice, PERIOD. Thus, the best thing to do is to walk away before the rule of large numbers grinds you down. If you won money, you got lucky. The more you play, the more your odds increase of losing.
TIP: The rule of large numbers says over an infinite amount of spins real and theoretical results converge. If you have an infinite amount of time and a bottomless bankroll, you can increase the odds that you will manifest theoretical long-term odds. If you dont have infinite time and money if you are human, or work for a living, for example, youll need to focus on short-term factors you can control, and youll respect luck. If you win early. Walk away! Youll want to play enough spins to have a chance at a good payout, but not play so many that your actual odds start materializing. This is why it is important to understand a basic betting strategy based on bankroll, expected payouts, and desired wins.
TIP: See how to win at blackjack and why you shouldnt try to put the strategy to the test for more than just fun.
PERFECT SLOT STRATEGY: Play a table game where you can use strategies such as blackjack with basic strategy, three card with no side-bet playing Q-6-4 or 2, Holdem with no side-bet betting faces As and pairs that arent 2s, baccarat bet the banker, pia gow let the house play, craps bet dont pass. Follow the basic strategy of any game via wizardofodds.com. If you dont want to play a table game, play video poker with basic strategy. If you really want to play slots, the best strategy for slots is to go somewhere favorable, including Vegas off-strip or Reno, and play anything except for penny slots. The bigger your bankroll, the higher denomination you should play. If you hit a mid-level win, walk away. So if the wins on a $1 machine are $1, $10, $100, $1,000, $10,000, $10,000, be prepared to leave the casino after winning $100. The truth is that those top wins rarely ever happen. Move frequently, machine to machine, find one that is paying, then leave when you start losing. Aim to play simple machines and stay away from fancy ones that show lots of fireworks because someone has to pay the machine to do that. You have to become a walking probability detector. Knowing you cant know, you must sense correctly. Since you wont and cant sense correctly, as you arent magical, over time the house edge will manifest and you will be one small part of the casinos revenue stream unless you get lucky.
MY ADVICE ON SLOT MACHINES: Slot machines can be fun until you get caught up in one and begin losing money at 800 spins an hour. Losing never feels good, and counting on making your losses back with slots means betting against the same math that the Casino uses to keep the lights on. Gambling is entertainment unless you are a star poker player or own a casino. The best you can do is to set a win and loss limit and leave to fight another day when you hit either. The house always wins in the longterm, and you must play for fun and short-term gain even if you use perfect strategy.
Slots are interesting, they are very fun for a quick thrill but can ruin lives due to their speed and volatility… but this isnt a lesson in morality, simply a reminder that Casinos are math-based… and the math says slots, specifically penny slots, earn casinos the most (thus they lose players the most). The math doesnt lie, the casino factors this in, you should too!
- Nevada gaming control board Statistics Publications
- UNITED STATES COMMERCIAL CASINO REVENUES STATES WITH COMMERCIAL AND RACETRACK CASINOS,2001-2015 CENTER FOR GAMING RESEARCH, JUNE 2016
- NEVADA GAMING CONTROL BOARD GAMING REVENUE REPORT
- Slot Machines: The Big Gamble
- About Slot Machines
"Slots Account for More Revenue than all other Casino Games Combined" is tagged with: Gambling, Money, Probability and Odds, Randomness
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You have the year-to-date totals labeled as three-month totals.
Whoops, good catch. Same gist, wrong timeframe ??
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