Understanding Slots Odds
The simplest definition of odds is that odds are your chances of winning. They define not just the chance of winning, but also the houses edge and your total profitability. When it comes to playing online slots which have regular prizes, knowing exactly what the odds are can be tricky, but it is important.
The House Edge
As everyone knows, the casino always wins, and they do this by altering odds to ensure that what they pay players, is slightly less than they should.
If a slot has one reel with 3 symbols, then that gives players a 1 in 3 chance of winning right? A Casino may add another symbol, so instead of 1 in 3, it becomes 1 in 4. To get their house edge, the casino would keep the payout rate at around 3:1.
These days, typically for many slot machines the house edge ranges from 15%, all the way down to 5%. It’s actually nearly impossible to calculate, but you can equate it to a percentage of your wagers, so a $1 spin on a slot with a 5% house edge, means if you’re lucky, you will get 95 cents back.
Random Chances
Whilst the house edge controls the profitability of individual machines, winning the jackpot is something that everyone can do. It is just a case of finding a game that has the low house edge of around $5 and then having enough money to play for at least a couple of hundred spins.
The chances of winning are there, it just takes time, money and luck to get there.
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