Breaking even on slot machines, is it possible to actually do this? Well of course there are a lot of odds and statistics that are built in to answering this question, or are there?
Let’s first start off in saying, I’m not a huge gambler but I do enjoy the occasional trip to the casino. I think it’s a lot of fun as long as you control what you’re willing to lose.
In fact it’s better to only take with you what you’re willing to lose, because odds are, that’s how it will turn out. Personally I enjoy playing the slot machines more so than sitting at the Black Jack table, although that’s fun too. But it seems playing at a card table is just asking to be spending more money. Slot machines allow you to bet very small amounts and can extend your playing enjoyment time tremendously.
But that brings me to my next thought…
Is Breaking Even Possible on a Slot Machine?
If you ask one of the few lucky Powerball winners and lottery winners out there, they will more than likely tell you that nothing is impossible where astronomical odds are concerned. But breaking even on slot machines is highly unlikely, if you play on a regular basis that is.
Most any professional gambler or mathematician will attest that slot machines are for suckers and are nothing more than money makers for the casino. They say no skill is required to play these slot machines and the odds are set against you from the beginning. Plus the fact that between each play is only a matter of seconds, that translates into massive amounts of revenue per hour.
Then there’s the compulsive player of slot machines that will define their playing terms by a machine either being hot or cold. Of course this is a complete myth and there’s no real evidence to suggest this is possible. But if you consider luck into all this, then maybe breaking even can happen. I do believe that the universe and karma can be attracted to certain people if they’re in the right place at the right time and under just the right circumstances. But that’s something to discuss at another time.
The fact is, slot machines are powered solely by computer chips these days, and those chips are nothing more than random number generators. So the theory set by slot pullers that they are “Due” for a win simply because they’ve had multiple losses in a row is completely absurd and known as “the gambler’s fallacy”. In fact a previous bet has absolutely nothing to do with a future bet, it is all random at best.
How do Slot Machines Work?
Slot machines are fixed to pay out a specific percentage based on the amount wagered in that specific machine. For example, in Atlantic City, the state law has set a minimum payout of 83%. But considering how competitive each gambling facility is, everyone seems to want to be known as having “the loosest slots in town!” In all actuality the average payout is normally a much higher number, usually between 90%-95%. Of course none of these establishments will give you an exact figure on how they figure all this. None the less, that remaining 5-10% is known as the casino’s take. It’s even estimated that the higher stakes machines will sometimes have a payout percentage in upwards of 98%!
What is the Law of Large Numbers
If you’ve ever heard the phrase, “The House always Wins”, then this is in fact a true statement, and it’s based off of a principle known as the Law of Large Numbers. So what does this mean to the player?
Basically, the more number of plays against a machine, the more likely it is that the fixed probability will catch up with the player. Even though a player may hit a few lucky pulls and win some jackpots, the odds are still against them that over time, the wins will outweigh the losses.
Playing Slot Machines Smart
In order for a player to better their standing on slot machines, they need to follow an intelligent slots protocol. This may involve reading the specific payout rules on ever machine you play. Remember, even though two machines may look alike, the payout rules may be different and the odds are, they will be. This is a trick the casino will utilize in order to increase revenue from the players that have gazing eyes and robotic actions of drop coin, pull…drop coin, pull. Yah I realize most all modern day machines are more like, insert bill, push button…insert bill, push button. But either way, you get the point.
Another method to bettering your odds is to always bet the maximum allowable, this will increase the odds that you will hit the top jackpot. But again, if your gambling habit has consumed the better majority of your life, then this will probably make no difference in the long run.
Most experts will also tell you to always go with the video poker rather than slot machines. The reason is, is that there are video poker machines that have theoretical long-term payouts over 100%. Of course this would only work if the player executed a perfect strategy on every hand they played. Seeing how the odds of that aren’t very high, a pretty decent player could expect a average payout of 90%-98%. This of course would all depend on their skill and which machine they were playing on. But the sad part is, in the long run….this person will still come out money out of pocket.
So What does this all Mean?
So you’re probably wondering, “Why are you telling us all this if we’re just going to lose anyway?” There is a sure fire method to coming out on top with slot machines or any other casino game. It’s called “QUITTING WHILE YOU’RE AHEAD!” That’s right folks, if you’ve not paid full attention so far, be sure to understand this point.
At some point during a person’s play time during any specific visit there will be, if for only a second, a time you are up from your original investment. This is when you need to stop playing, cash out, and head home with a little extra money in your pocket. Now you’re probably wondering, when will I know it’s time?
When you have had several “lucky” plays and are seeing some return on your investment, pay strict attention on when the house begins to take it back. If you begin to lose a couple of hands or a few pushes on the slot machines, then the odds are probably turning against you. The fact is, everyone always thinks, “If I just play a couple more, I can walk away breaking even“. But that never happens, but chances are, if you quit while you’re ahead, and don’t play constantly, you may be able to turn around the next day and come out on top again!
Hopefully these strategies and statistics on playing the slot machines will come in handy for someone, but what ever you do, don’t let it take control of your life, and what ever you do, Have a Great Time!