Slot machines
As a form of entertainment, slot machines appeal to many people. But playing wisely means knowing the risks involved, understanding what chance really means when it comes to gambling, and knowing how to overcome the beliefs that could cloud your judgment.
The risks
Spins are fast
Time between spins is short, and wins are a blast! Flashing lights, loud sounds—it’s enticing! But amid the adrenalin rush and the excitement, it’s easy to place a couple of quick bets and hit the limit of your gambling budget. So, time isn’t the only limit that needs to be respected. On top of keeping an eye on our clock, it’s best to keep an eye on your wallet, too.
Tips and Tricks
Setting a loss limit
Cash is best
“Almost” winning happens a lot
Slot machines often display series of symbols that are only one symbol away from winning. It makes you feel that you “almost won” and entices you to try your luck again. In reality, however, you’re never “close” to winning. The odds of winning or losing will be exactly the same for the next spin. A word of advice: when you reach your time or spending limit, it’s best to stop playing.
Tips and Tricks
Splitting your budget
Enjoy some entertainment
It feels like you can control the game
The fact that you can choose the game or the number of lines to bet on can create the illusion of control. But in reality, it’s impossible to predict or influence the outcome. The amount of time and money you spend playing are the only factors you can control.
Tips and tricks
Keeping an eye on your budget
Playing to have fun, not to make money
How to deal with chance when you’re playing slot machines
Determining what you can afford to lose
The size and frequency of payouts are determined by a game’s volatility. Some games have small, frequent payouts while others pay out big wins at much less regular intervals. It’s up to you to decide which you prefer: Better odds of winning small amounts more often, or better odds of winning larger amounts less often.
It’s risky to think you’ll win if you just keep playing
The results of previous games have no influence on upcoming games. Here’s how it works: Every possible outcome is recorded in a computer program that’s been certified by an independent laboratory. When you press “Play,” a random number generator produces a combination from thousands of possible combinations. In short: Every new game is a reset. This is what we call the independence of events.
Remember: The more you play, the more you risk losing
The result of each new spin is independent from previous spins. And with each new spin, the odds of losing are always higher than those of winning. Generally speaking, then, the more you bet, the more you lose.
Additionally, games provide the house (i.e., the casino) an advantage. For example, the theoretical return to player for slot machines is 92% on average (although it can be higher in some cases), which means that about 8% of the total money wagered would go to the house. This rate is calculated from thousands of spins. Sometimes you win more, often you win less. At the end of the day, you should play because it’s fun, not to win.
Beliefs
See what’s true or false
When I see the same combination of symbols several times, it means the machine is about to pay out.
False.
This is what we call the “gambler’s fallacy.” In reality, results are never pre-determined. Every machine is equipped with a random number generator, an electronic chip that produces thousands of combinations per second, whether or not you’re actually playing.
The same slot machine can pay out several times in a row to the same player or different players.
True!
It’s rare, but it does happen. And the reason is simple—it all comes down to chance. You could win on back-to-back spins or you could go a long time between wins. Just keep in mind that there are more losing spins than winning spins.
If I play more than one machine at a time, I’ll increase my odds of winning.
True!
But you’ll also increase your odds of losing because the probabilities don’t change, and in general, you’ll lose more than you win. That’s why it's better to play on only one slot machine at a time—it prevents you from losing too much, too quickly.
At some point, the machine will pay out.
False.
The odds—or chances— of winning are the same for every spin. Slot machines are equipped with a random number generator that produces a result from every possible combination the moment you press “Play.” So a slot machine could go a long time without a payout!
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