Virtually anyone who visits a casino, even for the first time, is familiar with a slot machine and how it runs: just put in your money , pull the handle and wait a few seconds to see if you win. It is not intimidating like poker where you really need some knowledge of the rules before you play and it is this basic simplicity that accounts for much of the popularity of slot machines in Las Vegas today.
The one-armed bandit makes most of the money for the casino with approximately 60 to 65 percent of the average casinos profits being generated by slot machine play. As an example, in Nevada's fiscal year ending June 30, 1998 the total win by all of the states gambling establishments was a little more than .8 billion. Of that amount, slightly more than billion, or about 64 percent, was from slot machine winnings.
Keeping in mind, you must ask yourself, can I really win money by trying my luck with slots? The answer is a resounding yes...and no. First the no part: to make a long story short a slot machine makes money for the casino by paying out less money than it takes in. In some states, such as Nevada and New Jersey, the lowest payback is regulated. In Nevada the minimum is 75 percent and in New Jersey it is 83 percent. However, if you look at the slot payback percentages for those particular states in this book you will see that the actual average payback percentages are much higher. In New Jersey it is about 91 percent and in Nevada it is about 95 percent. Even though the actual paybacks are higher than the law requires, you can still see that on average for every you play in an Atlantic City slot machine you will lose 9? and in a Vegas one armed bandit you will lose 5?. It does not take a rocket scientist to see that if you stand in front of a slot machine and continue to pump in your money, eventually, you will lose it all. On average, you will put in less money in Sin City rather than Atlantic City, but the ending is certain: you will leave with less than you came.
You will win money on slot machines by using a little smarts, practicing some money management and, mostly, having lady luck on your side. First, the knowledge part. You need to know what kind of gambler you are and how much risk you are willing to bet. Do you want to go for the lotto-sized slot payout that could make you a millionaire in an instant or would you be content walking out with a little more jingle?
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