If you are keen on playing slots, then you are aware that the payout percentage is an important aspect of the game. Sadly, for most beginners, this can be a very confusing term and this can make them have unrealistic expectations.
Whether you are just starting out or you have been playing slots for a while, it is always useful to know what payout percentage is and how it can affect your game. In this article, the experts from BetPokies will tell you what the payout percentage is and why you should pay attention to casinos with high withdrawals.
What is Payout Percentage?
In very simple terms, the payout percentage is the amount of money that the casino will payout in winnings, as a percentage of the total amount wagered by players. For example, if the payout percentage is 95%, this means that for every $100 wagered, the casino will pay out $95 in winnings. It is important to keep in mind that this is not the same as the house edge.
The house edge is the amount of money that the casino will keep, as a percentage of the total amount wagered by players. In the example above, if the house edge is 5%, this means that for every $100 wagered, the casino will keep $5.
It is important to note that the payout percentage is calculated over the long term. This means that in the short term, it is possible to win or lose more than what the payout percentage would suggest.
For example, if the payout percentage for a slot machine is 95%, this does not mean that if you wager $100, you will automatically get $95 back. It is still possible to lose your entire $100. However, over the long term, the machine will payout 95% of the money that is wagered on it.
How Does Payout Percentage Affect My Game?
One of the most common misconceptions about slots is that a high payout percentage means that the slot machine is “hot” or “loose”. This is not the case. A payout percentage is a theoretical number that is based on the amount of money that is wagered on the machine and the amount of money that is paid out in winnings over time.
It is important to remember that a payout percentage is a long-term number. This means that in the short term, it is possible to have a streak of wins or losses. For example, if you were to wager $100 on a slot machine with a 95% payout percentage, you could potentially lose your entire $100 or you could win $95.
Variance in Slots
It is worth mentioning that there is something called variance in slots. Variance is the amount of risk that is associated with a particular slot machine. Generally, slot variance is divided into 3 main categories:
- Low Variance Slot Games
Low variance slot games have a lower risk associated with them. This means that in the short term, you are less likely to see large swings in your bankroll. Low variance slot games tend to have a higher hit frequency, which means that you are more likely to land winning combinations while playing.
- Medium Variance Slot Games
Medium variance slot games have a medium level of risk associated with them. This means that in the short term, you could potentially see large swings in your bankroll. Medium variance slot games tend to have a lower hit frequency, which means that you are less likely to land winning combinations while playing.
- High Variance Slot Games
Generally, these are games that will not have frequent wins. However, when the wins come, they are quite huge. They tend to have a higher house edge as well. High variance slot games are not for the faint of heart and are generally only played by experienced slot players.
Now that you know all about payout percentage and variance, you can make an informed decision about which type of slot game is right for you. If you want to minimize your risk levels.
Choosing a Slot Machine
The choice of a slot machine should be based on many different factors:
- One of the most important factors is your bankroll. You need to make sure that you choose a slot machine that fits within your budget.
- Another important factor is your playing style.
If you are a risk-averse player, then you might want to consider playing a low variance slot game. If you are a player who is looking for the potential for big wins, then you might want to consider playing a high variance slot game.
Final Thoughts
Slot payout percentages ultimately affect your bottom line. If you are a player who is looking to minimize your losses, then you should choose a slot machine with a high payout percentage.
On the other hand, if you are a player who is looking for the potential for big wins, then you might want to consider playing a slot machine with a lower payout percentage.
