Slots Machine Make Money
You can find stories about people gambling for a living. Many people play poker for a living, and it’s easy to see why. Poker doesn’t have a built in house edge; it has what amounts to a seat charge in the form of rake. Poker players aren’t trying to win the house money, they compete for other player’s money. This is different than most other forms of gambling.
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You can also read about blackjack players that have learned how to count cards or find sloppy dealers that flash the value of down cards. Some of these players are able to play blackjack for a living. A small percentage of sports bettors, horse track bettors, and dog track bettors are also able to make enough money to gamble for a living.
- Jun 04, 2018 Slot machines remain the most important money-making part of casinos in the United States. In many states, casinos make between 65 and 80 percent of their gambling income from slots.
- Jul 23, 2019 But such a small percentage of players make money that the truth is that you should probably forget the idea. Slot machines are designed to guarantee, or lock in, a long term profit for the casino. Each machine is programmed to pay back a certain percentage of every dollar wagers and keep the rest for the casino.
- Nov 16, 2020 Slots make casinos tons of money. In some places, the slot machines make more money for the casinos than all the other gambling activities make them combined. Yet players still flock to the slots games. You could easily make the argument that playing slots is itself a bad habit.
But it’s rare to find people who can gamble for a living who play other casino games. Bob Dancer claims that he was able to play video poker for a living several years back, but even if his claim is true, many things have changed since then. It’s harder to find full pay video poker machines and casinos pay lower comp rates for video poker play.
Of course, there’s nothing wrong with that and I’m not trying to say that he didn’t make money playing. But I don’t know if anyone is making a living playing video poker today. It’s possible, but if there are players doing it, there aren’t very many.
A few authors claim to make money playing craps using dice control. This has always struck me as a way to sell books and training courses, but just like Dancer’s claim in video poker, I suppose a few people can use dice control. Also just like video poker, if people are successful at dice control, there aren’t very many of them.
Games like slots, roulette, baccarat, and other table games don’t have stories about gamblers playing them for a living. Does the lack of stories mean that these games are impossible to beat?
Slots are the most popular form of gambling in casinos. People love to play slots. This brings me to the reason for this article.
The Hard Truth
Before you continue, consider exactly what making a living means. Some people live on $25,000 a year, while others seem to need $50,000 or $100,000 a year. Many factors come into play when determining how much someone needs to live.
Some of the factors include:
- Where you live
- How many people you have to support, like a spouse and children
- How frugal your lifestyle is
- How much debt you have
For the purposes of this article I’m going to use $52,000 a year as the threshold for making a living. This works out to $1,000 a week. You can use any number that you want, but unless you live in an expensive area, most people can survive on this amount.
Another issue that must be considered when you think about playing slots for a living is the lack of health insurance and other benefits. Professional gamblers have to find health care and they don’t get paid time off. Health care is a serious expense for many people and it can be dangerous not to have some type of coverage.
Many young people don’t worry about the lack of health care coverage, but as you get older it often becomes a real concern. If you have to pay for health insurance it can take a big chunk out of your income. Keep this in mind when you determine how much you need to make to play slots for a living.
The hard truth is playing slots for a living is almost impossible unless you’re already wealthy and have enough money that you can afford to lose in the long run. It’s much more likely that you’re going to lose $1,000 a week than win $1,000 week playing slots.
While most slots players lose in the long run, it’s not 100% impossible to play slots for a living. But such a small percentage of players make money that the truth is that you should probably forget the idea.
Each machine is programmed to pay back a certain percentage of every dollar wagers and keep the rest for the casino. These numbers are called different names, but I call them pay back percentage and the house edge.
A slot machine’s pay back percentage is the amount of all bets returned to the player through wins on the machine. If a slot machine has a 95% pay back percentage that means that on average it gives back $95 out of every $100 wagered to the player.
If you consider this from the other angle you get the house edge. When the slot machine pays back $95 out of $100, it keeps the other $5 for profit. In other words, a machine that pays back $95 out of every $100 wagered has a 5% house edge.
When you add the house edge percentage and the pay back percentage together, they always equal 100%. This means that if you know one number you can subtract it from 100 to get the other number.
You can use these numbers to predict how much money you should win or lose over a set period of time, based on how much you bet per hour. Because the house edge is in the casino’s favor, it means that if you can’t figure out how to overcome the edge or get lucky, you’re going to lose in the long run.
Most slot machines have a payback percentage between 90 and 98%. This means the house edge is between 2 and 10%. With a house edge, it means that you lose between 2 and 10% of every dollar you run through the machine.
Here’s an example:
- You play on a slot machine that has a 98% pay back percentage, which means it has a 2% house edge. Your bet size is $2 per spin and you make 400 spins per hour. You can figure out your average loss rate, or what you can expect to lose on average per hour, by using this formula.
- Amount bet per spin times spins per hour times the house edge.
- $2 X 400 X 2% = $16
This means that if you play for 10 hours your expected loss is $160. You simply multiply the expected hourly loss times the number of hours you plan to play and you get the average expected loss.
Slots are run by computers, which use a program based on math. These programs, unless the programmers made a mistake, make sure that the underlying math principles always come true. It might take millions of spins, but the programs guarantees that the machine produces the programmed profit percentage for the casino.
The house edge and pay back percentage are long term things. This means that these percentages are realized over a long period of time. In the short term the house edge and pay back percentages vary, sometimes a great deal. But eventually the short term variance evens out and produces the correct results.
Make Money From Home
Most players can’t, and this is why it’s almost impossible to play slots for a living.
If you still want to try to play slots for a living, the following sections have additional information you need to know. Just keep in mind that even if you use every trick and strategy in your power, you still might lose money in the long run.
Finding the Pay Back Percentage of Slots
You just learned about pay back percentage and the house edge and how these things guarantee the casino a profit. So the next question is how do you find out the house edge and pay back for slot machines?
Most casino games are designed in a way that it’s fairly easy to determine the house edge and pay back percentage, or you can easily find the numbers with a quick internet search. But slots are different. The programs that run the machines have so many variables that unless you have access to the program it’s impossible to determine the house edge and pay back percentage.
Another problem is that some machines offer different pay back percentages from the manufacturer, so each casino can order their machines with the percentage they want. You can find out more about finding slot machine pay back percentages here, but the news isn’t good.
The following sections include everything I know that can help you improve your chances to win. Four of them are strategies that you can put into action yourself, and the other one is based on hope. Sadly, hope isn’t much of a strategy, but it fits in perfectly with how most people gamble. They put their money out and hope to win.
Online Bonuses
Online casinos often offer bonuses for slots players when they make a deposit. You can get 100% or more of your deposit matched with bonus money you can use to play slots. This sounds like a great way to overcome the house edge, and if the money was free it would be.
While bonus money looks like it’s free, when you read the conditions and terms associated with the bonus you find out that it’s not a simple as the casino giving you free money.
Every online slots bonus comes with rules and regulations about how you can use it, what you have to do before you can cash out your money, and if you get to keep any bonus amount when you meet the terms of the offer.
The terms vary from online casino to online casino, so it’s important to read them before you make your deposit. Some bonuses are deducted from your balance when you make a cash out request, while others can be cashed out eventually.
When you accept an online slots bonus you have to meet certain requirements. These are usually called play through requirements. A play through requirement means that you have to play the bonus amount, and sometimes the deposit amount as well, a certain number of times to clear the bonus. The requirement is usually shown as a multiple, like 25X or 50X. This means you have to make wagers totaling 25 times or 50 times the bonus, and sometimes the deposit amount.
Here’s an example:
- You sign up at an online casino that offers a 100% sign up bonus on deposits up to $250. You make a $250 deposit and get a $250 bonus. This gives you a total bankroll of $500. The terms and conditions state that you have to play the deposit and bonus amount 50 times before you can cash out.
- The total of the bonus and your deposit is $500, so you multiply this by 50 to find the total amount you have to bet. 50 X $500 = $25,000, so you have to make $25,000 worth of bets before cashing out. The best can be any size as long as the total amount reaches the limit.
You can use a trick at this point to get an idea of the possibility of clearing the bonus and having money left over. You can multiply the total amount you have to wager times the house edge to find the expected loss.
Using this example, if you play on a slot machine with a 5% house edge, your expected loss is $1,250. This means that usually you’re going to run out of money before you clear the bonus. The only ways to change this are to play on a machine with a lower house edge, or find bonuses that have lower play through requirements.
You also need to make sure you understand the difference between cashable bonuses and the ones that are deducted from your balance. A bonus that can’t be cashed out when you meet the playing requirements makes it unlikely you can beat the house edge.
Here’s an example if you play a slot machine with a 2% house edge, using the same bonus numbers in the last example.
$25,000 X 2% = $500. This means that your expected loss is the same as your total bankroll of $500. Even if you get lucky and don’t lose all $500, the odds of you having more than your deposit of $250 left after clearing the bonus is slim.
You should defiantly use online slots bonuses if you want to play slots. Even a bonus that’s not cashable gives you extra money to gamble with. It also gives you extra chances to hit a big jackpot, which is the only way most slots players have of getting ahead.
Slots Tournaments
Slots tournaments aren’t run at all casinos, but some casino run them from time to time, and a few run them on a regular basis. A slots tournament offers a minimum amount of play for a set entry fee and awards prizes for the top finishers.
Some casinos offer slots tournaments as a reward for a set amount of play and/or connected to their slots club program. If you can earn a free entry into a slots tournament, anything you win helps overcome the house edge on your normal slots play.
Slots Machine Make Money Clip
When you’re looking for a slots tournament that has an entry fee, you should look for ones that have a guaranteed prize pool. If you can find tournaments that don’t get enough entrants to cover the prize pool you can play with an edge. It won’t greatly improve your chances of finishing in the money, but when the entry fees don’t cover the prize pool it’s profitable to play.
Here’s an example:
- The casino offers a slots tournament with a guaranteed prize pool of $1,000. The entry fee is $10 and they only get 80 people to sign up. If you divide the prize pool by the number of entrants you get the average value of playing.
- In this case, the average is $12.50. Any time the average return for playing is higher than the entry fee you’re playing with an edge.
You still have to finish in the money to win some money, but if you play in enough of these types of situations you come out ahead eventually.
Playing Slots for Comps and Promotions
Every time you play slots you should be earning comps. Sign up for the slots club at your local casino and look for online casinos that have a rewards program. The casinos don’t give back enough in comps to overcome the normal house edge, but every penny you get back in comps helps lower your cost to play.
Casinos also run promotions from time to time. You might be able to find free slots play vouchers and match play coupons in the local paper or on the web site of the casino where you’re planning to ply. Promotions and coupons are a great way offset the built in house edge of the slot machines.
Getting Lucky
I hate to say it, but the only way most people can play slots for a living is to get lucky. If you’re lucky enough to hit a big jackpot sometime in your life, and are smart with the money, you can afford to play slots full time.
The only slot machines I play are the ones that offer either a progressive jackpot or ones that have a set top jackpot prize of $100,000 or higher. I know I can’t overcome the long term house edge without a big win, so I don’t waste my time on machines that can’t make a big deposit into my bank.
Getting lucky isn’t a strategy, but if you don’t put yourself in position where you have the chance to be lucky you don’t even have reason to hope. If you want to play slots for a living focus on slots with big jackpot possibilities.
Progressive Jackpots
The only way to truly play slots with an edge over the house is to play a progressive jackpot slot machine where the top prize has grown so high that it overcomes the edge. The problem with this is the same as I discussed earlier. If you don’t know the house edge you can’t determine how high the progressive jackpot has to climb before it makes the play profitable.
If you don’t know the house edge, simply play the slots that have the highest jackpots. Most casinos, both online and off, have at least one slots game with a jackpot over $1,000,000.
If you can’t find one with a jackpot over $1 million, look for the highest one you can find. A $500,000 jackpot win might not set you up financially for life, but it’s enough to help out quite a bit.
Conclusion
Playing slots for a living is a dream of many gamblers. But the truth is that it’s almost impossible to succeed. The house edge locks in a long term profit for the casinos, so very few people win.
You can use the tips and strategies on this page to give yourself the best chance to overcome the house edge, but if you want to gamble for a living your best bet is to stop playing slots and pick a different game.
Slots make casinos tons of money. In some places, the slot machines make more money for the casinos than all the other gambling activities make them combined. Yet players still flock to the slots games.
You could easily make the argument that playing slots is itself a bad habit. But even if you’re stuck on playing slots, there are a few other bad habits that are costing you money.
Here are five bad slots habits that are costing you money. Eliminate these bad habits and you’re going to start winning more, or at least start losing less when playing slots for real money.
The Slots Maniac Habit
This is pretty much standard operating procedure for most slots players, so this habit might be familiar. Most slots players press the spin button as fast as they can. Or even worse, they play a slot machine that has the feature that lets you set a number of spins to run automatically.
In other words, too many slots players act like a maniac. A maniac simply wants to play as many spins as possible. And slot machines are designed specifically for these types of players. The problem is that playing slots like a maniac is one of the worst mistakes gamblers make. When you play slots this way, it costs you the maximum amount of money.
I can hear a few people reading this saying that they want to take as many chances as possible at hitting the jackpot, so how can taking too many spins be a bad habit? I’m going to show you using a little bit of simple math. I’m warning you that most slots players are going to ignore this information. If you choose to ignore this lesson, it’s going to cost you a great deal of money in the future.
Slot machines are run by computer programming that follows strict rules. The rules say that the slot machine gives back a percentage of the money put into it back to the players. The rules also say that the remaining percentage is kept by the slot machine for profit for the casino.
In the short term these percentages vary a great deal, but over the life of the slot machine these rules always become 100% accurate.
The rules are slightly different for each slots game, but most of them have a rule that falls somewhere between 85% and 97% payback to slots players. This means that the rule about how much the machine keeps for profit is somewhere between 3% and 15% most of the time.
Now that you know the rules, you can quickly figure out how much you’re going to lose when you play slots.
You’re betting $2 per spin on a slot machine and take 525 spins every hour. This means you’re risking $1,050 every hour. When you multiply $1,050 times 6% you get $63. This is your expected loss every hour.
Now, consider the numbers if you take 300 spins every hour on the same machine. Now ,you’re wagering a total of $600 every hour. This creates an expected loss number of $36. Losing $36 an hour is still bad, but it’s a lot better than losing $63.
Stop playing slots like a maniac. Get in the habit of playing fewer spins every hour.
Taking Any Spin Without a Slots Bonus
I enjoy the atmosphere of a live casino as much as anyone. Sometimes, this is the only social interaction I get during a week. But the truth is that I’m usually better off when I skip the trip to the casino and gamble online.
Slots play is a perfect example of this.
But when you play online, you can start with $1,000 or more in your bankroll using the same $500. And sometimes, you can earn comps, too. The way you can start with $1,000 or more instead of $500 is called a bonus.
Many online casinos give a matching bonus on your deposit when you play slots. This is why you should always play online if you want to play slot machines.
Completing the Story No Matter What
I call this bad habit “story chasing,” but you need to understand that this isn’t just about the slot machines that have a storyline that you play through. This can be any game mechanic that keeps you playing longer just to complete something in the game.
Slot machine developers are good at understanding the psychology that keeps players playing. They know that if they add a story or other element to the game, slots players are going to play longer just to complete the story or whatever it is.
Don’t fall into this trap. The best way to avoid the story chasing trap is to never play a slot machine that has any type of story of quest involved. The second best way to avoid this bad habit is to ignore the story or completion part of the machine.
Every time you get involved in the story, you’re in danger of playing longer than you originally intended to. And as you learned in the first section, the longer you play, the higher your losses are likely to be.
Casino Comp Chasing
This is almost exactly like story chasing. When you sign up for the slots club and earn casino comps as you play, there are levels of rewards. The more you play, the higher the level of rewards you qualify for.
Why do casinos design their rewards programs this way?
Everything in the casino is designed to take your money. The casino offers entertainment and a small chance to win in return for your money. This is what you have to keep in the front of your mind every time you’re in the casino.
Chasing anything when you’re gambling is a bad habit. So, don’t chase the next rewards or comp level, because it just ends up costing you money.
Playing Slot Machines
I know that you don’t want to hear this, but you need to know the truth. The worst habit you can have is playing slot machines. The casino has many other gambling options that are better than playing slots.
Slots can be fun, and if you get extremely lucky, you can win a big jackpot. But most slots players lose more money than other gamblers.
If you want to learn how to avoid the bad habit of playing slots, learn more about your other gambling options. Find games that have a better casino edge and pick one of these games the next time you go to the casino.
When you pick the right gambling activity and learn how to play it the right way, you can play a lot longer on the same bankroll. And you’re going have a much better chance to win every time you gamble.
Video poker is a good alternative if you enjoy gambling on machines. If you’re willing to play table games, blackjack is a good choice. Many other games are better than slots, so you have plenty of options. Do some research and learn about as many other casino games as you can.
Conclusion
Are you a slots maniac? This is the first bad habit you need to work on. Stop spinning the reels as fast as you can. And stop playing slots without getting a big fat bonus. Slots drain your bankroll, so you can play longer when you double your bankroll.
Don’t fall for the story trap when you play slots. Slots designers use every trick in the book to get you hooked.
In the end, you need to take a close look at why you’re playing slots and how much your slots play is truly costing you. Once you realize the truth, you might figure out that the worst habit of all is playing slots in the first place.