What Are The Slot Machine Odds Really Like?
Mathematician Simon Pampena crunches the numbers on the pokies to work out your chances of winning and give some indication of what your slot machine odds of winning really are
Thanks to Australia’s Broadcasting Network, aka the ABC and their thought provoking media series called ‘Catalyst’ we can get a little more insight into what the slot machine odds really are and in so doing maybe learn a thing or two about how pokies work, what casino game has the best odds, and whether there is anything we can do to swing these odds in our favour.
I invite you to Spend a few minutes watching the video by following the link –> HERE.
The link will open in a new window so I invite you to watch it and we’ll pick things up again in a few minutes 🙂
Can We Calculate Slot Machine Odds & the Best Casino Odds?
“Australians love gambling in all its various forms, and poker machines are no exception. However, the difference from playing the pokies to the ponies, the doggies or even celebrity weddings is that there’s no way to beat the odds when playing the pokies. They’re machines mathematically guaranteed to make money. So if you’re throwing yourself at the mercy of maths, how about spending a moment to see just how these machines have been designed to win? In Australia, the pokies are required by law to return most of the money played in any machine. Somewhere between 80 percent to 90 percent depending which State or Territory you’re in. So if we assume a generous return of 90 percent from a poker machine, then for every $10 played, we should expect to get $9 back. Sound fair? Then how do people go broke playing the pokies? Let’s see how it works on a real machine. I’m gonna be a conservative gambler and only bet $1 per game for a one-hour period. Now, what’s readily apparent is that while you win money quickly, you lose money slowly.”
It’s not always easy to see this when you’re playing a poker machine, ’cause you’re winning and losing money all the time. But if we were to become Time Lords and moved all my winning to the beginning and all my losses to the end, then we would see in the first eight minutes I would win $1,080, and in the last 52, I would lose continuously until there was nothing left.
Understanding Slot Machine Odds and Return-to-Player Rate
Simon continues… and opens our eyes as to how the Return to Player Rate actually works and why 90% return rate isn’t as great as it sounds…
“Now, if I had won $1,000 in just 8 minutes, I’d have to be a real sucker for punishment to sit through 52 minutes of continuous losing. Most Aussies can’t sit through the final quarter of their footy team’s losing, and that’s not even half an hour. Looking at it another way, on a clock face, we see eight minutes of winning followed by 52 minutes of losing. But this marries up exactly with the maths that’s been programmed in the machine, 13 percent of the time you’ll win, and 87 percent of the time, you’ll lose. Now, this sounds like an hour of hell, but if we randomise this result as it is in a real poker machine, it’s an hour of excitement. But how did I lose all my money when I was guaranteed a return of $9 out of every $10 played? Well, the weasel word is ‘played’. A return of 90 percent includes all the money I won while gambling. I started with $120, and from that, I won $1,080 over a one-hour period, so I played a total of $1,200. But then, I lost 10% of that, which is $120. It just so happens to be all the money I put into the machine in the first place. But then again, I knew that was gonna happen, ’cause I understood the maths. And so should you.”
For those of you unsure what we are talking about when referencing the Return To Player Rate, I recommend reading our How Pokies Work article as this will provide you with all the information you need and give some insight into what on earth Simon is talking about above, although I have also provided an image below that explains very briefly how it all works and what your slot machine odds of winning, jackpot or otherwise, actually are.
Where Are The Best Casino Odds?
The Slot machine odds and odds of winning on the pokies are already set – as we have established – but as far as telling where are the best casino odds and what casino games has the best odds I can say this much with certainty.
Online casinos have a better return rate and therefore higher odds of winning than their land based counterparts. I would personally recommend Spin Palace as the best of the bunch and certainly the highest paying online casino that Australian punters have been lucky enough to play. Check out our Spin Palace review or alternatively click the image below to either download their award winning casino app or if you are on a mobile device then enjoy unrestricted access to their brand new mobile casino app and integrated casino floor.