How To Make Money On Slot Machines
- How Do Casinos Make Money On Slot Machines
- Cash Money Slot Machine
- Money Slot Machine Games
- How To Make Money On Slot Machines Real Money
- Free Money Slot Machines
Play responsibly. The number one rule for making money on slot machines is to be wise about how much you play. While the right strategies can give you an advantage over the average gambler, it is highly unlikely that you will be able to maintain any kind of steady income from playing slot machines. Basically, what it means that at certain point the slot has to pay. The problem is that when it comes to online slot machines, there can be 100 players playing the same slot at the same time, so you have no idea whether it paid or not. You might be losing your pants and someone else just bought a new Lexus.
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.
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.
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.
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.
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.
“Hey there, Tex. You want some free money?”
If anyone ever says this to you, run away. There’s no such thing as free money and there’s always a catch when someone tells you that there is.
If there’s anything to be gleaned from movies about gambling, it’s that casinos are evil and they want to leave you with nothing…NOTHING.
But wait. What if movies aren’t like real life? And what if your main interest lies in playing the slots?
Here’s some good news, there are right ways to play pokies and come out on top. If you’re careful and calculated, you can avoid the typical pitfalls of casino life using some slot machine tricks.
Let’s go over some of the best practices when hitting the slots. Here are some dos and don’ts for making the most of your trip to the casino.
Grab a pack of cheap cigarettes and put your ugliest suit on, it’s time to gamble.
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Wait, Money Does Grow on Trees?
That thing at the beginning about running away when someone offers you free money?
Well here’s one case where it may actually work out in your favour. Let’s talk about the first thing you should do when trying to take advantage of the slots, use no-deposit bonus codes.
If you’ve ever been to Las Vegas, then you’ve seen what can only be described as casino heaven. The Vegas strip is a veritable pig pen of casino activity, and with so much competition between establishments, the different casinos need ways to get people into their building instead of someone else’s.
That’s where no-deposit bonus codes come in. These are essentially free money vouchers. The casinos use them to bring people in the doors, where they know that will power will eventually fade away along with the free money. So evil, right?
But if you’re smart and careful, you can take this free money and use it to make more money using some of the tricks we’ll outline here.
A Couple Slot Machine Tricks
Sure, most folks just waltz on to the casino floor and just start losing money, but it doesn’t have to be that way. If you get to know the way that casinos work, then you’ll be at an advantage.
Or at least an advantage over the other gamblers. The casino always has the advantage. Remember, you’re in their house.
Loose Slots
Yep, there is such thing as a “loose” slot machine. This is an old-school term that basically means that a slot is more likely to pay out.
In the age of digital slot machines, the actual mechanics of the machine don’t cause it to pay out more, but machines today have random number generators (RNG’s) that do pay out at different rates.
Casinos always keep the machines that have higher payout rates away from the ends of the aisles and away from doorways. This is to keep gamblers from winning big on a machine and immediately taking their business elsewhere.
So always make sure to get into the thick of it before you settle down at a machine.
Bet Max
What? Bet the max amount? Isn’t that the quickest way to bankruptcy?
Yes and no. Machines nowadays have multiple bet lines so when you bet the max you can take advantage of multiple lines. The odds of you winning don’t increase, but the amount you win will greatly increase when you do win if you bet max.
Different machines have different volatility levels. Machines with high volatility are quicker to run you out of town, but the winnings will be way better. Low volatility machines pay out less money at a higher frequency. Keep this in mind.
Play Classic Over Video
Those big flashy video slots with all the fun graphics and loud music? They aren’t just there to entertain you. They’re there to take your money.
The video slots are there to draw people in, and it works. But the casino’s cost of running and maintaining video slots is much higher and they take up tons of space compared to the other machines, so the payout is almost always lower.
Stick to the boring old slots. There’s less to look at but you might just leave them with heavier pockets.
Random or Progressive?
Temptation is the name of the game at the casino, and progressive slots are really tempting.
A progressive slot machine is one that pools all the money from everyone that’s played it since its last jackpot. There are also multi-slot progressive jackpots that pool a few different machines to tempt people with enormous payouts.
Keep It Random, Y’All
Random slots obviously look a bit less enticing, as they have a fixed jackpot. They do, however, pay out those jackpots more frequently. Pick your poison, but often good things come to those who wait.
Pay Tables
Take a look at the pay tables of different machines to compare. A pay table shows the payout for each combination of symbols/amount bet.
Pay tables can be an indicator of a machine’s volatility, and doing a little comparison rather than just sitting down randomly at a machine can help you in the long run. It’s better to take your time and find the right machine that your research tells you is more likely to pay out.
Talkin’ Bout Practice
Did you know that practice always makes perfect? Well, not perfect in this case because it’ll never be perfect. But there are websites where you can try out some of your strategies, look at pay tables, multipliers, and other game features without losing your hard earned dough.
Check out a practice site to try out different games and learn about the nuances of each slot machine. There is a lot of variance between machines when it comes to free spins, bonus rounds, and multipliers, so it will benefit you greatly to familiarize yourself before you do it for real.
Try Math
Listen, these god-forsaken machines were built on math. And if you really want to beat them, you have to fight fire with fire. This requires a lot of time and brainpower, but it is possible to give yourself a chance.
There are loads of math based strategies available online. While they certainly don’t guarantee success, they at least allow you to feel like you’re in control over the game. Get a good pocket-sized calculator, a notepad, and a pen and go get yourself some money.
Know When to Give up on a Machine
This is an easy one. Sometimes you just have to know when to give up if a machine isn’t paying out. It’s not exactly following your gut, but more like letting the results dictate what you do.
You never want to end up like the old person sitting at the same machine for hours on end in their sweats, smoking cigarette after cigarette, dumping all of their excess money into the slots.
And what was stated earlier rings is all too true. The slots will always win in the end.
The easy way to avoid this is to have the willpower to walk away and find another machine. You can do it.
Bounce Around
Not staying too long at one machine is one of the more obvious tips. But if you have the option, bouncing around to different casinos is another good move.
Casinos are all vying for your business, and as mentioned earlier, they will offer you different perks to get you in their clutches. Why exploit the generosity of just one establishment when you can get free spins, chips, and bonuses from two? Or three? Or four? Don’t limit yourself.
Have Limits
No, but do limit yourself though. If you’re not having a good day at the races, pack it in early.
It’s really easy to go down a dark gambling hole, and that’s what the casinos want you to do. But you can always go back, so don’t be discouraged.
Set a limit for yourself on how much money you are willing to spend at this place, and fastidiously stick to it. Yes, the next spin could change your life, but what if it’s actually about 150 spins from now? Be careful out there.
Cash Money Slot Machine
Good Luck
Money Slot Machine Games
The bottom line in all of this is that this is all luck based. If you are playing the slots and using slot machine tricks expecting to win, you’re doing it wrong! There are lots of so-called “experts” telling you how to play the pokies, but the best advice is to not let the pokies play you.
How To Make Money On Slot Machines Real Money
All that you can do is employ some of these strategies and hope for the best, and you’ll be in a better position than if you just go in blind. Even the most seasoned and strong-willed gambler is at the mercy of the slot machine.
In any case, good luck to all and visit our pokies blog for more articles about all things pokies or look at one of our many gambling guides to gambling in Australia.