Slot Machine Payout Laws
- Slot Machine Payout Laws
- Oklahoma Slot Machine Payouts
- Slot Machine Payout Chart
- Slot Machine Payouts By Casino
So who pays for those Volcanic eruptions? Pirate Battles? Carnival Parades? and Glittering Showrooms? Slot Machines. 60-65% of casino revenue is generated by those bell-ringing one armed bandits that seem to multiply on casino floors like rabbits. So how does the average player gain an advantage and possibly win? Well... aside from cheating (which we really don't suggest you get involved in) the only way to gain some sort of advantage is to choose your slots with utmost care and discrimination.
Slot machines in Las Vegas are required by law to payout 75% of the money that goes into them, actual payout in Las Vegas is approximately 95%. Will you be the one that takes the money instead of gives it? That is up to luck, but with a little investigation one can easily learn to identify which machines are more favorable to the player than others. Slot machines are all about the payout... Red White and Blue, Double Diamond, Dick Fucking Clark, Cherry whatever. At the end of the day what every slot player needs to do is look at the pay schedule on the machine they want to play. Very often the same machine one row over will pay 5,000 credits on 3rd credit jackpot while you're playing on a 2,000 3rd credit machine. Plain and simple you're cheating yourself.
To maximize slot machines payouts, make sure you’re eligible for the bonuses offered. Some newer games avoid the issue by eliminating the option to play fewer paylines than available. A 40-line game might have buttons labeled “Bet 40,” “Bet 80,” “Bet 120,” “Bet 160,” and “Bet 200,” giving you options to bet one, two, three. In part, these gaming jurisdictions often include laws which place an upper and lower limit on the pay back return for slot machines. To not lose their gaming license, or to otherwise get in trouble with gaming control authorities, casino operators must remain in compliance with these legal gaming requirements.
Slot Spotlights
A few notable slot machines we here at VT have found more playable, or more interesting, than the other nonsense out there like Leprachaun's Gold or Tabasco Slots or whatever.
We like machines that have the best payouts on the lowest winning spins. These will keep you going longer between larger wins and not enact the ATM-In-Reverse principle seen at many of the larger joints (Venetian being the worst we've experienced).
100 or Nothing
Red, White and Blue
Slot Machine Jackpots Photo Gallery
Wheel of Fortune
Wild Cherry
Slot Machine Payback Percentages
Below are the slot payback percentages for Nevada's fiscal year beginning July 1, 2002 and ending June 30, 2003:
5¢ Slot Machines
The Strip - 90.32%
Downtown - 91.50%
Boulder Strip - 93.03%
N. Las Vegas - 92.97%
25¢ Slot Machines
The Strip - 92.59%
Downtown - 94.83%
Boulder Strip - 96.47%
N. Las Vegas - 96.63%
$1 Slot Machines
The Strip - 94.67%
Downtown - 95.35%
Boulder Strip - 96.48%
N. Las Vegas - 97.21%
$1 Megabucks Machines
The Strip - 89.12%
Downtown - 88.55%
Boulder Strip - 87.76%
N. Las Vegas - 89.41%
$5 Slot Machines
The Strip - 95.33%
Downtown - 95.61%
Boulder Strip - 96.53%
N. Las Vegas - 96.50%
All Slot Machines
The Strip - 93.85%
Downtown - 94.32%
Boulder Strip - 95.34%
N. Las Vegas - 95.32%
The Math of Casino Slot Machines
Slot Machine Payout Laws
For every dollar you wager in a slot machine, you will lose 100% - Payback% of that dollar. For example, you're at Bellagio playing the $1 Double Diamond slot, wagering Two Credits ($2) per spin. According to the table, for every $2 spin you will lose 5.33% of that bet... just shy of 11¢. Granted these 11 cents don't get extracted instantly... this is computed over time. So if your bank roll limit is $10 it will take you, on average 52 spins before your bankroll is toast (under $1) and you are out of credits.
How was this number derived:
STAKE x (Payback Percentages) = STAKE x (Payback Percentages) = STAKE x (Payback Percentages) = ...
Repeat calculation until the number gets below the minimum bet - if you play long enough, you're gonna go broke. THAT is a FACT. Slot machines are entertaining, relaxing, require little thought beyond pressing a button. IF you want to truly GAMBLE, you might want to look into Video Poker, and eventually Blackjack as other options.
Granted, sometime in there you just might hit that $500 win on the Wheel of Fortune, or The Elvis progressive might shake rattle and roll $1000 your way... but the math inside the machine determines that you will in fact lose a certain percentage of your wager on each spin, and the more you spin... the more you will lose despite short runs of successful jackpots. If you find you are UP... leave. Every spin of a slot machine generates a random number that has NOTHING to do with previous numbers. SLOT MACHINES do NOT run in streaks (even if you might wish to think they do). Don't expect to get any of the money you put into a machine out of it unless you learn to press the CASH OUT button.
Gamblers Library
VT fully recommends the following books to help you decrease the house advantage on casino card games.
Buy used from Amazon.com and save big bucks!
One of the primary responsibilities of the Division of Gaming is to protect casino patrons through education and the resolution of patron disputes and complaints.
Division investigators are available during casino operation hours to assist casino patrons. In a patron dispute, a casino must notify the disputing patron that the patron has the right to contact the Division of Gaming regarding the dispute, according to Colorado Gaming Regulations.
State law restricts the access of persons under 21 years of age in the gaming area of a casino. Persons under 21 may not linger in the gaming area, although minors may pass through the gaming area to unrestricted areas such as restaurants and arcades, and casino employees under 21 may be in the gaming area for job-related responsibilities.
No person under the age of 21 can gamble in Colorado casinos.
Underage persons may not watch others gamble, participate, play, place wagers, or collect winnings, whether personally or through an agent, in or from any limited gaming game or slot machine.
By law, a person must be 21 years of age to hold a Support or Key employee license. Persons under 21, however, can hold positions in a casino that do not require a gaming license.
Limited gaming only affects the amount of wagers, it does not limit the amount of jackpots or payouts. The only limitation is that slot machines cannot have a payout of higher than 100 percent.
By law, slot machines must pay out between 80 percent and 100 percent, over the life of the machine. Most slot machines pay out around 90 percent, with higher denominations paying out higher than lower denominations. A quarter slot machine generally pays out more than a nickel machine, a dollar machine more than a quarter machine, etc. The percentage of payout on a slot machine is determined by a computer chip within the machine itself.
Oklahoma Slot Machine Payouts
Through Colorado's Gambling Payment Intercept Act, gambling winnings may be intercepted to fulfill an offender's outstanding criminal court obligations, outstanding child support obligations and other uncollected debt to the state.
Casino staff will assist winners of large jackpots with the necessary United States Internal Revenue Service (I.R.S.) forms, notify the I.R.S. of the jackpot amount and provide a W-2G form to the winner to be filed with the winner's federal income taxes. For smaller jackpots, it is the responsibility of the taxpayer to include casino winnings on personal tax forms as taxable income.
The Problem Gambling Coalition of Colorado provides resources, including a 24-hour helpline, for those who are dealing with problem gambling issues.
The only way a casino can change the payout percentage on a slot machine is to physically change the game software program or pay table selection in the machine itself that determines the payouts and results of a slot machine. This cannot be completed remotely or while you are playing the machine.
An independent lab tests the game software programs to ensure that they are programmed to pay out at a predetermined percentage. The lab then provides the Division of Gaming and casinos with a list of approved software programs and 'signatures' to verify that the game can be offered in Colorado. Casinos must ensure that all game software operating in their slot machines is approved for use in Colorado. The Division of Gaming inspects slot machines to verify they are configured correctly and are approved for use in Colorado, according to gaming rules and regulations. If not, the casino faces fines and/or other disciplinary action.
By Colorado law, a slot machine must pay out between 80% to 100%.
The game software program in the slot machine that determines the payout is programmed with a theoretical payout percentage. If the game software is set at 97%, theoretically it should pay back 97% over the lifetime of the machine, which is normally seven years. You would have to play the machine for an entire seven years to get a 'guaranteed' 97% return over time.
In the short term, the odds of winning a certain prize, including the top jackpot award, are the same every time you play the machine. If you win a jackpot, your odds of winning it again on the next handle pull are identical to when you won the first time.
Although rare, slot machines can malfunction. The outcome of a wager is determined by the game software program in the machine, not by the display. The reels or video monitor only display the results, they do not determine them. In a patron dispute, Gaming Division employees can access the machine's play history to determine the results of the last games played on the machine.
Therefore, if you believe a slot machine has not paid out according to the payout display on the machine, you should not continue playing the machine. You should stop immediately and ask the casino to review the results. If not satisfied, you have the right to contact the Division of Gaming.
Colorado Gaming Regulation 30-1256 reads: A person lawfully playing a slot machine is the only person who can receive the award from a slot machine. A licensee must not give the award to another person, not even a relative. If more than one person is playing a slot machine, including two persons playing a machine together, the award must be given to the person who made a valid wager on the game and completed a valid game play. An award abandoned in the tray or on the credit meter of a slot machine becomes null and void and the property of the casino unless the person who lawfully won the award makes a claim for the award.
Claiming credits is considered a 'fraudulent act' by Colorado gaming law, a class 1 misdemeanor for which you can be arrested. Further, Colorado Gaming Regulations read: If an award is abandoned in the tray or on the credit meter of the slot machine, the award becomes null and void and the property of the casino unless the person who originally won the award makes a claim for the award. The casino is not responsible for watching your credits or coin buckets should you abandon them, you are. Always redeem your credits if you leave a machine, even for a minute. Claiming and theft are crimes of opportunity. Don't give a claimer or thief that opportunity.
Slot Machine Payout Chart
Slot Machine Payouts By Casino
No law or regulation requires an identification to gamble in Colorado casinos. However, you must be able to prove that you are at least 21 years of age, and you may need a valid ID and Social Security card for federal tax purposes on jackpots of $1,200 or more.