Slots Payout Percentages19th February 2017, 18:19
From the manufacturing factories slots are usually programmed to payout between 82 and 98% of total money wagered by players.
Theoretical Payout Percentage
Theoretical payout percentage is the minimum payout percentage out of the total wagers received from players that must be paid back in the form of winnings. This percentage is defined by law or regulation and varies from one jurisdiction to the next. The lowest percentage payout in Nevada rests at 75% while that of New Jersey State is 78% just to take a few examples. The main idea behind theoretical payout percentage is to regulate the profits made by casinos and to ensure that they actually pay out significant portions of the moneys they collect and not just enrich themselves by cheating players that it is possible to win when they are the only beneficiaries. It was established much early in time that the issue of payout percentage can not just be left to the discretion of the casinos without any sealing since it would be easy for unscrupulous cheats to masquerade as casinos only to collect money from innocent casino games players and disappear.
The rate or frequency at which the machines pick winning numbers or combinations and the amounts to be won in each case is carefully selected to ensure that the casino itself is allowed to retain some profit for its business operations but that players also do not play in vain. If for instance one machine takes a dollar for one spin, it can be estimated that in a million spins the machine shall make $1,000,000. If it is further decided that in the course of time that the machine makes $1,000,000, it should have paid $950,000 to players and retained $50,000 for the house then machine will be said to have a pay out percentage of 95%. Casinos often use the payout percentage as a promotion technique by advertising that some of their loose free slot machines have pay out percentages which are higher than those established or that there machines are generally set to pay back very high percentages in which case you should be encouraged to go play in their casinos with more prospects of winning.
Changing the Theoretical Payout Percentage
Slot machines are usually set to award payments at set percentages from the factories. But it is apparent that at one time or another there may be the need for some adjustment beyond the factory settings. This is possible but it is made a bit complicated to prevent cheating that come with such an opportunity. A change of the payout percentage for any slot machine already on the floor requires physical swapping of the software with those which are preset to pay the required percentages. This is done variously depending on the technology used in manufacturing the machine but sufficient provision has been made to ensure that such changes are not made without the necessary approvals from the regulating authorities. The machines therefore have seals which would to be broken for such changes to be effected. In certain cases officials from betting control authorities would be required to approve and certify the changes.