One of the most favorite pastimes for many people around the world is gambling, especially casino gambling. Over the year’s casino games have evolved and been developed to provide the most entertainment value for your money, as well giving you the opportunity to win a lot of money.
There are hundreds of people around the world who gamble for a living, and are successful at doing it, so it is entirely possible. One questions that doesn’t get addressed very often though is, are slot games the best to play if you want to make money?
This largely depends on many factors, so continue reading to find out which games are the best for profit, and if slot games are one of them. Before reading this article it goes without saying that you should make sure that you choose a casino which pays out fast if you are looking to make money, Casino Reviews NZ has compiled a list of fast payout casinos here.
House edge and PBP/RTP
Two of the most important phrases to know if you are planning on making money from slots, or any casino game, is house edge and payback percentage, or return to player percentage.
The house edge, or payback percentage are essentially the same thing, just calculated differently. The payback percentage is the amount of money that a player could win when winning, and is a percentage from the sum of all of the bets from other players, over a period of time.
The house edge is basically the advantage that the casino has over you, and a lower percentage means you will make more money over a period of time than a higher percentage. You should always choose a game with the lowest house edge, as well as one that allows for the perfection of skill, since this will increase your chances of winning.
What games are the best?
When it comes down to which games are the best to play in order to make money, this is highly dependent on your skill level depending on the game.
For example, blackjack has a house edge of 0.5%, and video poker has a house edge of 0.46%, which is extremely low considering that slot games have a house edge that range from 2-15%, one of the highest that a casino can offer.
Even though the house edge is low, doesn’t mean that you will be able to win easily, even if you have a 49% chance of winning, because it is partly a skill-based game. On the other end of the spectrum, craps has a house edge that ranges from 0-16.67%, but you have about 50% chance of winning, and this is because it’s entirely luck based. Essentially this means that in terms of skill-based games, house edge can only give you an idea which game could potentially be profitable, but at the end of the day, that is almost ultimately dependent on your skill.
Can I make money playing slots?
Making money from slot games is entirely theoretically possible, however it is probably not the best idea. Firstly, the payback percentage might be quite high for many slot games, but it also varies depending on the denomination you are using, as well as the fact that the house edge is also incredibly high. What this means is that the odds of winning at slots is about 1 in 49,836,032. This is because there are various unseen factors when you spin the reel, and each spin is an isolated instance that isn’t dependent or determined by any previous spins. Another factor to consider is that the house edge for all games, especially slots, is calculated over a long period of time, and while you might win a large sum of money today, there is no skill involved to emulate another win, and you could spin the reel a thousand times consecutively and never regain the money you spent spinning, or never win again.
What to avoid?
If you are trying to make money from any casino game, you should avoid gambling without a budget, as you might unknowingly spend more than you have. It is also important to never chase losses, as this will almost always result in losing even more money.
The most important thing that you should never do is just play a game without knowing the statistics or percentages, as knowing these will allow you to lose less often, and help you to choose games where you have better odds of winning.
This is a paid guest post.