Ever since the first slot machine was made back in 1894, and the subsequent rise to its current popularity, the question, “Should you max bet on a slot machine?”, has been floating around people’s consciousness as players endeavour to find a way to beat the slots.
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Payback percentage is traditionally set per denomination, but there are plenty of games that require a max bet to unlock all pays, which improves your payback percentage. When it comes to the actual payback configuration of a slot, the traditional configuration of payback is based on game and denomination.
The recent trend of online gambling has also made this quite the popular question because of the developments of technology, allowing people easy access to play online slots through their personal computers and mobile devices making is available to the masses.
Slot machines are the most popular games offered in land-based and online casinos. Though they offer the lowest odds of all gaming machines, about 95-97% return to player (RTP), these are often allotted the most floor space in any casino venue may it be land-based or online, bringing billions of revenue to casino operators worldwide. To put things in perspective, casino operators online gain about 69% of their revenue from slots while land based operators gain about 83% of their revenue from physical gaming machines (source: https://www.gamblingcommission.gov.uk/PDF/survey-data/Gambling-industry-statistics.pdf).
Players put millions in slot machines every day in an attempt to hit the jackpot but why is this so? Slots have garnered a following because of their ease of use and player practicality. Slots machines have been easier than ever to play because all the players need to do is to insert currency, spin, and then hope for the best outcome. The same can be said with online casinos as players are able to play by just placing a bet and with a simple push of a button or touch of a screen. Another reason why slots are so popular is that there is no skill required to play slots as a new player has the same chance of winning jackpots as someone who has played slots for many years.
Now back to “Should you max bet on a slot machine?”. The answer: It depends on the game. I’ll explain why this is so and hopefully, I can shed some light on the topic and make you a smarter and more profitable bettor.
Slots – A game of numbers and odds
Slot games mainly deal with odds and random number generators (RNG). RNG ties in with odds in a way because slots are designed to be algorithmically random, dictating the odds of a machine. The RNG makes sure that the symbols required to line up stay completely random but this ties in with odds because odds can be calculated to help you see winning percentages.
Let’s say you have a machine that requires 5 symbols to match in order to get the jackpot. Hypothetically, if you have 5 symbols on each reel of the slot and you need 5 to match up you have a ⅕ chance of showing that symbol, making each reel a ⅕ chance. To hit the same symbol, like a bell, there is a ⅕ x ⅕ x ⅕ x ⅕ x ⅕ = 1/3125 chance or a 0.032% chance.
But it doesn’t look so grim because on this slot there are 5 sets of symbols raising the percentage to .016% meaning that in every £1 played over 625 bets there will be only 1 payout. Return to Player (RTP) now plays a role here. Usually, slots have a 95% RTP, meaning that your 1 out £625 payout just pays about £593, netting a loss. Of course, you also stand to win the jackpot in a couple of spins and walk out very profitable.
Mathematics and max bets
Many so-called experts have tried to find the solution to the question of max bets and the most common advice they give out is to max out your bets in order to increase your chances of winning and your earnings from a game. Mathematically, max bets mean higher earnings but it isn’t as simple as that because bankroll and odds must be taken into consideration.
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A true max bet is placed on the highest bet denomination as possible and these can go as high as a few £100’s per spin. These slots often offer a higher RTP, about 95-97% compared to lower denomination slots which range in the 85-88%. This is where the advice from experts stems from as they are talking about RTP without taking bankroll into consideration.
To put this into perspective, for high denomination slots, in a perfect situation where bankroll isn’t a factor, a player stands to lose 3% of the value of their bets over time. On the other hand, lower denomination slots lower these numbers up to 15%, making players lose a larger amount over time.
To take advantage of the RTP and the odds, mathematically, a player can average out winnings by playing longer. But in reality, players must work with budget constraints. If you have a £50 budget to spend and the max bet is £5 per spin, the value of your bet vs time isn’t worth it as you will blow through your budget quickly.
Have a pre-game strategy for max betting
The gun ho ideology has stuck with the majority of players these days, but a smart bettor must think critically. In order to optimise your odds and profits, your bets must be in line with the slot game that you are playing. A winning player must know the game intimately. You should read its menus, study its pay tables, read its terms and conditions for bonuses, and ultimately, acquaint yourself with the slot’s features.
It is far too common to see people place minimum bets all for naught, eventually losing money while increasing the prize pool for other people. The most important thing to bear in mind is to keep track of the slot game’s bet requirements in order to maximise your returns.
Once you’ve picked a specific slot game and read the details behind the fancy graphics which you can see in all our slot reviews, you can then set your budget for that session in order to work out if you can even afford to max bet on every spin.
Max bet on progressive jackpots
Slot games such as progressive slots are machines that have a jackpot that is not a set amount. There is a display that shows a jackpot that is constantly growing. In this game, you will want to max out your bet in order to meet the requirements to be eligible for the jackpot prize because if you don’t, you will only be growing the jackpot for others to win.
This is especially true for mystery jackpots which must be won when a specific jackpot limit is reached. So keep an eye on the jackpot size and the limit, but don’t bother max betting to qualify if it’s not close to paying out, that’s just a waste!
There are two types of progressive jackpot slots, the stand-alone and the wide-area jackpot slots. A stand-alone slot machine is basically a single machine with a dedicated jackpot. A tip for playing this game is to choose the highest prize jackpot machine. Though its probability of giving out the max prize is similar to the same machines, the jackpot is higher, meaning a higher RTP.
On the other hand, wide-area jackpot slots are slots with networked jackpots connected between slots in different casinos. This is also the case with online casino slots as millions of players are competing to win the jackpot, further increasing the jackpot prize. In these games, it’s always good to remember to place the max bet in order to qualify for the jackpot to get your money’s worth.
Bonuses increase RTP – Place bets accordingly
In terms of playing with the minimum bet, there are machines out there that do not require a max bet in order to qualify for the jackpot prize. In some slots, a certain bet amount must be met in order to qualify for bonus rounds as these rounds will allow players to increase their RTP. These machines are generally called multi-line multi-coin slots.
With these machines, you can choose how many lines you want to play and you can choose how much you want to bet on each line. Though playing these types of slots is entirely possible through minimum bets, the RTP would be very low. In order to boost winnings, players must bet enough in order to take advantage of bonus rounds, which will include additional free spins and mini-games that dramatically increase winnings.
Don’t waste time on straight multiplier slots
Finally, there are slots called Multipliers. There are 2 types of multiplier slots, straight multiplier and modified multiplier. In straight multiplier slots, the payout is raised proportionally. Even if the player is risking money by placing two bets, there is absolutely no benefit from it.
Like for example, a £1 bet is multiplied by 1000 leading to a total prize of £1000 while the max bet of £2 has a prize of £2000. There is no point in placing a max bet as the winnings are the same, you will only deplete your budget quicker. On the other hand, a modified multiplier machine increases the multiplier as you place a max bet but only for the top jackpot.
Let’s say when you bet £1 and the multiplier is 1000, you can get £1000. When you bet £2 the multiplier is raised to 1250 the amount leading to £2500. In essence, the machine is adding an additional £500 incentive for the jackpot prize.
Another example of a common modified multiplier machine is the 3 coin machine where the 1st bet is £1 x 1000 = £1000, the 2nd bet is £2 x 1000 = £2000 while the third bet is £3 x 1000 + £3000 netting you £6000, meaning that the machine is incentivising you an additional £3000 on your 3rd bet. This sounds enticing but it’s only for the top jackpot. So although the jackpots give you a multiplier, you should not place the maximum bet here because the machine will only give out the max prize if you win the top jackpot and let’s be honest, the chances are very slim.
Conclusion – Should you max bet?
Given the randomness of slots, a max bet every 10 spins will allow you to be in with a chance to win the higher prizes but also afford you the chance to play for longer. Always max betting in not affordable on most slots and you will likely blow your budget before a sizeable win.
Max bets do increase your RTP via bonuses and jackpot participation. But in general, balance is at the core of deciding on bets and it can be as simple as looking at the slots, and then identifying if there is a benefit in placing the maximum bet.
Max betting on slot machines largely depends on the game and the incentives of placing it. If the max bet is out of your budget, there are slots with lower max bets to enjoy. Ultimately, you are the one in control and you should balance your playtime according to your set budget and risk management should be practised as much as possible.
New slot machine players are going to find a lot of advice for beating the slots. Have a healthy skepticism when a slots expert tells you they know how to beat the slot machines. Among the games in a casino, video slots (in general) have a high house edge. Besides finding gaming machines with high jackpots and a low house edge, no skill or strategy is required to play slots. That means you can’t expect to increase your odds of winning in most situations.
Read through the advice below to optimize your chances of winning at slots. None of the advice assures winning sessions. Instead, it helps you stretch your bankroll, so you enjoy playing the slots longer. Also, the longer your bankroll lasts, the more chances you’ll have of hitting the big jackpot every slots player wants.
Use a Slots Card
Upon entering a live casino, sign up for a slots card. This provides comps and cashback, which automatically lowers the house edge by a bit. Never play a spin without using your slots card. In an online casino, accept the highest slots bonus and play according to the terms and conditions until you meet the wagering requirement. Once again, this lowers the house edge on online slots.
Make Max Bets
Look at the payout chart on a slot machine to determine how jackpots are paid. On many slot machines, the 5-coin bet pays out a higher percentage on the top fixed jackpot. For instance, a 1-coin bet might pay $200, a 2-coin bet might pay $400, a 3-coin bet might pay $600, and a 4-coin bet might pay $800. You might expect the 5-coin bet to pay $1000, but many slot machines pay out $1200 or $1500 in that case, trying to convince bettors to make the max bet.
If the jackpot increases a bigger percentage with a maximum coin wager, then it makes sense to make the max bet on a slot machine. If the bet size is too high for your tastes, then lower the coin denomination and make a max bet at that level. Of course, if there is no additional jump between the 4-coin and 5-coin bet, then you can wager a single coin and max out the coin denomination to the bet size you like.
Read the RTP Information
If an online casino or land-based casino publishes its return-to-player information, read through the RTP percentages to find the video slots with the best RTPs. Return-to-player or expected return is the percentage of a theoretical $100 you expect to see returned to you. It is a theoretical percentage based on probability, so an RTP of 95% does not assure you’ll be paid $95 for every $100 you put in the machine. You might lose $50 or you might win $150, or you might win a progressive jackpot and go home rich.
The point of the RTP percentage is to give a player an idea of their expected return. If two slot machines sit next to one another and one has an RTP of 93% and the other an RTP of 95% (and both have similar jackpots), then it pays to play the game with the higher percentage. Over time, this leads to you maintaining a higher percentage of your bankroll.
Money Management Techniques
Read about bankroll management techniques. “Money management” or “bankroll management” is a series of steps you take to lock on winnings when good luck happens and limit your losses when a bad streak occurs. These do not assure that you’ll win, but it optimizes your bankroll.
Players should know three core bankroll management methods: percentage betting, win goals, and loss limits. Learn to calculate your bankroll and divide this into percentages. Then bet between 1% and 5% of your bankroll on any given hand, depending on your capacity for risk. This limits the amount of your stake you lose on any given session, keeping you playing for longer throughout your vacation. It is a given that people go to the ATM machine or credit card when they lose their whole bankroll — which means you spend more than you intended. The point of percentage betting is to assure your bankroll last through your whole trip, so you never have to replenish.
What Is a Bankroll?
“Bankroll” is not defined as your entire bank account. It isn’t defined as your discretionary spending budget or the money you have earmarked for entertainment expenses. Instead, it is a part of your discretionary spending cash and entertainment budget which is set aside specifically for gambling. In this case, a bankroll is less than your entertainment budget.
Once you have your bankroll figured, divide this into easy to understand percentage. If you have a bankroll of $1000, then divide this into percentages. These are simple calculations, but you should have an understanding of 1%, 2%, 5%, 10%, and 20% of your bankroll. In the earlier example, 1% would be $10, while 2% would be $20. 5% would be $50, 10% would be $100, and 20% would be $200.
Now that you have these, decide whether to bet 1% to 5% of your bankroll. Most experts suggest betting no more than 1% to 2% in order to maintain your bankroll throughout your casino trip or online slots session.
Setting a Win Goal
Next, set your win goal. This is the amount of winnings you set as your goal for any given slots session. If you have a win goal of 10%, then your win goal would be $100 for any given slot machine sessions. As soon as you hit that goal, you walk away from the slot machine — no matter what. A win goal is a hard-and-fast rule, because it locks in winnings. One of the biggest mistakes players make is losing back their winnings, because they think they’re on a hot streak.
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Setting a Loss Limit
Even more dangerous is trying to win back cash you just loss. To protect against this tendency, set a loss limit. Once again, make this your hard-and-fast rule. Typical loss limits can be 5%, 10%, 15%, or 20% — though 20% means you could lose the entire bankroll in 5 slots session. 10% to 15% is a good middle ground. Once you’ve lost that amount, walk away from the slot machine under all circumstances. The slots game is not “due” to pay out, so step away from the machine and clear your mind.
Win goals and loss limits guard against gambler’s fallacy. Gambler’s fallacy is the idea that the law of averages assures or weight the odds in your favor. Slots use random number generators and every spin is entirely separate from the previous spin. Losing the last spin does not make it more likely you’ll win the next spin. The odds stay the same, no matter how many wins or losses in a row you’ve had.
Avoid Progressive Betting
For that reason, avoid progressive betting systems like the Martingale system, D’Alembert system, Fibonacci system, and so on. Betting experts have used computer simulations to track the progressive betting methods against flat betting (same bet each spin). Flat betting beats all of the progressive betting schemes over 1 billion spins.
Progressive betting seems like it’s working, because it leads to a lot of small winning sessions. The problem is that it also has a handful of huge losing sessions which wipe out all the wins — and then some. You can’t beat the house edge with the Martingale system, however it might look to the naked eye. The Fibonacci numbers are incredible, but they are not a magical way to beat the casino.
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The reason progressive bets are bad is they increase the size of your bets (in some systems exponentially). If you start with $5 or $10 bets, a streak of bad luck has you betting hundreds of dollars on one spin. That’s busts your bankroll and leads to a “risk of ruin” — meaning you’ll lose your whole bankroll if you hit a bad luck streak. No matter what you read online, flat bets are better.
Take Breaks for Rest and Refreshments
Play when you are at your best physically and mentally. Don’t play when you’re tired or sleepy. Don’t play when you’re hungry or thirsty. Take frequent rest and restroom breaks. If you get bored, take a break and walk the casino. Play another game to change up the betting pattern.
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When you are rested and engaged, you won’t have distractions that might lead to bad decisions. The idea is to have fun, so if anything is causing you to lose focus on the entertainment aspect of the game, walk away and save your bankroll.
Don’t Go on Tilt
Tilt is a concept in poker where a player makes decisions based on emotional responses instead of solid strategy. It can cost a player a lot of money if they make bets based on anything but rational decisions. While going on tilt is not a concept in slot machine gambling, every game of chance has a personal component.
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In short, don’t play when you’re agitated. Take stock of your inner thoughts. If your ego or anger is causing you to make irrational decisions, take a deep breath and calm down. If that doesn’t work, walk away and clear your head. It stinks to lose a series of bets, but what stinks more is to lose a series of bigger bets when you’re trying to make up for lost bankroll.