When you talk about slots, there are two specific types – flat top slots and progressive slots. The former is more common and comes with a maximum price amount. For example, 1,000 coins is the common price, although the amount varies by machine.
It's similar to lotteries where the prize pool increases the following month if there are no winners that month.
You might be wondering how big a progressive slot machine jackpot gets? There is no easy answer as it varies depending on the game. The Megabucks slot in Nevada is one of the highest progressive slots in the world as the prize amount starts at $ 10 million and increases until a win is triggered.
The price rose to $ 40 million in 2003 before it hit. However, progressive slots can also be much smaller. And you will easily come across progressive jackpots right on the other end of the spectrum at $ 500 or $ 600. Games with lower prizes are much more likely to win, while the odds of winning a Mega Slots jackpot are astronomical.
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Getting to know the expected returns
The term "expected return" is the percentage of money players get back in the long run when playing video slots. The amount is always expressed as a percentage and is less than 100%. Expected return is the probability of winning each prize multiplied by the size of the prize.
Adding the expected return of each prize unlocks the total return for the game. For example, if you play a slot machine with an expected return of 94%, you have the option of getting 94 cents back on every dollar wagered. The average slots player performs 500 spins per hour. If you wager $ 1 per spin, you will invest $ 500 in the game.
94% of $ 5000 equals $ 470, which means the casino keeps an average of $ 30 an hour. At the end of the day there are no guarantees and the casino may charge more than the agreed amount over a period of time. Depending on your preferred computer, you can come across sessions where the house kept up to $ 300 or just $ 10.
Actual returns versus expected returns
As the name suggests, the actual return is exactly the amount you win. Contrasted with the theoretical rate of return that most people refer to when talking about expected returns. When discussing jackpots with a low hit probability, the theoretical return could also be zero.
Take Megabucks, for example. Your odds of winning are 1 in 50,000,000. How long would it take you to do 50 million spins? At 500 spins per hour, it would take 100,000 hours of play to trigger a win. With 40 hours of play per week and 50 weeks a month, it would take you about 50 years to generate a profit. That doesn't seem feasible now, does it?
About the author
Vipul is a professional blogger and online advertiser based out of Bengaluru, India. Always on the lookout for new ways to make money, Vipul explains all the possible ways that can help anyone make passive income online. You can connect on Twitter, Linkedin & Facebook