The Value of the Payback Percentage
Dear Jim,
Exactly what does it mean when a casino advertises that its payback percentage is such-n-such percent? Dorothy M.
You speak of slot machines, n'est pas? Each machine is scrupulously designed and tested to assure the casino a definite payback. The "payback percentage" is the portion of the money that is put into the slot that is eventually paid out to the player.
For example, with a payback of 95%, the casino would latch onto about 5% of all money put into the slot. You, Dorothy, should get back 95 cents of every dollar you insert.
Of course, don't expect 95¢ to clang in the tray for every dollar's worth of handle yanks. The percentage return is a long-term concept. Your gaming timeline is possibly limited to 200 yanks of the handle, not millions, so any percentage return (as low as a goose egg to as high as a mega-jackpot), can, and will happen. But, of course, if you knew ahead of time what the result was going to be, you wouldn't be playing, would you?
In most gambling jurisdictions, the law requires that payback percentages be above a threshold level, commonly around 75%.
Fortunately, the payback percentage in most casino machines is much higher than the minimum, even some advertised as high as 98%-plus. It's those machines advertised for high paybacks, Dorothy, which you want to play on. Leave the rest for the slow learners.
