House Edge Slot Machines

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gambler
I have read that dollar slots normally have about a 3% house edge, quarter slots about an 8% house edge and nickle slots about a 15% house edge. (Please correct me if these above numbers are wrong).
What is the house edge for the high limit slots? Would the $25 machines, the $100 machines and the $500 machines have a smaller house edge? If so, what would you guess them to be?

The simplest games, like slot machines and keno, have the highest house edge. But notice the simplest games have the biggest jackpots. That's why people flock to them. Why is the house edge important? It has a House Edge from 2% to 10%. You must have heard about this game or seen in pictures for sure. Considered as the undisputed warriors of casino games, they have stood the test of time. These are also called slot machines or arm pulling machines. They are not table games and therefore are not considered poker type.

boymimbo
Your numbers are essentially close. The higher the denomination, generally, the lower the house advantage. About 10 years ago, I did a reporting gig for a gambling institution and was able to learn their slot house advantages; it was about 8.5% for nickels, 5% for quarters, and about 2.5% for dollars (they didn't have penny slots back then).
----- You want the truth! You can't handle the truth!
DJTeddyBear
Yeah, the higher the denomination, the lower the edge.
But don't let that fool you into thinking the casinos are more generous simply because it's a higher denomination.
If you multiply the house edge by the typical coin-in per spin, you'll get a higher amount retained by the house with the higher denominations. So the casino makes more, even though it is taking a smaller cut.
Of course, that begs a question: Does that theory hold true all the way to the highest denominations?
The $100 and particularly $500 machines don't get much play. So do the casinos still take such a small slice, or do they start to think about how much it costs to keep the machine on the floor when they set it's edge?
I invented a few casino games. Info: http://www.DaveMillerGaming.com/ ————————————————————————————————————— Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁
Mosca
Hmmmm. I spend most of my slot time going between .25 and $1 machines, and I don't find a whole lot of difference between them. I do notice that the $5 machines are more likely to hit, but the bank required to play them is such that they are not worth it, considering that with that bankroll I could play craps or BJ. I wouldn't walk up to a $5 slot with less than $500 to put in it, and figuring how quickly that could get funneled through, I would think that a session bankroll for an evening of $5 slots would be about $2500.
But I do notice a difference between a .01 machine played at a penny per line (20 cent bet) and played at .10 per line ($2 bet); crank it up and watch it start to hit.
My guess is that this effect is based on a very small sample and not really the case; as humans, we try to make everything have a narrative, and the narrative would be 'I wasn't hitting, then I upped my bet and got 3 diamonds and played the bonus game!' When the truth is that I played out the $100 in about the same amount of time I would have anyhow.
cclub79
The HA of 2.5% on Dollar Slots is a myth. I Put $100 in a $1 slot and spun it 100x, and I NEVER ended up with $97.50. This math is probably from 3000 year old slot machines when people thought the earth was flat.
DJTeddyBear
Try putting ten million in, and THEN share your results.
I invented a few casino games. Info: http://www.DaveMillerGaming.com/ ————————————————————————————————————— Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁
cclub79

Try putting ten million in, and THEN share your results.


HouseHouse edge slot machines machineSorry; I thought my tongue was pretty firmly in my cheek with that comment :)
darnits

Try putting ten million in, and THEN share your results.


But, but but....that would be a hoax and a myth then!
Mosca

Try putting ten million in, and THEN share your results.


That would probably take 3000 years....
NO KILL I
DJTeddyBear
Quote: DJTeddyBear

Try putting ten million in, and THEN share your results.

Sorry; I thought my tongue was pretty firmly in my cheek with that comment :)Oh.
Sometimes it's hard to tell here.
Things will get easier when the new version of the forum gets implemented. Avitars help memory of who is who, and emoticons help mark satire....
I invented a few casino games. Info: http://www.DaveMillerGaming.com/ ————————————————————————————————————— Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁

Calculation of Casino House Edge


The house edge (HE) is defined as the casino profit expressed as a percentage of the player's original bet.

The player's disadvantage is a result of the casino not paying winning wagers according to the game's 'true odds,' which are the payouts expected considering the odds of a wager either winning or losing.

The house edge of casino games vary greatly with the game. House edges for slot machines and Keno may be up to 15% and 25% respectively.

In games which have a skill element, such as Blackjack or Spanish 21, the house edge is defined as the house advantage from optimal play (without the use of advanced techniques such as card counting), on the first hand of the shoe (container holding the cards).

The set of the optimal plays for all possible hands is known as 'basic strategy' and is highly dependent on the specific rules, and even the number of decks used. Good Blackjack and Spanish 21 games have house edges below 0.5%.

Example #1:

Calculate the house edge for American Roulette, which contains two zeros and 36 non-zero numbers (18 red and 18 black).

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Solution #1:
If a player bets $1 on red, his/her chances of winning $1 is 18/38 since 18 red numbers exist out of 38. However, his/her chance of losing $1 (i.e., winning −$1) is 20/38. Therefore, the expected value may be calculted as follows:
Expected Value = (1)(18/38) + (House−1)(20/38)
Expected Value = 18/38 − 20/38
Expected Value = − 2/38 = − 1/19

Expected Value = −5.26%
Therefore, the house edge is 5.26%.

Example #2:

Calculate the house edge for European Roulette, which contain a single zero and 36 non-zero numbers (18 red and 18 black).


If a player bets $1 on red, his/her chances of winning $1 is 18/37 since 18 red numbers exist out of 37. However, his/her chance of losing $1 (i.e., winning −$1) is 19/37. Therefore, the expected value may be calculted as follows:
Expected Value = (1)(18/37) + (−1)(19/37)
Expected Value = 18/37 − 19/37
Expected Value = −1/37

Expected Value = −2.7%

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Therefore, the house edge is 2.7%.

Example #3:

Calculate the house edge for a game played by wagering on a number from the roll of a single die with a payout of four times the amount wagered for a winning number.

Solution #3:

Since the probability of a winning number for a single roll of a die is 1/6, it follows the game has 5 to 1 odds. However, with a payout of only four times the amount wagered (i.e., 4 to 1) for a winning number, the house edge may be calculated as follows:
House Edge = (true odds − payout odds) / (true odds + 1)
House Edge = (5 − 4)/(5 + 1)

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House Edge Slot Machines Machine

House Edge = 1

House Edge Slot Machines Reviews

/6
House Edge ≈ 16.67%

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