If you are a regular reader of the Mini Millionaire, then you will know that from time to time we publish articles about online betting. Recently we reviewed a bonus calculator tool that can help you to dig out the best value bonuses at online casinos.
In this article we are going to focus on one casino game in particular – video slots. They are the most popular form of online gambling and, when enjoyed responsibly, can give you lots of entertainment and the occasional good payday.
In this 6-point guide we show you how slot games work and what you can do to get the most out of them.
-
- Online Slots Are Fixed Odds Games
First up, its important above all to know that these are fixed odds betting games. This means that they are games of chance and you cannot affect the outcome of a spin with your actions. Compare this to blackjack for example where your choice to stick or take another card will decide whether you win or lose on each hand.
So, if anyone ever tells you that there is a winning strategy for slots, or some slots are ready to pay out, then ignore them. It’s not true. The odds of winning on the next spin are the same as they were on the last one and the one before that.
But … there are elements of online slots that are worth knowing because they affect the regularity and size of payouts. Which is our next point.
-
- Slot Payout Rates And Size Are Decided by Algorithms
Slot games may all look pretty similar to the untrained eye – several reels and a ‘spin’ button – but behind the scenes complex algorithms are determining the outcome of every play.
In fact, each game has a maths model that dictates the likely frequency and size of wins that a player may experience. Knowing this will help you to find a game you can enjoy.
Things are about to get a little more complex, so take a breathe …
Firstly, each game has its own Return to Player or RTP. This tells us how much is likely to be paid out as a proportion of all the money wagered on the slot. Most games have an RTP around 96% – so for every £100 wagered, around £96 is paid out in prizes.
But that’s not all … it would be pretty pointless if all games paid out their advertised RTP ALL the time. We would all lose, and no one would play.
So … the RTP is only the average. Sometimes you win and sometimes you lose. And over millions of spins the result is pretty much going to be as stated in the RTP.
But importantly, slot games are also programmed with a volatility setting. And this tells you something else about it – namely, how far from the RTP a game will vary over time.
There are three levels of variance – low, medium and high.
Low variance slots vary little from the advertised RTP during your slot session. Typically, this means your wins may be regular and smaller in size. High variance games vary greatly from the advertised RTP during your slot session, which means you may win nothing for spin after spin after spin. Then suddenly, a short burst of big wins will change things entirely.
High variance games are high risk for big rewards – you may come away with nothing, or you may hit the big time. There are 1,000s of these kinds of slots that you can test your luck on, including recent releases like Fire Hopper by Push Gaming and classics like Dead or Alive by NetEnt. You’ll find these games and many more at any UK slot site you sign up with.
-
- Jackpot Sizes Vary
Ok, so if you are still following, as well as RTP and Variance, another key element of any online slot is its jackpot size. This is the biggest prize that the game can pay out.
Most games have a jackpot expressed as a multiplier of your stake. So, for example, a slot may have a jackpot of 1,000x. That means the most you can win is £1,000 if you bet with £1.
Other games have Fixed Jackpots that pay the same regardless of your stake. And finally, there are Progressive Jackpots that can grow in the millions of GBP. To make this work, for every £1 that is wagered, a small percentage is put into the jackpot pool. The more the game is played, the bigger the prize gets until finally it is triggered.
One of the biggest progressive jackpots is Mega Moolah by Microgaming which regularly pays out multi million GBP prizes.
-
- The Free Spins Conundrum
We mentioned casino bonuses earlier in this article. One form of bonus is free spins. These are free plays awarded to a casino player as an incentive to register a new account or deposit.
They are a great way to enjoy gambling with no risk. But be aware, that they always come with restrictions of one kind or another to limit how much you can win with them. In most cases your winnings will be credited as bonus funds that are locked into your account until they have been wagered a required number of times.
Here is an example:
A casino offers you 10 free spins if you register and deposit £10 now. So, you do, and you get to use your spins on Starburst slot by NetEnt.
Then you win £5 … but it’s paid out in bonus funds with a 30x wagering requirement. Now, you must wager £150 (30×5) before you can make a withdrawal.
This is a heads-up if you like. We are not trying to put you off but be aware that when a casino says its free, it rarely is!
-
- Find a Theme You Like
One of the coolest and most enjoyable parts of online slots gambling is finding a game with a theme you like. In the last decade slots development has moved on considerably from the retro Vegas-style machines you used to find.
Now there are hundreds of different ways to dress up a slot from historical themes like ancient Greece to films, rock n roll, cartoons, wild west shoot ‘em-ups, pirate ships, sci fi, vampires, kung-fu, fishing and …. you get the idea!
Finding a game with artwork, narratives and sounds you like can be as important to your enjoyment as finding one with a suitable variance.
-
- Play Responsibly
Next, let get to the most important piece of advice we can give relating to slots – play responsibly.
That means, never bet more than you can afford.
Online slots are fun, but you can quickly lose a lot of money if you are not paying attention of if you try to chase down your losses. Every bet happens in seconds and the next one follows right after. So, slow down and remain calm, and remember what we said in Point 1 – you can’t affect the outcome of any spin with your actions. It’s all down to chance!
You can find out more about responsible gambling at the BeGambleAware.org site.
-
- Can You Win Money Playing Slots?
Ok, so with all that information on board, let’s cut to the chase – can you win money playing video slots? Become a millionaire even?
The answer is, yes, you can win money. Many people do. But the odds of becoming a millionaire are very, very low, just like the chances of winning the lottery.
So, be sensible and don’t expect a big pay day. Just play the games, enjoy the experience and if you get lucky, be happy. If you don’t, just take it in your stride and move on.