Payout percentages
Online casinos are very popular in this day and age but deciding on the right one can be an absolute minefield.
If you are very keen on delving into this world and especially the online slot games, you would understand that knowing what a slot’s payout percentage is a handy piece to have. However, a lot of new players often misconstrued the idea of what the concept of payout percentage is. Due to this, they will usually have an unrealistic expectation of how much they can win and how much they can lose as well.
In this article, we will clarify what the payout percentage actually means and what you exactly need to know about it.
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What is the payout percentage
The payout percentage is the percentage of the amount of money that the slot will take away from the player over a period of time and then it will pay it out as winning to the player. The percentile will usually range from 75% to roughly 98%. The payout percentage does depend on the particular slot you are playing and the casino you are playing at.
There isn’t much more to it than that. However, people do usually confuse it to mean the number wins that you need for the slot to you which is not the case.. Some players think that if they invest real money into a slot game, for example, £100, that it will have a 98% payout percentage, which would mean that they would get an overall payout of £198, which is incorrect. Payout percentage does not mean how much of your wager you are going to get back. Here are the reasons why:
- The number of spins
The first thing of note is that there are organisations like eCOGRA which, test and verify the claims on a slot payout percentages. Organisations such as this do this by running a series of tests to authenticate the claim. This includes spinning the slot reels millions of times to generate the actual payout of the slot.
The payout percentage will make more sense in the online casinos as it is a statistic that will tell them the payout. It is hard for the player to find this out as the only way they can find out the percentage for themselves is to fund the slot enough to play for hundreds if not thousands of spins.
- Structure of payouts
Another key element of the payout percentage is how the payout of the slot is structured. Carrying on from the previous example, let’s say the slot machine brings revenue of 1,000,000 revenue in a month from players 1,000,000 times spin.
What this analogy means is that 2% of the revenue generated is for the casino, and the remaining 98% goes to the lucky winner of the progressive jackpot. This is not the case obviously as the casino’ would not be sustainable under this model. Every casino payout structure is different so play carefully.