Ask any retiree who visits Las Vegas regularly about their favorite casino game, and you’ll invariably hear about the fabled penny slots.

They have close to 5 million slot machine games in the country. And considering that Japan has a population roughly 1/3 of that of the United States, the number of slot machines per person is considerably greater. For every 27 people in Japan, you’ll find a slot machine. In the United States, you’ll find one slot machine for every 350 people.
Calculating a slot’s hold percentage is easy; just subtract the payout percentage from 100% and you have the hold percentage. If a slot is designed with a 95% payback percentage, it offers the casino a 5% hold.
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Gambling authorities are there to ensure that the gaming industry is operating correctly.

These slot machines take their name from their low coin denomination, ditching the nickels and quarters typically wagered on each spin for a single penny. Or so the story goes anyhow…

In reality, the advent of payline-based slot gameplay ensures you’ll almost always be playing for more than a penny per spin. That’s because you need to pay one penny for each payline in play, so a standard 30-payline machine would charge $0.30 each time you let the reels fly. Despite this deceptive misnomer, however, the penny slots reign supreme in Sin City.

According to the Nevada Gaming Control Board (NGCB), casinos in the Silver State won $6.3 billion from slot players during 2017. Of that amount, $3.17 percent – or a hair more than half – was claimed by the penny slots, while multi-denominational machines took in $3.13 billion.

And that discrepancy occurred even though Nevada is home to far less penny slots (54,754 machines) than multi-denominational games (70,658 machines).

Indeed, just like your grandparents have reported, the penny slots are by far the most popular game on any casino floor. A major casino might spread a dozen blackjack tables in the pit, but the penny slot parlor will be chocked full with hundreds of machines from dozens of manufacturers. And when you run the numbers, it’s easy to see why.

Slot machine players can expect to put in between 300 and 800 spins per hour, depending on their dexterity and willingness to spin at a faster pace. At that rate, the penny slot player will deposit between $3 and $8 into their favorite machine, and using the average payback percentage of 90 percent, they’d being back between $2.64 and $7.04 per hour.

That equates to an average expected loss of between $0.36 and $0.96 per hour, amounts which won’t threaten to bust your bankroll anytime soon. But when you up the stakes to $1 per spin, those 300 to 800 spins per hour can cost between $24 and $64 every 60 minutes.

With these figures fresh in your mind, it’s easy to see why so many players are flocking to the penny slots – especially folks working with a limited bankroll. When you only have a small stake to gamble with, the ability to play – and hopefully win – for a few pennies at a time is invaluable.

Nobody likes to lose, but there’s something about blowing through a few hundred bucks in a matter of minutes that stings just a little bit more. By sticking to the penny slots, casual players can limit their losses, all while chasing that elusive jackpot dream.

The problem with penny slots is simple to see though. In exchange for that lower price point, the penny machines are programmed to pay out at a slightly lesser rate when compared to their bigger brothers. Those are long-term expected returns, of course, so you’ll always have a small chance to win big whenever you press “SPIN” – but judged over the long run, penny slots offer an inferior payback percentage.

The casinos bank on casual players ignoring this fact while focusing on the inexpensive cost of entry. And sure enough, as the NGCB data mentioned earlier makes clear, most players don’t bother thinking about the nuances of penny slot play.

If you’re a slot player nursing a smaller-sized bankroll who is searching for ways to improve their penny ante action, look no further. The guide below will cover four essential tips and tricks for successfully navigating the world of penny slots.

You’ll learn why the old maxim about always betting the max doesn’t apply, the value to be gained by leaving tourist hotspots behind, the modern systems casinos use to deploy their machines, the importance of payback and hold percentages, and how to avoid the most common myths and misconceptions about slot gameplay. When its all said and done, this page should leave you better prepared to maximize your limited bankroll while minimizing your liabilities and losses.

The first strategy tip most slot players learn offers the following advice – always bet the maximum number of paylines and coins.

On a typical quarter slot, the machine offers anywhere between 1 and 5 coins per spin. That equates to $0.25 for minimum bettors, and $1.25 for folks playing the maximum.

And on a quarter machine which includes bonus rounds, free spin rewards, and a progressive jackpot, that strategy makes perfect sense. After all, most games are designed to provide those perks only if the player has bet the max, so playing for anything less removes much of the game’s inherent value.

As the old saying goes, “why play for a progressive jackpot you can’t even win?” But for penny slot enthusiasts, that bit of wisdom can be tossed out the window.

For one thing, these games usually ditch the massive progressive jackpots for fixed awards – and these can be won at any wagering level.

Secondly, even the more modern penny slots usually eschew in-game bonuses and side games for standard spinning. That is to say, you’ll be competing for the game’s primary pay table prizes, rather than a chance to spin the wheel, play memory games, or earn free spins.

Jean Scott – a veteran casino player and author of the popular “Frugal Gambler” series of strategy books – captured this sentiment perfectly in a blog post for the Las Vegas Advisor:

“Now I well know the problem with slots. The negative EV (the house edge) will eventually put players in the loser category and sometimes very quickly. The fun factor can disappear very quickly if you are losing more money than you can afford.

Players with small bankrolls know that they need to play minimum bets so they can extend their fun time.

Hit those buttons with higher level bets and, yes, your bonuses may be more frequent and jackpots bigger, but you will very likely go broke before you can gain this advantage!”

And using a simple table devised by John Grochowski – a longtime professional gambler and strategy writer – you can see exactly how upping the ante increases your bankroll requirements:

Slot Type	Bankroll Needed for 3 Hours of Play
50 lines, 1 penny per line	$125
50 lines, 5 pennies per line	$625
30 lines, 1 penny per line	$75
30 lines, 5 pennies per line	$375
20 lines, 1 penny per line	$50
20 lines, 5 pennies per line	$250
10 lines, 1 penny per line	$25
10 lines, 5 pennies per line	$125

This table is especially informative, because it shows just how differently maximum stake players must approach penny slots. When you’re working with a smaller bankroll than most, $125 is probably a sensible amount at which to limit your losses. Thankfully, that’s the exact amount you’d need to play a 50 payline game for one penny per line. But if you found the same machine and decide to bet the max with five pennies per line, you’d need to bring a whopping $625 with you to survive three hours of action.

Unless you’re stuck on the idea of playing for progressive jackpots, the penny slots simply don’t require a maximum bet to have fun – and hopefully, collect a steady stream of smaller payouts while you do.

This piece of advice is counterintuitive to most recreational players, especially those who haven’t yet experienced the sights and sounds of famous Las Vegas Strip.

But while The Strip can be quite the entertaining experience for tourists, gamblers are preyed upon like sheep by the wolf-like casinos.

Take a look at the data below, which was compiled by the NGCB as part of the regulator’s annual statewide slot machine survey:

Las Vegas Slot Machine Payback Percentages by Location

1¢ Slot Machines

The Strip – 88.45 percent
Downtown – 88.66 percent

How Much Money Can A Slot Machine Hold