Online slots are one of the most popular forms of online gambling nowadays, and this trend continues to rise. However, the question is do really people make money playing slots?
If you are interested in online gambling then you’ve definitely seen videos of players collecting huge prizes playing slot games, but in reality, is not easy as it looks. Before we can analyze if you can make money playing slots, we have to understand how online slots work.
How Online Slots Work?
Most online slots look identical to slot machines you can find in land-based casinos but they are on your screen. You can check out 1GoodBet if you wish to find a wide diversity of these games.
At first glance, the process looks very similar, if not, identical but online slots work in a different way.
Random Number Generator (RNG)
The first thing you need to understand is the Random Number Generator or in other words, the brains of the slot machine. The RNG generates thousands of numbers every second, and each of those numbers is connected to a different outcome on the reels.
So, when players press the spin button, the system finds a random number. The mathematical module that is embedded in the game’s software translates the number and figures out where the reels should stop.
After the reels stop, the game calculates the spin result and the player is notified of the outcome.
It is fairly simple to understand how online slot machines work. However, based on this process, players cannot change or influence the outcome of a spin in any way. Basically, there is no chance to increase your winning chances since the process is entirely random.
Return to Player
The second most important thing to know about how slot machines work is to understand how they are making their money. Return to player is a percentage that is returned to the players who play the online slot.
If you want to increase your winning chances, try to aim for slot games that offer RTP higher than 96%. However, most people make the same mistake of thinking that they’ll get $96 back on every $100 invested which is not the case.
The RTP is measured out of all bets and people that play the online slot. Then the amount of money (96%) is distributed over a long period of time to the players. In other words, you cannot expect to get a return on investment, even if the online slot has an RTP of 99%.
Can You Make Money Playing Slots?
It is important to mention that online slots are games of chance and you cannot influence the outcome. If we compare slots to some of the traditional table casino games like blackjack, we can see that the standard blackjack house edge (the money that the casino takes) is around 0.5% and with some online slots this number can go as high as 35%.
In other words, you’ll end up losing more money than you can make.
Online slots are a great way to entertain and somehow have huge life-changing winnings. But, if we talk about sustainable strategy, it is hard to consistently win money since you cannot affect what the algorithm will give you.
With that said, you can improve your winning chances by choosing the right type of slot. For example, standard online slots with low volatility tend to pay out more frequently than progressive slots.
Additionally, choosing the right strategy is very important when it comes to making money with slot machines. It is best to stick to the long-term strategy and play with slot games that have smaller, but more frequent payouts.
Progressive slots, for example, take a portion of each bet to fund the massive jackpot, and hitting one is like winning the lottery.
Slot games are designed with the same strategy as other forms of gambling with high risk- high reward, and low-risk low reward.
In short, you can make money playing slots but you have to understand that the process is based on luck. Sometimes you can win a lot of money, and other days you might be out of luck. In other words, there isn’t a functional long-term strategy that will guarantee your winnings since you cannot affect the outcome.
With that said, make sure to create a budget and manage your finances the right way since big wins and bonuses might be very tempting.