At a time when land-based casinos in the US are struggling and cutting back on their payback percentages, online casinos keep offering higher paybacks and more bonuses. One of my last post was about all the different slot bonuses online that aren’t available in land-based casinos, and now I’m going to talk about the higher payback percentages.
All regulated land-based casinos in the US have to report their financials on a monthly basis and that information is made public. Through this information we can get a pretty good idea what casinos are offering the best payback percentages and at what denomination (penny machines, quarter, $1, etc.) There are some casinos that have much higher paybacks, and the information should be used to help make your decision which land-based casino you want to gamble at.
Remember, payback percentage is the amount of money that a casino pays back to the customers in the form of winnings. If a casino takes in $100,000 on a particular slot machine, and that machine pays out $95,000 during that same time period, the payback percentage is 95%.
Taking all of the casinos across the US and coming up with average paybacks for each denomination, this is what we get. The lowest paying machines are usually the large progressive jackpot machines that I’ve talked about. They are usually in the 85%-88% payback range. Then it’s the penny and 2-cent machines which generally are set at about 88%-90%. The percentages move up and usually max out around 95%-96% for the $5 machines and higher. Again, there are exceptions but this is a general consensus.
Where am I going with this? Well, there are many online casinos that offer penny slots at paybacks of 98%. That is a whole lot better than 88%, that’s a ten percent difference which is HUGE.
The best online casinos have a combined payback for all their slot machines of 95%-96%; whereas, the best land-based casinos have a combined rate of about 91%-92%.
All in all it seems online casinos are offering great bonuses and great payback percentages. I know what you’re thinking. How do we know they are really paying out 98%? Online casinos are based all around the world, how can we tell what they’re really doing?
This was a problem for online casinos for a long time, and still is somewhat today. People are skeptical, and have every right to be with all the thieves out there. Fortunately, things are starting to get a bit more regulated in the online world of gambling. Most of the major casinos are beginning to understand the importance of third party verification. They are allowing others to audit their books and to take a look at their records and their software. Sure, there can still be scams but it seems to be moving in the right direction.
The major online casinos are starting to realize that they’re guaranteed about 5% of all the money that goes through that machine. Why not be open and honest about it? Not try to make large amounts of money short term with low paybacks, but take the overall picture into account. There are many casinos that pop up who are still trying to make a quick buck with terrible paybacks, but they don’t seem to be able to get much traction anymore. Stick with the bigger names and you should be okay. Bottom line is online casinos are becoming more reputable and honest, and there are independent third-party companies that are verifying this.
I believe as long as you choose a reputable company, gambling on the internet has become a safe place to gamble. I wouldn’t have said that several years ago. By safe I mean you will be paid if you win, and you won’t be cheated out of money. The overall picture clearly favors playing slot machines online over land-based casinos if you are using the chances of success for a player as your basis. However, before you open up an account there is a very important question you must ask yourself. Can you handle playing slots online from the convenience of your home?
This is the most important question one must ask before they begin playing online. It’s one thing to go to a casino for a few days and spend a little more than you wanted. It’s a whole different situation when you have the ability to hop online anytime and begin gambling. Let’s be honest, there are some people who just can’t handle it. Once they begin playing they become obsessed and can’t stop. For them the best thing is to never open an account online.
I know it’s hard to do an unbiased self-evaluation, but if you have more of an addictive personality, online gambling from home could be playing with fire. This fire won’t burn you, but it will take all your money. Be honest with yourself and decide if you will be able to handle having a casino right in your home.
There is another group of gamblers that are able to limit their bankroll and stay in control when they gamble. I must say that looking at all the evidence it seems to be a better overall play to gamble online if you play slot machines. As long as you can stay in control and only gamble when you are able and can afford to, you may want to stay home and enjoy the casino rather than travel. I was once a heavy skeptic of online gambling, but the more I investigate the more I uncover the benefits of playing slots online.
Is it easier to become a problem gambler playing from home rather than at land-based casinos? Let me know your thoughts.