The appearance of slot machines can be traced back to the dawn of casinos. The colorful themes and jingly sounds of slot machines attract players to come and test their luck on the wheels of fortune. As an extra incentive, players were allowed to bet as little as a penny (1 cent) on the machines. It is from this incentive that the term ‘penny slots’ was coined. Due to the allure of the minimum bet, many players ask whether you can make money on penny slots. So, can you make money from penny slots?
What You Need to Know About Penny Slots
You should know about penny slots because the name ‘penny slots’ can be misleading. In this day and age, you usually have to stake well over a penny to play.
Although staking more than a penny increases casinos’ revenue, it also increases the potential payout to the player. Either way, penny slots are a low wager option for players.
Gambling is more fun when you win. Like other casino games, you have chances to win. The allure of jackpots sweetens the incentives for you to try your luck on penny slots.
So, can you make money on penny slots?
Yes, you can. To make money on penny slots, you need to know the following:
- The necessary knowledge.
- Mistakes to avoid.
- Tips to boost your chances.
The Necessary Knowledge
Pick the One(s)
If the goal is to have fun, any penny slot will do. However, if the goal is to make money, then you have to pick the right machine.
Picking the right machine is often easier said than done. Often, you’ll have to try various penny slots before finding the one that is right for you.
Here are some suggestions to help you pick the right one:
- Explore all or at least, majority of the penny slot games. You will discover hidden gems, opportunities to win, and pleasant surprises when you play different penny slots.
- Choose good penny slots. Good penny slots have multiple ways to win. The more ways you can win, the better for you.
- A penny slot with a greater RTP (return to player) and fewer ways to win; might be better than another with less RTP and more ways to win. The more the RTP, the larger your potential winnings. Do not over-sacrifice options for RTP though, choose wisely.
- Use the demos, bonuses, and free-to-play options whenever you can.
Understand the Rules and Payout of the Penny Slot
The rules are more than guidelines; they shine the limelight on opportunities within the game.
Check out the rules and settings of the game before you deposit real money and play any new penny slot game. You boost your luck when you know the winning criteria.
Another important thing you should know is the paytable. The paytable shows the following:
- Valid combinations.
- The RTP for valid combinations.
- Bonus combinations.
Every slot player loves the jackpot. There are always criteria that determine the eligibility of players to hit the jackpot. Such criteria may include: betting the maximum consecutively for a number of times, playing a certain number of lines, and playing certain combinations.
Utilizing Volatility
The volatility of a penny slot is a significant factor in answering the question ‘can you make money on penny slots?’. Penny slot machines can be grouped into three categories according to their volatility. These categories are:
- Low volatility.
- Medium volatility.
- High volatility.
Your chances of winning on low volatility penny slots are high. This is because of the low volatility penny slots payout frequently. However, the payouts of low volatility penny slots are low.
Medium Volatility penny slots pay semi-frequently. The payouts of medium volatility vary between high and low, and it’s often in the medium to low range.
As you might have guessed, high volatility penny slots do not pay frequently. The chances of winning on high volatility penny slots are slim. On the upside, the payouts of such penny slots are generally large.
Luck plays a key role, but you should choose the penny slot according to your pocket and the time you want to spend.
If you have a good amount of money you don’t mind waiting for long to hit the jackpot, you should go for the high volatility penny slot games. If your bankroll is limited and you’re ok with smaller but more frequent payouts, go for the low volatility penny slot games.
MISTAKES TO AVOID
Poor Bankroll Management
The most common and lethal flaw of penny slot players is neglecting the management of money. This flaw drains your money away. To be a winner, you must rid yourself of this flaw.
The nature of penny slots as low-cost, and low-risk is a clever marketing shroud by casinos to make money. This nature makes the player think that they’re staking little. This thinking makes players comfortable with ‘little’ losses that add up over time to significant losses.
It’s better to cut losses than to keep wagering in hopes of winning big. You won’t win all the time. Know when enough is enough and stop there.
The fact is this, jackpot wins are paid for by players like you that are chasing money. Players need to lose for that lucky person to hit the jackpot.
While you should not give up on the big jackpots, you’re better off playing for the smaller jackpots.
Stake according to the size of your pocket. Before playing, set a limit. You can use slot wins to pay for necessities but do not wager money for necessities on slots.
Not Staking the Maximum
There’s a rule that applies to all gambling games; slot machines included. This rule states that the potential reward from wagers is dependent on the amount of the wager and the level of risk.
Many players do not take advantage of this rule. Penny slots pay in multipliers, and the odds of winning on each penny slot are the same.
This means that betting the maximum gives you maximum rewards. On the other hand, betting the minimum gives you the minimum rewards.
At times, to bag a jackpot, you need to bet the maximum. Other times, the jackpot payout is limited when you don’t bet the maximum. Do not leave money on the table by not betting the maximum.
You can lose out on grand prizes and incentives when you don’t bet the maximum. Some casinos have rules that disqualify those who do not bet the maximum from winning additional prizes and even jackpots. Whenever you’re chasing the big prizes and rewards, always bet the maximum.
Playing Movie and TV Show Branded Penny Slots
Playing movie and TV show branded penny slots is a bad way to answer the question- can you make money on penny slots?
The reason movie and TV show branded are not suitable for winning is the cost of developing branded slot machines. The cost pushes manufacturers to make money by any possible means. The means manufacturers tend to go for is to lower win rate and payout amounts.
Check the RTP, volatility, and reviews of any movie or TV show-branded penny slots before betting. Don’t let movie-branded slots entice you into gambling irresponsibly.
Tips To Boost Your Chances
Play Penny Slots with More Than One Seat
This tip applies to on-ground casinos. Some casinos have multiple seat spaces for one penny slot machine. These seat spaces are usually benches that can seat two to five people at a time.
A significant advantage of multi-seats penny slots is that you spend less money when all of you play at the same time than you would have spent if you played alone. Playing this way may not boost your chances of winning. But, it saves you money which you can use to play more.
Utilize Bonus Offers and Second Screens
Bonus offers are an excellent way to save money and still win prizes. Take full advantage of them. One good bonus is free spins. With free spins, you can play for free and still win. Imagine hitting the jackpot on a free spin.
Go for penny slots with second screens. Penny slots with second screens are more likely to offer you prizes and bonuses. These second screens are called pick’em bonus.
They vary in their features and bonuses. You can play skill games, spin wheels of fortunes, scratch cards, and choose gift/bonus boxes on second screens. It all depends on what the penny slot is offering.
Bottomline
Can you make money on penny slots? The answer to this question depends on you. We’ve shown you steps to take and mistakes to avoid to improve your chances of making money from penny slots.
One last tip is this; set a limit for how much you stake and leave once you’ve reached your set target of winnings. Good luck and keep winning.
