What Dollar and Penny Slots have In Common
If you are having a hard time deciding on whether to gamble on a dollar or penny slot, then you have come to the right place. We will begin by looking at what these two types of slots have in common before attempting to determine which slot is better. What follows are brief descriptions of standard features between dollar and penny slots.
- Multi-Platform Gameplay
Platform refers to how a game of slots is made available to potential players. Dollar and penny slot are available on two platforms. The first platform offers slots gaming on physical electro-mechanical consoles found in all major land-based casinos and other gambling establishments. The second platform provides slots gambling as 2D or 3D online gaming simulations accessible via internet browsers. Gameplay on both dollar and penny slots is standard across all platforms.
- Multiple Winning Paylines
Payline refers to the various winning combinations of symbols as displayed on the reels of a slots game. Modern-day dollar and penny slots have multiple paylines which means that both games offer players multiple chances of winning. Slot machines can have as many as 40 paylines.
- Progressive Jackpots
A progressive jackpot is one that increases in value and payout potential, the longer the jackpot remains. Both dollar and penny slot games offer progressive jackpots of varying amount. Some slot games can even grant you the chance to win multiple jackpots. However, such dollar or penny games are offered on online gambling platforms.
Factors to consider when choosing between a dollar slot and a penny slot
The number one factor while gambling has to do with ensuring that you stick to your budget. The size of your budget should be, therefore the determining factor on whether to gamble on a dollar or penny slot machine. It should be evident that betting large amounts of money on a single bet will only exhaust your resources sooner.
AdSanityAs a general rule of thumb, the longer you play on a slot machine, the higher your chances of winning a substantial payout. Therefore if you have a small budget, playing on a penny slot offers you more play. However, if your budget is relatively large, then playing on a dollar slot provides you a higher chance of winning a much large payout than playing on a penny slot would.
- Betting strategy
The betting strategy that you want to implement is also a significant factor when choosing between a dollar or penny slot. If your goal is to play as long as possible on a slot game, then a penny slot will allow you to do so. If your goal is to maximize the size of payouts, then going for a dollar machine makes more sense.
However, don’t make the mistake of changing your betting strategy midway, especially after a win. Remember the chances for a substantial payout increases the longer you play on a slot machine.
- Payout Percentage
The Payout Percentage of a slot machine is the percentage of each dollar bet that is given back to players. This percentage allows you to estimate how much you hope to win after spending a certain amount of money on a game of slots. For instance, if the payout percentage of a dollar or penny slot is 96%, it means that 96 cents for every dollar bet are given back to players. Thus if you intend to spend a total of $100, then you can expect to win back $96.
You can use the payout percentage to determine whether to gamble on a dollar or penny machine. Just pick the slot with the higher payout percentage because it will offer you a better chance of winning your money back.
- Number of Paylines
As previously mentioned, a payline is a winning combination of symbols on the reels of a slots game. The general rule is thus; the higher the number of paylines on a slot machine, the higher the chances of winning successive payouts.
When presented with a choice dollar and penny slot games, pick the slots game with a higher number of paylines. For example, if you are to choose between a penny slot with 40 paylines and a dollar slot with 20 paylines, go the penny slot. Why? The penny slot offers you double chances of winning because it has double the number of winning paylines.
- Loss Limit
Loss Limit is the maximum acceptable loss before you decide to change your gambling strategy or cease gambling entirely. It is quite prudent for you to set a loss limit on the amount you want to bet. For example, if you’re going to spend $500 on a game of slots, then you can set the loss limit at $300. Once you have spent $300 without making a substantial payout, you are thus compelled to stop and evaluate your strategy.
Attaining your loss limit might have you moving from a penny slot to a dollar slot or vice versa. You might even decide to end gambling for the day and try at a later time. Sometimes it is best to quit that you might live to gamble another day.
- The House Edge
House edge is a ratio showing your average loss for every dollar that you bet. The house edge, therefore, has a close relationship with the payout percentage. You can use the house edge to calculate how much you can expect to lose for a given number of plays on a slot machine.
The formula is simple and is expresses as such: Bv x Np x He, where Bv is your bet value, Nh is the number of plays, and He is the house edge. For instance, if you intend to play 100 rounds with $1 bets, then at a house edge of 7% means you can expect to lose $7. Therefore, when choosing between dollar and penny slots, choose slot games with a low house edge.
Winning Strategies on Dollar and Penny Slot Machines
Slots machines have a high variance which means that slot games have very random outcomes. High variance is a constant among all slot machines regardless of whether it’s a dollar or a penny slot. This characteristic of slot machines is the main argument that many players have against gambling on slots. If you are part of this group, then you probably also believe that slot machines offer little chance for large payouts.
While the randomness of slot machines is undeniable, the inability to offer large payout is not necessarily true. It is possible to realize a winning strategy while gambling on slot machines. Your winning plan will help you to overcome the pitfalls associated with slot machine gaming. These strategies are guaranteed to work regardless of whether you play on a dollar slot or a penny slot. The strategies are discussed below:-
- Target Dollar or Penny slots with Progressive Jackpots
Slot machines with progressive jackpots tend to give a significant payout based on your progress while playing. A dollar or penny slot machine might be programmed for a massive payout when your total bets reach a particular value. For instance, a slot machine might pay out a jackpot after you reach $300. The amount of $300 is the payout target.
You can calculate the amount you have to spend before you become eligible for the jackpot. You do this using the formula, T=Jc x (H+Rj) / (H+2Rj), where T is the target amount, Jc is the Jackpot, H is the house edge, and R is the jackpot rate.
The jackpot rate, Rj, refers to the percentage of each dollar bet that goes into the jackpot. Most gambling establishments fix the rate for slots at 2 %. Assuming you are playing on a dollar slot with a $500 jackpot and the house edge is 4%, then you need to spend $375 for you to be eligible for the prize.
- Target Dollar and Penny slots with Bonus Accumulators
Some dollar and penny and dollar slot games feature bonus accumulators based on certain symbol combinations. These slots have a bonus meter that indicated bonus point available on the slots game. As a general rule, the higher the level on the bonus meter the greater the chance of a large payout. You should, therefore, target slots with high bonus meter levels as they will avail you a greater chance of winning.
Both dollar and penny slot games offer viable ways of realizing consistent payouts. Furthermore, as illustrated above, making your decision to gamble on either slot game is not rocket science. Ultimately the decision to play either game is entirely up to you.