A full guide on penny slots and how to prolong your gambling experience. What mistakes and traps to avoid, what to watch out when betting just a penny. When does it make sense to bet on penny slots?
One way to categorize real money slots is according to the minimum and maximum wager limits they allow. And as their name suggests, penny slots, are the online slot machines that accept one penny bets. One cent if we are talking about euros, the one-hundredth of any monetary unit. Usually the smallest denomination within a currency system. According to Wikipedia Penny is first attested in a 1394 Scots text, a variant of Old English peni, a development of numerous variations including pennig, penning, and pending.[n 2] The etymology of the term “penny” is uncertain, although cognates are common across almost all Germanic languages and suggest a base *pan-, *pann-, or *pand- with the individualizing suffix -ing.
Penny slots are a way that casinos bet on a psychological effect to gain an advantage over players. By referring to certain slot machines as “penny slots”, these games suddenly seem very cheap, although this is not necessarily the case. This also attracts players who tend to avoid nickel slots or quarter slots.
Most penny slots encourage players to bet on multiple paylines or more than one penny per line. This is relatively easy if you play in a slot with five reels and 25 paylines, here you can quickly bet a quarter per spin without realizing it. A quarter is worth 25 pennies and a dime is worth 10 pennies.
This is one of the most important reasons why players should first inform themselves, and they should also pay attention to the games in which they are active. Online casinos want to make money, you shouldn’t hold that against them. As a player, it is your job to understand the cost of this type of entertainment. Penny slots can be very good alternatives, but they often have a more negative impact on your gambling balance than you actually think.
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Penny jackpot slots
Not every player has a huge gambling budget for an online or mobile casino. Actually there comes a time, that even high-rollers see their account having just a few pennies left and before they make their next deposit and claim an appropriate bonus they try to make more of those pennies. And if you play online you can extend your fun time. For starters, you can find a penny slot of your taste and try to win some bonus rounds. Most top mobile slots offer a dozen ways of new bonus rounds, free spins and ways to win.
On the other hand players with some pennies in their account can also try their luck hitting the spin wheel in a progressive jackpot slot. Every single one of the best online casinos offers tens of such jackpots. There are some jackpot slots in which you can get the chance of winning a huge valued fixed coin jackpot for very low stakes.
Avoid the classic penny slots mistake
One of the biggest mistakes that Penny Slots players often make, is playing without a budget. They assume that they are betting so little that they don’t have to worry about how much they are spending. But even if you bet only one penny per spin, losses can add up quickly. If you want to have more fun and to play longer in your favourite online casino or your favourite slot machine you have to be careful.
For example, land-based casinos have a very specific view of their slot games. They are casino games which require a certain area in the casino. And remember, we are talking here about real land-based casinos. There is only a limited amount of space in each casino, so the manager’s job is to maximize the profit per square meter. In such a situation, if you were the manager yourself and you offer a game that only costs a penny per spin while taking up the same area as other higher stakes games, then you should ask yourself how you can make up the difference.
The answer is simple: the payout ratio for the device with smaller stakes is lower. In Las Vegas, the law stipulates that the payout ratio for slots must be at least 75%, but slots with higher minimum bets allowed, often have a payout rate of 93% or even more…
Penny slots – What to watch out
But what does that mean in absolute terms? With an average slot, you can expect 600 spins per hour. If a player bets a penny per spin, that’s six dollars an hour. At $ 1 per spin, however, it’s $ 600 an hour. The payout ratio is the amount that you theoretically receive as a profit. So if you use a penny slot with a rate of 75%, you will get back $4.50, so you will lose $1.50 an hour. If you play the dollar game with a 93% payout ratio, you get $558 back, so you lose $42.
Of course, these are theoretical sums that apply to an infinite number of spins. Anything can happen in the short run, but the casino has a mathematical edge you can’t beat. The payout ratio for the dollar slot could also be 99%, but it would still be more profitable than the penny slot.
However, the average player doesn’t go to a device and actually only pennies a spin. On average, many players will choose the maximum bet, i.e. around five cents per payline, maybe even a slot with multiple paylines, for example with nine of these lines. Now the player has already bet 45 cents, so you get a total of $270 an hour. With a payout ratio of 75%, you lose an average of $67.50 an hour.
The player on the penny slot loses on average more money per hour than on the dollar slot, even though you play for smaller bets. Intelligent players at penny slots pay attention to this point and do not fall for the psychological tricks around penny slots.
The best strategy is to determine how long you play and what amounts you can lose, then make your bets according to your budget. Make a reasonable assumption about the payout ratio of games. You know that the worst payout ratio is 75%, but in a good casino, this rate should be more like 85% or more.
No Deposit Free Spins bonus
Top online casinos often offer some no deposit free spins as a bonus. Those free slots are available usually at penny slots. At the end of your free spins session, you can get your winnings. And start trying to meet your wagering requirements playing other penny casino slots. Especially when your winnings isn’t an eye-opening sum of money. When you play in an online or mobile casino provider, you have the chance to test tens or even hundreds of different penny slot machines.
That’s the difference with land-based casinos. Their penny slots are rare since they are not so profitable as the rest of the slots. Online casinos on the other side can offer as many as they want. And since there are players which can afford just a few pennies to play, they can also have their chances. Of course, those low-budget gamblers usually seek those no deposit casinos. Because, they can give them some fun time for free, or some casinos with a low minimum deposit limit. Here at BetandSlots you can find every type of online entertainment suits you the most!
Penny slot myths
Searching for the best online or land-based slot machines tactics and strategies you will find some interesting ones but also a lot of nonsense. Things to avoid playing penny slots online include:
- Increase the size of your wagers when you’re winning and reduce the size of your wagers when you’re losing. You have to realize that every spin is an independent event. So, it doesn’t matter what happened in your previous online slots spin. Or in your land-based casino slot machine spin. If you won something or lost your wager, it doesn’t affect your new spin.
- Another tip without any sense of logic is not to waste your money on “cold” slot machines. People and players try to find patterns. Always. But after years of practice and exercise, you will understand that there is no such thing as a “cold” or “hot” slot machine. Whether you play offline or online.
Have more fun
The first thing a casino visitor must do is decide in advance how much money he is willing to spend. That’s the most important step to maximize your fun and entertainment in your gambling session. From the moment you practically understand that you are playing a negative expectation game, it will help you treat your slot machine budget the way you should—as an entertainment expense and nothing more. If lady luck is on your side, it’s your day and you have to enjoy it. If not, you just had a good time.
Penny slots can be fun. But, if you are not careful they can cost you much more money than you expected.
Penny slots Frequently Asked Questions
What is a penny slot?
Penny slots, as their name suggests, are the online slot machines that accept one penny bets. One penny, one cent, one-hundredth of any monetary unit. Usually the smallest denomination within a currency system.
Can you win money on penny slots?
Of course you can win money playing on penny slots. You can experience this usually every time you get a no deposit free spins bonus, when most of the times your bets are the minimum allowed meaning a penny. And you find yourself with some winnings in the end. Some times a small sum, and rarely bigger winnings.
How much can you win from penny slots?
It depends on the game you choose to play and how much it pays for each winning line. For example if a winning combination pays out 100x, you will win 100 pennies, or one dollar/euro/pound.
Are penny slots worth playing?
Not if you are dreaming big winnings, no. But in case you want to prolong your fun time in an online or land-based casino, then penny slots can definitely be the solution.