After reading the following guide, your odds of winning a jackpot at online slots will grow exponentially. Click here for more.
How to Calculate Your Odds of Winning a Jackpot at Online Slots
It was just another ordinary day when a devoted punter wanted to show his friend his new favorite game. It’s simple, he said, while his lips began curving into a smile, almost meeting his ears. The player logged in to his online casino account and opened the game. “You just click here, and that’s it,” the players explained. However, after clicking the spin button, something strange happened. At first, they thought the phone had gone crazy. But soon, they realized it was a jackpot. They both stood there stupified, thinking how fortunate that was. “What are the chances of this happening,” the friend asked.
So, what are the odds of winning a jackpot at online slots? Truth be told, we all want to be that player. From the moment we hit the spin button, we close our eyes and pray for the stars to align. In some games, we can be that player more often than not, but our chances depend on various factors. Thus, in the lines that follow, we’ll calculate how lucky the hero of our short story actually is. More importantly, we’ll show you how to calculate your odds against online slots.
How do Slots work?
Before we delve deeper into calculations and probabilities, let’s first get a fair understanding of how the reels operate. Inside each machine, there’s a software or algorithm—feel free to call it however you want—that makes sure all spins are entirely random. The name of this algorithm is the Random Number Generator. The RNG continuously cycles through millions of numbers and makes it impossible for players to predict the outcome.
As a result, you won’t see a jackpot coming. Poker players can use calculators to try and predict the price, but this is not the case with slots. In fact, it’s not even possible to predict the next spin. Instead, you can only use maths to estimate your chances of winning the jackpot at one point.
Variables That Affect the Odds Of Winning a Jackpot at Online Slots
Let’s take progressive jackpots as an example. These types of slots are the most interesting to analyze in this regard. The biggest reason lies in the insane jackpots they offer. Progressive slot machines typically take a small portion of your wager and add it to the prize pool.
Consequently, you can win massive amounts of cash playing these machines with enough luck. But let’s keep to the optimistic side and see the odds of lucking out in progressive slots.
Factors Influencing Jackpot Chances In Progressive Jackpots
You should consider several aspects when calculating your odds of breaking the slot bank. Using the correct variables, you’re able to make a reliable estimation of the likelihood of your prize-winning.
1. Rise In Meter
Also known as jackpot contribution, this number represents the portion of each bet that goes towards the jackpot. It is challenging to get the exact amount for any given game, as manufacturers aren’t quite transparent with this information. However, we know that the average contribution is around 2%. In that case, from every €10 of your bet, €0.2 will go towards the jackpot. Although this amount doesn’t seem massive, imagine what happens when thousands of players enjoy the same game for hours, days, weeks, or months.
2. Average Jackpot Size
This is another essential variable when it comes to calculating your odds of winning a jackpot in online slots. The jackpot size can vary between different types of slots. Some have fixed amounts (e.g. 15,000 or 20,000 coins). However, this is not the case with progressive slots.
Potential prizes in such slot games are constantly changing. On the one hand, it makes it difficult to calculate. On the other hand, it means that the jackpot is growing, which is one of many benefits of playing these types of slots.
Taking the average jackpot amount of the same progressive game can give you enough information to work with. There are tracking sites online that feature the sizes of the jackpots for various games. You can look for the averages there and save yourself some trouble.
3. Minimum Bet
Every game has a minimum wager to qualify for play. Some require as little as €0.2 to €1 or more to become eligible.
Now that we have all the variables, we can calculate the odds. For the sake of the story, let’s imagine the slot has a €6 million jackpot.
- We take the payout of €6 million and divide it with the contribution (let it be 0.02)
- €6,000,000 / 0.02 = €300,000,000—this is the bet before the jackpot hits.
- If we make the minimum bet €0.5, we get: 300,000,000 x 0.5 = 600,000,000
So, you must make 600 million wagers worth €0.50 each to get the jackpot.
The Role of RTP & Volatility in Evaluating the Odds of Winning a Jackpot at Online Slots
Knowing the return-to-player ratio isn’t the most crucial aspect in calculating your jackpot odds. Still, it can serve as a helpful guide when picking your slot game. For example, in poker, you can use strategies to increase your chances of winning. In slots, on the other hand, you can pick the game based on built-in variables.
The RTP refers to the amount of cash you can expect in return throughout a slot machine’s “lifecycle.” For example, playing slots with a 98% return-to-player percentage means the machine will give back €98 from every €100 put into it during its career.
On the other hand, volatility shows how equal your short-term results are to the payout percentage. Low-volatility games can provide you with more winnings in the long term. However, these winnings are typically low in value. High-volatility games, on the other hand, won’t pay out often, but these payouts tend to be bigger.
Can You Affect Jackpot Odds?
There’s no magic wand that could sway the chances of a jackpot in your favor. However, there are ways to cheat the system. As you could have seen from the example above, mathematically speaking, you could end up hitting the same button a million times before you land a significant win. This can clearly cost you time and money, so it’s no wonder few people do it.
Granted, there are a few factors that can mitigate this risk at least a little bit. For example, let’s say you’re a Canadian resident looking for the best bang for your buck. What you can do is find casinos that offer no deposit bonuses in Canada. The trick is that you don’t even have to place your first deposit to get the bonus. Simply follow the registration procedure at onlinecasinobuddy.com, follow the steps, and claim your promotion. While these bonuses are usually humble, they still improve your odds of lucking out.
It’s easy to see why punters like wondering about the odds of winning a jackpot at online slots. As an online casino player, you’ve probably seen a few people going from rags to riches in one hit. But if you wish to calculate your chances of becoming one of them, you should consider several aspects. Rise in meter, average jackpot size, and the minimum bet are a few of them. You can also consider looking into volatility and RTP before you start playing. Sadly, the math can only get you so far. You probably won’t like chances. However, the pursuit of the jackpot might be fulfilling enough in its own right.