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The Truth about the Slot Machine

Return vs payback
 There is no such thing as a ‘loose’ or ‘tight’ slot machine. In modern casinos, slot
 machines are programmed to deliver a precise return percentage, somewhere around
 95 per cent. That means 95 per cent of the money that goes into a slot machine is paid
 back out to the players –the casino keeps the rest But here’s where things get tricky.
 The return percentage is not the same as the  payback,

which is the actual amount of money you win or lose during each gambling session
 at a slot machine. If you sat down at a slot machine for eternity and pulled the lever 
an infinite number of times,your payback percentage would be exactly 95 per cent
.Likewise, in a casino full of gamblers,thecollective machines will pay back roughly
 95 per cent of the total money gambled during the course of a day. Unfortunately, you
 are only one person and you don’t have infinite pulls.So your odds of winning are
 equally good or bad every pull. You could los all day and that doesn’t mean the
 machine is rigged. And it doesn’t mean that the guy who wins the jackpot
 found the ‘loose’ machine. He just got very, very lucky.
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