A question that perhaps depends on the player and what their preferences are; choosing between a dollar slot and a penny slot may just be governed by your personal circumstances at the time.
Most casinos usually offer a combination of the two, with highly popular gambling destinations like Las Vegas particularly offering both types in almost equal measure.
Penny slots are now everywhere, both online and offline and they have even reached jackpot proportions in recent times as well with enormous bonus payouts for a number of lucky beneficiaries!
When people play on penny slots, they do so in the knowledge that they are going to be, realistically, getting a lower payout on winnings – interestingly, penny slots were the only form of gambling to not lose any revenue during the global financial crisis of 2008.
There have also been a number of lucky players who have beat the odds with penny slots as well. Albert Lopez, a 51-year-old construction worker (at the time) from Jackson Rancherio inserted $100 into a penny machine and walked away with a jackpot of $1,129,009.02 – not bad!
Meanwhile, in 2010, Dorothy Reynolds from California scooped $2.9 million playing a penny slot machine at Planet Hollywood and a player who wished to remain anonymous won $3.5 million on a one cent Wheel of Fortune slot machine in Atlantic City.
The largest however, was when a Nevada resident hit the Mega Jackpot on Penny Megabucks at Pahrump Nugget casino, winning $18,799,414. Following his win he said at the time: “I actually thought about playing Penny Megabucks. I don’t know why because I normally play video poker.” “I put in $100 and after playing $44, I saw five eagles line up and I knew I had won something big.”
Dollar slots usually command a bigger jackpot than a penny slot and the general rule of thumb is that the more you wager, for example opting for the ‘max bet’, the more likely your chances are of really winning big.
While you don’t know at all or with any degree of accuracy what the house edge is on a particular slot or game you can get a fair idea if you play it for long enough based on the payouts that you have received.
Generally, dollar slots are the slot machines to focus on if you are serious about winning big, with the highly popular Wheel of Fortune slot’s standard jackpot over a million. In Las Vegas, the average pay back percentage for dollar slots is roughly around 95 percent.
What this means is, that over the long run, you can expect (in theory) to lose $5 for every $100 that you wager. So, on that basis, if you put $1800 per hour into the dollar slot machine, then (again in theory) you can expect to lose $90 per hour.
Overall though, it really does come down to personal preference when deciding whether you want to play penny slots and dollar slots, so it is definitely, highly advisable that you do your own homework to find out which might appeal and also be right for you!