How Much Should I Bet On Slots

How Much Should I Bet On Slots Average ratng: 4,7/5 1854 reviews

If I triple my bankroll, I’ll triple my bet, and so on. How much money do I need to play slots? That really depends on how much money you have to play with and how long you want to play. Unless I’m on a crappy machine, I can usually make $20 last 40 to 60 minutes playing penny slots. What is a hot/cold slot machine? Progressive slots might seem to be the most attractive, due to the supposed high return, however the huge disadvantage of the progressive slots is that in most online casinos they are all linked together. Because of the number of people all playing for that huge jackpot amount, your odds of winning on a progressive slot machine are much lower. Three-reel progressives are this type of game, amped up with a growing jackpot. You have to bet the max to be eligible for the jackpot. To see how the effect this has on payback percentages, let’s imagine the above pay table on a $1 game that returns 95 percent when you bet the max and in which the odds lead to the top jackpot hitting about once per 20,000 plays.

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We receive questions every day about gambling online and online casinos.

Many of those questions are about playing slots – both online and in bricks-and-mortar casinos around the world.

The questions that need detailed answers get their own pages. You can find those pages on our main slots page.

But the other questions – the shorter and easier-to-answer questions – you’ll find all of those below. And if you have any questions we didn’t answer here, just send us an email and let us know.

50+ Slots Questions & Answers Start Here

Can I win at slots?

In the short term – sure.

In the long term – no. Slot machines are programmed to pay out no more than 98 or 99 percent over the lifetime of the machine. And many machines have worse odds than that.

So the short answer is they’re designed to give the casino an edge. That’s how they make their money.

That said, it’s possible to win a large jackpot or to win more than you spend (especially if you walk away after you’re up). But I wouldn’t walk or log into a casino expecting that to happen.

How much money can you win playing slots?

You can win millions of dollars playing slots.

Less than a year ago, a man won a bit more than $14 million playing the Megabucks slot machine in Las Vegas. He deposited a $20 bill and hit the jackpot partway through it.

In May 2009, a guy from Greece won 6.3 million euros playing the Mega Moolah slot machine.

The biggest win to date is $3k9.7 million. He, too, won it after putting $100 into the Megabucks slot machine at Excalibur.

What are penny slots?

These machines let you bet 1 cent per line, which means you could play 1 cent per spin.

But I don’t think most people do. When I play I always play 1 cent, but I always play all the lines (usually 30-60) which comes out to 30-60 cents per spin.

Which slot machines have the best odds?

According to the Wizard of Odds, the higher denomination machines will have the best odds. Other than that, the non-progressive slots with low payouts will have the best odds.

The higher the denomination, the better the odds. For that reason, it is better to play one coin per line on a 5-cent game than five coins per line on a 1-cent game. – Wizard of Odds

The machines with the worst odds are the ones with progressive jackpot and slots with features, bonus rounds, etc.

What are slot tournaments?

These are kind of like poker tournaments. You buy in for a set amount. Your job is to win more than the other players using the set amount of credits the casino gives you.

The buy-ins are pooled together to create a prize pool. Then the casino splits the prize pool (minus their cut, of course) among the top x or xx players. How many players get paid depends on how many people buy in.

Which slot machines are the most fun to play?

This is a personal choice. It’s kind of like asking what the best car to own is, or what the coolest video games are. It’s up to you.

That said, I prefer the video slot machines that get their themes from video games (Hitman), movies (The Dark Knight, Jurassic Park) and comic books (’60s Batman, Iron Man).

What slots have the best payout percentages?

This is hard to say because not all online casinos post payout reports. But the casinos with the highest payouts all pretty much come from Microgaming. Their average is right around 96%.

Who won the biggest slots jackpot online?

CasinoAnswers.com says in May 2009 a guy from Greece won 6.3 million euros playing the Mega Moolah slot machine.

Are online slots as good as bricks-and-mortar slots?

Yes. You have just as much, if not more variety. You can play most, if not all the same slot titles. And you can win just as much money.

Plus, depending on your temperament, you don’t have to deal with smoky casinos, drunks, crowds or have to wait your turn to play your favorite slot machine.

Can you play Las Vegas slots online?

Yes – but I don’t know if they’re ALL available online.

Machines I know for sure are online include titles like Monopoly, The Dark Knight, Wizard of Oz, Willy Wonka, Sex and the City, Superman and Hitman.

There’s more, I’m sure. Just check out the websites for Bally’s, IGT, Microgaming and Playtech.

Can Americans play slots online?

Yes. Most casinos powered by Real Time Gaming accept U.S. players. Many sites that use BetSoft software do, too.

Is it possible to play slots for free?

Offline? Unlikely.

Online. Absolutely. Most online casinos let you play their games for free. This is a great way to test out their software first before making a deposit.

To find a free slot machine just hover over the machine you want to play and look for a ‘practice’ or ‘free play’ button/link.

How do I enter a slots tournament?

Just pay your entry fee. Then show up when the tournament starts.

What strategy should I use playing slots?

There is no strategy that will help you beat slots. So just use whatever strategy you think is fun.

I like to bet the min for all the lines. And I usually do that while playing on my original deposit. But once I have won more than my original deposit, I’ll increase my wagers to double the min. If I triple my bankroll, I’ll triple my bet, and so on.

How much money do I need to play slots?

That really depends on how much money you have to play with and how long you want to play.

Unless I’m on a crappy machine, I can usually make $20 last 40 to 60 minutes playing penny slots.

What is a hot/cold slot machine?

A hot slot machine is a machine that’s paying out a lot and/or often. A cold slot machine is the opposite.

It’s nothing more than a name, though. There really is no such thing as a hot or cold slot, nor are there any benefits to playing on or avoiding a machine you may think is hot or cold.

These are just myths.

Is there an advantage to playing higher limit slots?

Maybe. The Wizard of Odds says that higher denomination machines have better odds. But the differences, as I remember them, are pretty small.

If you play for higher limits, you can win more money, too. You’ll earn casino comps at a faster rate, which increases how much cashback you earn as well as perks like buffet coupons, deposit bonuses, gifts, junkets and so on.

What is a progressive jackpot?

A progressive jackpot is a jackpot that is created by the players. Whenever you deposit the min required to play for the jackpot, a small fraction of your wager goes to the pot.

The pot continues to grow until someone hits the winning combo and wins the jackpot.

An example of a progressive jackpot is Mega Moolah. This has paid out millions of dollars in jackpots over the last several years.

What types of features do slot machines have?

Lots. For example:

  • Scatter symbols
  • Bonus games
  • Free spins
  • Interactive bonus games
  • Cascading wilds
  • Stacked or expanding wilds
  • Multipliers
  • Ways win
  • Wilds
  • Nudge and hold
  • Free spins

What types of slot themes can you play?

Lots. For example:

  • Movies
  • TV shows
  • Celebrities
  • Animals
  • Cars
  • Video games
  • Pop culture
  • Game shows
  • Comic books
  • Horror
  • Retro
  • Pirates
  • Romance
  • Wild West
  • Sports
  • Money / wealth
  • Ancient Rome
  • Ancient Egypt
  • Action
  • Fairy tales
  • Food
  • History
  • Mystery
  • Seasons

Can you recommend a good slot machine system?

No. And that’s because there’s no system that will help you beat slots. Slots are a 100% random game.

Anyone trying to sell you a slot machine ‘system’ is ripping you off.

How do you tell what combinations win?

All slots machines (offline or online) will have a help section or key. They will tell you what the winning combinations are, what they pay out and how bonus rounds are triggered.

You can usually find the ‘view pay’ or ‘learn more’ section in a corner around the slot machine.

How are slot machines different from playing the lottery?

As far as hitting it big?

The United States Powerball has odds of 80 million to 1. The Megabucks slots jackpot has odds of 49 million to 1.

So, really, not a big difference. Both are unlikely to happen to you or me.

But as far as little wins, you’ll see more of them playing slots. And I think slots are more fun to play anyway.

Are online slots rigged?

No. I’ve never heard of a slot machine being rigged.

All slot machines – and nearly all online games – use what’s called a Random Number Generator. These come up with totally random results, which are tested and verified by third-party companies.

The thing is … casino slots have a house edge of 2-15 percent. And there’s no way for you to beat slots without cheating. None. So there’s no reason for casinos to rig their slot machines.

Will I ever win a jackpot?

A small jackpot?

Maybe.

I’ve won a couple myself. The wife has too. Many penny machines have small or medium jackpots for low-limit slots players. These aren’t any more than $30, $50 or $100 – which pale in comparison to the six- and seven-figure jackpots we hear about – but are jackpots nonetheless.

A larger jackpot, though? Probably not.

Do slot machines have a pattern or sequence I can use to determine when I will win?

No. Slot machines are totally, 100% random.

A slot machine’s outcome, past, present or future, has no bearing on the results of your next spin.

Which is better – online or real slots?

Should

I think that depends on the experience you want.

I prefer online slots because you don’t have to travel anywhere. You don’t have to spend money on food, entertainment, hotels, car rental or airfare. You can instead spend it all on slots.

How Much Should I Bet On Slots Today

I also don’t care for a lot of noise, drunks or smoky, crowded casinos.

So I think online slots are better. But you might feel differently. The only way to know for sure is to try them both out.

Should I bet the max?

If you can afford it and in doing so you can still play for as long as you’d like, then sure.

Otherwise I see no reason to. The odds of you hitting a jackpot are slim, to say the least. So I would only wager an amount of money that still allows me to have a good time.

Can you cheat at slot machines?

Sure can.

People have tried all kinds of scams like putting a string on the end of a coin (yo-yo), using fake coins, shaved coins, and tampering with the slot machines’ insides. Plus plenty of others.

Most cheaters had the same outcome, though.

Going to jail.

Are bonus round winnings predetermined or do my choices affect what I win?

The Wizard of Odds says – from what he’s been told – the player really is in charge of his or her own destiny. The outcomes are NOT predetermined.

That said, it is my understanding that in bonus rounds where to pick icons on the screen the player does indeed control his destiny. The game shuffles the prizes and you pick them, like on Deal or No Deal. It also may be that the game is continuously shuffling them until you do make a choice, much like the rest of the deck while the game is waiting for the player to discard. – The Wizard of Odds

Can casinos change the payouts of each slot machine?

How Much Should You Bet On Penny Slots

Yes.

Offline they don’t do it much because they have to fill out forms whenever they do (at least in Las Vegas).

Can you own a slot machine in the U.S.?

Yes. But it depends on the state you live in. It may also depend on the make/model/year of the slot machine and how you intend to use it.

What is the lowest denomination you can play?

Penny slots. You can play for one cent per line.

What is the highest denomination you can play?

$1,000 per credit.

What slot machine has the most lines you can play?

Slot machines called ‘ways win’ or ‘all ways’ give you 243 different ways to win. Slot titles that fit this category include The Dark Knight Rises, Playboy, Battlestar Galactica and The Lord of the Rings.

Most, if not all of these machines come from (non-U.S.) software companies like Microgaming, Playtech, NetEnt, etc.

Can you play for real money from your phone?

Yes. Your tablet, too.

U.S. players can play mobile slots from Real Time Gaming and BetSoft powered casinos

Customers from outside the U.S. will have many more options (tens, if not hundreds) from casinos using Microgaming and NetEnt software.

Is there a Dark Knight slot machine?

Yes. IGT makes it.

You can find this slot in Las Vegas casinos and online (non-U.S. casinos). It’s one of my favorite slots to play.

Why are slot machines so addictive?

Humans receive a shot of dopamine as a reward whenever you complete a task. This can include checking text messages (after hearing the ding), flashing lights or even small wins paid out on a slot machine (even if you paid more money to play than you won).

Between the dings, bells, lights, (small) wins and words of encouragement (Epic Win!), slot machines give us lots of opportunities for dopamine shots.

Dopamine makes us feel good. In turn we do more of what gives us dopamine shots – playing slots.

Other than that – some people are problem gamblers. Others might be chasing that big win.

Why do professional gamblers avoid slot machines?

Because there’s no way to beat slot machines in the long run. No one wants their paycheck dependent entirely on luck. That’s unlike blackjack, poker or even sports betting where it’s possible for a professional to gain a long-term edge.

How can I make $500 per week playing slots?

Get lucky.

Show someone else how to “beat” slots and charge them $500 aka rip them off.

Jokes aside, there’s no way to consistently make money playing slots. It’s all luck.

What is a flat top slot machine?

These are slots with fixed jackpots, unlike progressive jackpots that continue to grow until someone wins it.

Which slot machines are the most fun for low-limit players?

This depends on you. What do you like?

I think the video slots with interactive bonus rounds are the most fun to play. And I don’t mind getting worse odds playing them.

Which is better to play – slot machines or table games?

From an odds perspective, on average, table games.

Slots have a 2-15 percent house edge whereas most table games fall in the 1-5 percent category. Others, like blackjack (and blackjack variations) have a house edge less than 1 percent.

Where is the best place to play slot machines in Las Vegas?

The casinos I like most are:

  • Treasure Island
  • MGM
  • Mirage
  • New York New York

They all have IGT slot machines. Most are easy to get in and out of, too, by tram or by car.

Can you play slots on Facebook for real money?

No.

Since progressive jackpots pay out so much money, why wouldn’t you always play a progressive?

They cost significantly more money to play and the chances are slim you’ll hit the jackpot. I’d much rather use that money to play more at a lower limit.

Why are slot machines called one-armed bandits?

They got their name from the single lever on the side (to spin the reels) and because they take your money.

What is a wager or play-through requirement?

This refers to the deposit bonus many online casinos offer you when you sign up and make your first deposit. If you accept the bonus, you need to wager a multiple of your bonus or deposit and bonus.

For example, say your casino has a 20x play-through on both your deposit and bonus. If you deposit $1,000 and receive a $1,000 bonus, you’ll need to wager $40,000 before you can ask for a cash-out.

If you ask for a cash-out too soon, you risk forfeiting your bonus and any money you won with it.

Is autoplay bad for slots players?

I don’t think so.

But I wouldn’t use the autoplay button because it hurries the action along whereas I’d rather take my time and make my bankroll last.

Can I play two slot machines at once online?

Yes. But not every casino lets you.

However, if you play at two different casinos, you shouldn’t have a problem playing more than one slot machine.

I just have a couple more questions for you and then I wont bug you again for a really long time. Promise. : 0 ). What the jackpot would have to be on a 8/5 20 nickel game for it to be a 100% game, keeping in mind that it takes 20 nickels to be eligible for the jackpot? What about the same machine on a 7/5 game? And finally, what would it have to be on an 8/5 quarter machine that requires eight coins to be eligible for the jackpot. I would also like to take this opportunity to thank you for your sage advice. It has made gambling a lot more enjoyable!

You're welcome! In an 8/5 game, the jackpot would have to reach 37,704 coins to reach 100%, assuming you have to play 20 coins to win it. Assuming only 8 coins, the meter would have to reach 15,082 coins. On a 7/5 machine and 20 coins required the meter would have to reach, 46,956 coins. These figures assume you are playing the proper strategy for these pay tables with a per coin payoff for a royal flush of 800. As the jackpot grows some strategy adjustments are called for to more aggressively try for the royal. These adjustments were not calculated in this answer. It doesn't make any difference what the coinage is.

I've noticed some new video slot machines (Money to burn, High Bid, Money for nothing, Who Dun it, etc) that differ from the normal three-reel slots in the following ways -- first they have five reels. You can typically bet on 1 to 9 pay-lines (even though some have as many as 15 different pay lines), and multiple coins per line; thus, with nine pay-lines and five coins played per line, you would have a total bet of 45 coins (even in nickles, this can start to add up!). Most payoffs are multiples of the line bet, even though there are some 'bonus' wins that pay multiples of the total amount bet. Is it best to always pay all possible pay lines, or is there an optimum combination of pay lines to play to achieve the best return? I suspect that getting a winning combination on any particular pay line is the same for all, but wondered if you have any better insight to share.

Each frame in these video slots is weighted equally. Any given line is equally likely to produce any given combination. Thus, the return is the same regardless of the number of coins played.

Your site is definitely the best one I've ever seen regarding gambling, and I commend you for providing some light and truth in a seemingly endless sea of 'winning gambling strategies, tips & tricks.' My question is this. I'm no slot player, but obviously when a progressive jackpot reaches a certain point, the edge would shift from the house to the player. I was wondering if there are any 'groups' or 'clubs' that go out into the casinos when this happens, (virtually) monopolize the machines, capitalize on the opportunity, and split the winnings? I have never heard of any, but they've got to be out there.

Thanks for the kind words. I have barely heard of teams of slot players doing this. However, this is very common with progressive video poker players. There are teams of these professional players who routinely check the meters and when they find one high enough they call their teammates in an attempt to monopolize the machines until somebody hits the jackpot.
The problem with slots is that it is not clear to the player what the odds are of hitting the jackpot so it is not obvious what the jackpot size has to reach for the machine to become profitable. Plus, it probably rarely happens that a meter gets high enough to overcome the house edge.

This is a question regarding fixed odds betting. If you say that the odds are 4 to 1 on something happening, then is that equivalent to saying the probability is 1 in 4 i.e. 0.25? If you consistently bet on 4 to 1 shots would you simply break even over time? Therefore could you not beat fixed odds betting by doubling up after every loss since you would expect a winner every fourth bet?

If the odds against something are 4 to 1 then there are 4 chances it won't happen and one chance that it will. So, in this example, the probability would be 1/5. It doesn't matter what the probability is, if the events are independent then the past does not matter.

Do you feel it's better to play one slot machine or many, and how much should I feed before walking away. If given a touch screen to stop tumblers should I stop them.

None of these factors matter. Walk away when you're not having fun any longer.

In your slot machine advice, you indicate to play machines with variable states that are in a high state or progressive machines with the meter high. Could you please explain? How do you know a machine is in a high state?

For variable-state slots, you have to know what the positive point is for that model of machine. For example, on the Piggy Bankin' slot machine, I think it becomes positive when there are about 40 credits in the bank. At that point the player is supposed to play one coin at a time until the bank is hit. The book Robbing the One-Armed Bandits by Charles Lund (1999) covers specific positive points for various machines, however many of the machines covered in that book are now hard to find.
As for how to determine when a progressive jackpot is unusually high, you'll either have to observe it over a long period of time or find someone who has done the same. For example, SlotCharts.com keeps data on progressive slots at online casinos. But even when a progressive slot is unusually high, it's impossible to know at what point it becomes high enough to be a positive-expectation game without knowing how the probabilities on the machine are programmed. In my section Deconstructing Megabucks I attempt to figure out when the jackpot is large enough to have a player advantage.
Update: Since this question was published, SlotCharts.com is blocked to U.S. traffic.

Great site! Is it better to go max three quarters on a quarter machine or drop one dollar in a dollar machine?

Thanks. This is a good question and I wish I had a firm answer. The exact answer depends on the theoretical return of both machines, and nobody ever reveals this information. Yes, you do get a better return in general on dollar machines than quarters, but you are giving up the max-coin bonus. I think the house edge will do down about 2% making the jump from quarters to dollars. However, without reel weightings, I can't tell you the cost of not playing max coins. My general advice is to find a slot machine without a max-coin incentive and then bet one coin at a time.

Great site. I was playing video poker this weekend when the conversation turned to whether it is better to play one machine or try several machines looking for the one that is paying. After much discussion, the only thing I could really offer was that we were no more or less likely to hit the Royal Flush on any given machine at any given time. (You’ve told us enough times about the independence of trials that I almost understand.) Ok, with that said, here’s the question. If the Wizard had $200 and walked in to a bank of 10 full-pay machines, how would he play this bankroll? Would he put $200 in one machine? Or would he split the bankroll and play $50 in four machines? Or would he play $20 in each one? I think the mathematical answer is, that it doesn’t matter, but how would the Wizard play it?

You’re right, the mathematical answer is that it doesn’t matter. I would choose the machine either randomly or based on environmental factors. My highest priority is that if there were any smokers in the vicinity I would sit as far from them as possible. Otherwise I would distance myself from any loud noises, including other players. If the machines were crowded I would pick an aisle machine, giving me a little more elbow room and one less neighbor.

If you are playing Slots at an online casino, but have only a limited amount of money to spend, (ex. $100), is it wiser to play for instance, 25cent slots 1 coin at a time?-or-would it be wiser to play the MAX on one machine even if you seem to be losing it faster?

I believe that most online slots have a fixed return, regardless of the coinage. This is unlike slots in real casinos, which return more the greater the coinage. What you should do depends on your priorities. If you want playing longevity then you should play as little as possible per spin. If you want hope for a big win then you should play as much as possible per spin. However the house edge is likely the same either way.

I play 50 cent slots and higher. I am happy with making a profit of $20 to $150 each session. I quit playing when I reach these levels. Are the high volatility, low frequency and low jackpot machines the best to play using this strategy? Please give me names of particular lines of machines to play.

No. If your goal is a small win then you should be playing low volatility, high hit frequency games. I can’t suggest any particular games but look for ones with comparatively small jackpots. These will also help you to play longer.

Have you calculated any of the odds for the slot machines at Harrah’s Cherokee Casino? NC law requires games of skill. As a result of this law all of the common slots such as Double Diamond, Red-White-Blue, etc were installed with a two spin option. After the first spin you may hold or respin any of the three rows to obtain final results. Charts are available on every machine to show the total number of each symbol and blanks in each row. Since these machines are IGT machines I assume that the symbols are weighted and randomly selected as posted. If this is true then the payback % can be calculated just as it is in video poker. Just curious if you had any info.

I’ve been asked about these North Carolina slot machines so many times I’m tempted to fly there just to see them for myself. Yes, if they did give the probability of each symbol for each reel then an optimal strategy and a return could be fairly easily calculated. However I have never actually seen such a table and have never worked out the odds.

Dear Wizard, I was wondering if it reduces the expected loss to a player to play multiple lines in multi-play video poker as opposed to one line at a time (where all lines share the first 5 cards and independently draw the non-held cards). It seems that on multi lines, when you get lucky and the first five cards are a winner (such as a natural flush draw), it guarantees that EVERY hand of multi-play will also be a winner. However, no matter how bad the first five cards are, it does not guarantee that EVERY hand will be a loser on the draw because every hand will have an independent draw. It seems like there must be some difference in odds playing 10 lines sharing first five cards vs playing 10 independent hands?? I enjoy your website.

The odds are exactly the same on a one line, 10 line, and n-line video poker machine. When you get a trash hand in 100-play you can expect to get about 36% of your original bet back. In 10-play it is still 36% but there is more volatility. In 1 play it is still 36% but you can get lucky and get a high paying hand on the draw. In other words you are more likely to hit it big on the draw in single play, but at the expense of lots more non-paying hands.

If a person is playing one of the 5-cent ticket machines, and while making a 9 line bet, a winning combination comes up. . . if they had bet 1 line, or 45 lines instead, would that same combination of symbols have come up, or does each type of bet and amount carry its own set of combinations, probabilities, and house percentage payoffs? In other words, if a person is betting 1 line for several spins, and then when they feel that the machine is about due to hit a combination pay off, they start betting a few 45 lines. Is this a good strategy, or are they just fooling themselves because the 1 line set of combinations, and the 45 line set of combinations are two totally separate things?

For purposes of determining the game outcome the slot machine does not consider how many lines you bet or how much per line. The only thing that matters is the exact nanosecond you pressed the spin button. Random numbers drawn at exactly that time will determine the outcome, since the machine is picking numbers even when you’re not playing.

The Wynn invited me to a slot tournament with the following prize structure.

1st place: $1,000,000
2nd place: $150,000
3rd-6th place: $25,000
7th-8th place: $20,000
9th-50th place: $5,000

The cost is $25,000, and the tournament is limited to 50 players. It is easy to see the expected win is $30,000. However, it is a huge long-shot. What would be the required bankroll for entry to be a sound bet under the Kelly Criterion?

The Kelly Approximation is the advantage divided by the variance. The possible outcomes are a win of 39, 5, 0, -0.2, and -0.8 times the bet amount. The advantage is (1/50)×39 + (1/50)×5 + (4/50)×0 + (2/50)× -0.2 + (42/50)×-0.8 = 0.2.

The variance is Expected(win2) - (Expected(win))2 = (1/50)×392 + (1/50)×52 + (4/50)×02 + (2/50)× -0.22 + (42/50)×-0.82 − 0.22 = 31.4192

So, the approximate optimal Kelly bet is 0.2/31.492 = 0.0063655 times the bankroll. For a full entry of $25,000, the required bankroll would have to be 25,000/0.0063655 = $3,927,400.

However, for large bets like this, I think it is worth the time to find the exact optimal Kelly bet. Next, find the bet size b, which maximizes the expected log of the bankroll after the tournament, as follows.

Log of bankroll after tournament = (1/50)*log(1+39×b) + (1/50)*log(1+5×b) + (4/50)*log(1) + (2/50)*log(1-0.2×b) + (42/50)*log(1-0.8×b)

There is no easy way to solve for b. Personally, I recommend the 'Goal Seek' feature in Excel. The answer will come out to 0.0083418. So, the exact Kelly bet should be 0.0083418 times your bankroll. To justify the $25,000 entry fee, your bankroll should be $25,000/0.0083418 = $2,996,937.

A reader asked about a slot tournament at the Wynn. The cost to enter was $25,000, and the average prize was $30,000. You said that you need a bankroll of about three million to enter, according to the Kelly Criterion. I have two questions:

1. Does this take into account the unknown house edge on the slot machines?

2. What would be the playing strategy for the best overall return? Could you just sit back and not gamble, and hope that the other 49 players all end up behind, while you break even and take the grand prize of $1,000,000?

Slot tournaments are always held on dedicated tournament machines. Usually these machines don’t accept bets, so your balance will either stay even or go up, after each play. So it doesn’t make any difference what the return is; the more you play, the more you can expect your balance to go up. Even if you had to play conventional slot machines, I would still bet as fast as possible, stopping only if I got a jackpot large enough to likely win the tournament. The reason is that it is very unlikely that 49 out of 49 players would be negative.

Interestingly, there was once a slot tournament at Caesars Palace where they gave a prize to the person who finished last. However, they didn’t announce this rule until the award ceremony. If you somehow knew of such a rule, indeed, it might be best to not bet.

My wife wants to win big on slots. She has $5 free play. What is her best strategy? She is not interested in prolonging her time playing and will leave after her initial $5 is used up, she will not play any won money.

I would play once on a $5 three-reel single-line game. Win or lose, walk away after one spin.