Playing slots is easily one of the best gaming experiences that you can have as a gambler. Playing slots, whether you are playing in a land-based casino or playing online slots games, does not require having a lot of skill to outsmart other players or complex strategies to beat the casino. As exciting as the game is, it would be even better if you can play slots well enough to win more money than you lose to slot machines.
Many gamblers who are good at the games they play can pursue careers as professional gamblers. Acquiring the status of a professional gambler status from the IRS requires that you can report overall wagering profits than losses to qualify. Unfortunately, the IRS considers slots as a game of pure luck and does not consider it as a casino game that could warrant professional status.
Other casino games like poker and blackjack have professional players recognized by the IRS as such. However, those games are different because winning these games requires a combination of luck and skill to outsmart other players. It is possible for professional poker players to report a net profit from their wagers in the long run.
Even if you cannot get the IRS to grant you professional status as a slots player, you still can earn a living by playing slots. Knowing how to maximize your winnings can help you become a more profitable slots player and make a living by playing slots.
This post will discuss some of the most important aspects of becoming a successful slots player you should know so that you can make a more informed decision about whether you should pursue a career shit and try to make a living by playing slots.
1. Understanding How Slots Games Work
Playing slots is easy. You just insert your money and press the spin button. But the casino is just hoping that you will sit there for hours on end and keep playing the game while losing track of time as you are mesmerized by the fast pace of the game and flashing lights. Most people end up mindlessly playing one spin after the other, and that’s why they lose so much money.
If you want to make a living by playing slots, you need to distinguish between different types of slots games. The volatility of a slot machine determines the risk. The higher the volatility, the higher the possible payout. However, it comes with lower chances of landing a winning spin. Similarly, low volatility slot machines give you a greater chance to land winning spins but come with a significantly smaller payout.
All casino games are designed to favor the house in the long run. It’s important to understand that fact and play accordingly so that you don’t lose all your money too quickly.
2. Picking The Right Slot Machines
Slot machines come with different theoretical Return-To-Player ratings. Most slot machines have an RTP of 92%-97%. The return-to-player seems like it is a promise that you will get 96% of your money back. However, it is actually the reciprocal of the house edge, i.e., the amount that the casino gets to keep from your wagers.
Suppose that you are playing a slot machine with an RTP of 96%, and you bet $100 by spreading it out for 100 spins of $1 each. In that case, you will end up with $96 out of your initial $100, and the casino keeps $4. You play with the $96, you end up losing 96% of that, and you end up with $92.16. If you keep betting, you will end up losing all of the money.
However, choosing a high RTP game will let you stay in the game for longer. The RTP and volatility of slot machines are not related to each other. Games might have high volatility but low RTP. Choose a game that offers you the best combination of RTP and volatility based on your preference.
3. Your Budget Is Your Highest Priority
If you are like most people, you will fund your bankroll through the income you earn from your job. Managing your budget is crucial if you want to keep playing the game without ending up in financial ruin. When you start playing slots to earn money, you should only do it with money that you can easily afford to lose.
When you budget properly, take care of all your expenses, and play with only a portion of your disposable income that you will not miss, you can get better at managing your finances while enjoying slots. Limit how much you are willing to lose, never spend even a cent over your gambling budget, and make sure you take breaks and avoid making irresponsible bets.
Wrapping It Up
Playing slots, whether in a land-based casino or through online slots games, might be too risky a path to choose if you want to change your career and become a professional gambler. Despite all the tips and tricks, the result for every spin is decided by a random number generator for every spin. You might lose your bankroll eventually or simply get tired of pushing the spin button.
If you are planning to pursue a professional career as a gambler, other casino games might be better suited to meet your needs. However, you can use these tips to generate substantial profits on days you hit the slots, and lady luck is kind to you.
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