Penny slots are pretty self explanatory. They’re slots that accept very low wagers, a penny or two a spin, and are the exact opposite games than high variance ones that appeal to risky players. The name comes from land-based casinos, where penny slots are generally found at the front of the casino floor as a way to draw players in. Online, however, these slots are far more accessible and can be found at most casino sites, including here at Fortune Frenzy!
One of the best things about these types of slots is the fact you don’t need a huge bankroll to play and you can play for longer than normal games — perfect for those times you want a relaxed casino session. However, without the right knowledge, penny slots can drain your balance quicker than imagined. We’ve rounded up some of the best tips and tricks that are important to know if you’re setting out to play with a low budget.
Paylines
Slots will often advertise that you can play for as little as 1 or 2p a spin, but often they mean that each payline costs this much. That means that if you’re playing a 20 payline game, the total price per spin is actually 20 or 40p. If you really want to play for pennies, the best way to do this is to search out slots with adjustable paylines.
These are slots where you can change how many paylines you want to play and, therefore, control your wager amount. Of course, by reducing paylines you reduce your chances of winning at the same time. A five reel slot with 20 paylines generally gives players 60 chances of finding a winning combination (finding three of a kind on each payline) per spin.
If you play only one single payline, you’ve decreased your chances to three possible combinations of three of a kind per spin (three in a row in reels 1-3, reels, 2-4, or 3-5). By decreasing your chances of winning, you’re also upping the risk factor. However, as this method allows you to play for such a low amount, many players find it worth the higher risk in the long run.
Manage Your Budget
It can be easy to assume that as you’re playing for so small amounts, managing your budget and bankroll isn’t important with these types of slots. However, if you’re not careful your losses can quickly add up.
Think about it logically, how fast can you click that spin button? In general, an online slot allows you to spin every 5 seconds. So even at 2p a spin, this adds up to 24p a minute and £12.40 an hour. The temptation with penny slots is to play for a longer period than usual, as you’re pretty calm about how much you’re spending each spin.
One of the best things about penny slots is the fact you can play for longer without having to increase your budget, but you do need to pay attention to your spends to do this. Basic gambling 101 tells us to always figure out how much we can afford to lose before we play. This shouldn’t change even when you’re playing penny slots, and it’s also wise to consider how long you want to play for, and work out your bankroll accordingly.
Like all other forms of gambling, you should also be self-disciplined enough to walk away when you’ve spent what you set aside to play with – even if you find yourself thinking ‘well it’s only 1p more’…
Slot Volatility
If you read slot reviews you may have come across the term slot volatility before, if not here’s a quick refresher. The volatility or variance of a slot refers to the basic idea of how risky the game is. It’s worked out by assessing how many times the slot pays out, and how much, over 100 or more spins.
In general, slots fall into one of three categories. Low volatility slots are those which are low risk, they pay out regularly but only in small sums. High volatility slots are those which may not pay out for quite some time, but when they do they’ll reward you handsomely. The final category, medium volatility slots fall somewhere in the middle.
In general, slots that offer penny wagers are low volatility games. You might also need to consider the slot’s RTP rate. A a game that can be played for a penny a spin, will cost the casino the same amount to feature as a game that has a minimum wager of £2. This means that they will cover their losses elsewhere — they’re a business after all — and therefore penny slots will often have a lower payout percentage than other games.
The benefit of low volatility slots is that you don’t run a high risk of walking away with nothing. Whilst there is nothing wrong with playing low volatility slots, in fact they’re many players’ favourite type of game, it’s important to consider this information when playing penny slots.
