The allure of winning a life-changing lottery jackpot is powerful, but the reality is that it’s not likely to happen. A person would have to beat staggering odds to win Mega Millions or Powerball’s biggest prize. According to the two biggest lotteries in the world, the odds of winning a grand prize are one in 302.6 million and one in 292.2 million, respectively. Yet, during fiscal year 2022, in North America, U.S. lottery sales totaled more than $107.9 billion, and in Canada, sales approached C$8.9 billion (not including Loto-Québec, which reports gross gaming revenue).
In Europe, Camelot UK Lotteries announced in November that National Lottery sales reached an all-time high of £4.06bn (€4.67bn/$4.83bn) during the first six months of its 2022-23 financial year. Driven by a record digital performance, it was the first time sales surpassed the £4.00bn mark since the state-franchised national lottery was established in 1994.
Meanwhile, the popularity of slots can not be understated, which is why they make up the majority of the games at most online casinos. To drive that point home, all you need to do is peruse the lobby of your favorite virtual casino, like the ones you can find at KingCasinoBonus slot sites list, and you’ll likely see that nearly three-quarters of the content is slots, with classic slots (three-reel), video slots (five-reel), and progressive slots being the most prominent.
Another reason online slots are among the most popular casino games is that many feature huge jackpots, exciting bonus rounds, and a high return to player (RTP). And, just like the lottery, online slots are easily accessible. For instance, in the US, as long as you are physically located in a state that has regulated gaming and you’re 21 or older, you can play real money casino games via mobile devices and desktop computers. Meanwhile, in the UK, all forms of gambling are licensed by the Gambling Commission and the majority are permitted for those 18 years and over.
Slots aren’t only popular online either, these days slot machines generate approximately 70% of most land-based casino operator’s overall revenue and typically command more floor space than any other gambling game.
As far as commonalities, chance plays a key role in both lottery and slots, both are games with rules, and to play you have to pay. The main differences between the two are in lottery, players compete against other players whereas with slots/gambling, players compete individually against the house or gambling operator. And, a lottery’s prize fund is set in advance and the lottery operator, which is usually the state, does not participate in the game. However, that does not mean they don’t “benefit” by huge jackpots. Bigger prizes bring more free publicity and increase public interest and therefore sales. As for slots, it is in the house/gambling operator’s interest to get the “W” against players.
While it’s been established that the odds of hitting a lottery jackpot are slim to none, we can still take a look at some key factors to consider when deciding which option is better for your gambling budget.
Odds, Expenses & Tips
We’ve already stated that there really is no comparing the odds between lottery and slots, with the latter being much more favorable to the player. However, that’s not to say the odds are in your favor of winning a maximum bet with slots either. Depending on the slot machine, the chance of winning the top prize when playing the max bet, range from one in 5,000 to one-in-about-34,000,000.
In order to determine which slots have the best odds, you’ll want to determine the theoretical Return To Player, which can usually be found in the game’s paytable. If you can’t find it there, a quick online search should produce the rate.
RTP refers to the amount of money/payout percentage that a player can expect to win back from a game over a long period of time. The concept is an important one as it measures fairness and predictability and allows players to compare the RTP of different games and choose those that offer the best chances of winning over time. Generally speaking, the higher the RTP percentage the better chance a player has of winning compared to games with a lower RTP.
For example, a casino game that has an RTP rate of 95% will on average return to the player £95 for every £100 wagered. This does not mean this will be the outcome of an individual games session. Remember, RTP is a long-term prediction, meaning it’s possible for a player to win or lose more that the RTP in a single session.
The RTP percentage is not a guide as to how much a slot will pay out each time you play. It is a guide of how much the slot will pay out over its lifetime.
- Keep in mind that by selecting games with a higher RTP, a player can expect to get the biggest bang from their buck. Players can also expect to win back more money over time, which can help them play longer with the funds they have.
- In addition to choosing games, having a good understanding of RTP can also help a player to know when to play a max bet or when it’s time to find a different game.
- Additionally, RTP can help a player evaluate casino promotions and bonuses. Determining which bonuses are the most generous, and which games to use them on. As a matter of fact, KingCasinoBonus, a slot site index and review company for UK online casinos, has brought us some of the best picks of the last few months.
Finally, it is important to know why you’re playing. If you’re playing strictly for entertainment, having a strategy isn’t really important, although finding slots with a higher RTP might just allow you to have more fun for longer! But, if you’re playing to make money by potentially hitting slots jackpots, be sure to plan accordingly, and by all means, set a limit on how much money you can afford to gamble and stick to it.