Don’t let video keno stats do a number on you

GamingToday.com is an independent sports news and information service. GamingToday.com has partnerships with some of the top legal and licensed sportsbook companies in the US. When you claim a bonus offer or promotion through a link on this site, Gaming Today may receive referral compensation from the sportsbook company. Although the relationships we have with sportsbook companies may influence the order in which we place companies on the site, all reviews, recommendations, and opinions are wholly our own. They are the recommendations from our authors and contributors who are avid sports fans themselves.

For more information, please read How We Rank Sportsbooks, Privacy Policy, or Contact Us with any concerns you may have.

Gaming Today is licensed and regulated to operate in AZ, CO, CT, DC, IA, IL, IN, KS, LA, MD, MI, NV, NJ, NY, PA, TN, VA, WV, & WY.

Cluster Keno by L. J. Zahm |

Payback % isn’t always clear cut

Numbers – specifically, statistics – can often times be
deceiving.

A case in point is the so-called payback percentages of slot
machines, video poker and video keno machines.

The issue was raised by a reader who said that a video poker
machine, which a return percentage of 92 percent, was a bad bet versus a video
poker or slot machine with a payback of 95 percent or higher.

The reader was meticulous in his argument, citing machine
statistics that would “prove” you would lose $54 per hour more playing
a video keno machine, rather than a video poker machine.

The analysis was based on an average bet of $1 per game, with
a game played every six to 10 seconds, depending on how fast you can push the
buttons.

Unfortunately, real life gaming never seems to follow the
statistical scenario. If the payback percentage were an inalienable law, you
would always lose since all machines have less than a 100 percent payback
percentage.

Moreover, there are days when I would gladly settle for
losing at the rate of $54 an hour. It’s more typical that I shove through a
couple of hundred dollars before I even sniff a hint at a profit.

Or there are times when I sit down and immediately hit
something like, say, 7-out-of-9, which is worth $335 for a $1 bet.

The point is the payback percentage is something we rarely
ever experience. If you can’t catch a winning jackpot, the return could be
close to zero percent. Conversely, if you hit the aforementioned jackpot right
off the back, your return could be a zillion percent (obviously, I’m no math
major).

What really matters is the hit frequency of the jackpots and
how much they return, relative to the odds of hitting them.

I have chosen to play video keno for two reasons: the hit
frequency of medium or intermediate jackpots is high enough to give you enough
“ammunition” while you’re waiting for something big; and that the
major jackpots pay closer to their odds than, say, the highest video poker
jackpots.

For instance, if I’m playing 7-spot or 9-spot tickets,
there are enough 6-of-7 awards (400-for-1) and 7-of-9 jackpots (335-for-1) to
keep my bankroll from being drained to nothing while I’m waiting for something
better.

For those tickets, “something better” would be a
solid 7-spot, and 8-of-9 or, of course, a solid 9-spot.

The 7-spot pays a cool 7,000-for-1, and with odds of about
40,000-to-1, it is a much better reward than the 800-for-1 that a royal flush
pays, which has nearly equal odds.

The 8-of-9 jackpot is also a gem at 4,700-for-1 and, with
odds of about 30,000-to-1, actually occurs more frequently than the elusive
royal flush.

I don’t even think about hitting a solid 9-spot, whose odds
are over a million to one, even though the payoff is a breathtaking
10,000-for-1.

For myself, I’d settle for 8-of-9 any time. No sense in
being greedy when you’re bucking all those mind-bending statistics.

Question? Comment? E-mail me at: LJ Zahm


var addthis_pub=”gamingtoday”;

About the Author

Get connected with us on Social Media