Slot players are not that much different from other types of investors. Where ever there is money involved people tend to fall into general categories based on their risk tolerance. I recently attended a seminar given by the company that manages my 401K retirement plan. The meeting started with all of us filling out a questionnaire that would help determine the type of investors we were. The questions were designed to give us an insight into how much ?risk? we could handle as well as how much money we anticipated we would need for retirement.
With this information recommendations could be made about the types of investments that were best suited for us.
There were other factors to consider as well but the whole point of the questionnaire came down to two factors: How much risk we could handle and how much time we had. If you were adverse to risk it was recommended that you stick with the ?safer investment options such as bonds. If you were more than inclined to take a risk you could go with all stocks. As always there was a risk to reward ratio meaning that the riskier investment options COULD bring a higher return but it was also likely that you could lose money. The more stable investments had a smaller return and while you could still lose money it would be less.
What is Your Risk Tolerance?
You can divide slot players into three general groups based on their tolerance for risk. In a past article I refereed to this as your Emotional Bankroll. Again let me point out that these are only general groupings for example and many of you will likely fall into a cross section of two groups.
Aggressive Player: Are you the type of player who is not afraid of going broke in return for a chance at a big jackpot? If you are you could be considered and aggressive player, one who likes the action and doesn?t mind putting it all on the line for a chance to grab the brass ring even if it means going home broke.
Average Player: Do you go to the casino with the hopes of coming home with more money that you went with? You don?t mind risking your money but you also don?t want to go home broke. You would be very happy with a medium sized jackpot that would pay for your playing time and give you a little extra. If so you can consider yourself an average player who is looking for entertainment as well as a chance to win some money.
Conservative Player: Are you the type who likes to go to the casino but really don?t want to spend a lot for your entertainment? Maybe you are just happy playing the games and if you break even for the day you felt you have won because of the enjoyment you received while playing. You want to get as much playing time as possible for your money. If so you can consider yourself a conservative player.
Choosing a Game
Once you have an idea about what type of player you are, you can determine the type and denomination of slots you want to play.
Aggressive Players may want to choose the progressive slot machines. While the chances of hitting a life changing jackpot are slim you are not afraid to put it on the line. If you don?t want to play the progressive machines you may be equally comfortable playing the higher denomination dollar machines seeking a jackpot worth thousands of dollars.
Average Players
will usually be most comfortable playing the quarter slots. If you want to stretch your money you can look for a machine with a high hit frequency. (Machines with a higher hit frequency pay out small wins frequently while machines with a higher hit frequency usually pay out larger wins less frequently.) If you are looking for a larger jackpot you can choose one that has more payouts on the upper end of the pay table.
Conservative Players will probably get the most enjoyment playing a nickel machine with a high hit frequency such as the new video slots. If you pick a machine with the fewest number of lines and play a single coin on each line you can really stretch your playing time. You can also play a single coin is a straight multiplier quarter machine. (There is no added jackpot for playing maximum coin. This machine does not penalize you for not playing maximum coins.) You most likely won?t win a large amount but you will be able to play for quite some time on a small investment.
Have Fun
We all have our own playing styles and you should choose the one that you are most comfortable with. It is all a matter of personal choice and what give you the most pleasure when you visit the casino.
Until Next time remember:
Luck comes and goes.....Knowledge Stays Forever.
With this information recommendations could be made about the types of investments that were best suited for us.
There were other factors to consider as well but the whole point of the questionnaire came down to two factors: How much risk we could handle and how much time we had. If you were adverse to risk it was recommended that you stick with the ?safer investment options such as bonds. If you were more than inclined to take a risk you could go with all stocks. As always there was a risk to reward ratio meaning that the riskier investment options COULD bring a higher return but it was also likely that you could lose money. The more stable investments had a smaller return and while you could still lose money it would be less.
What is Your Risk Tolerance?
You can divide slot players into three general groups based on their tolerance for risk. In a past article I refereed to this as your Emotional Bankroll. Again let me point out that these are only general groupings for example and many of you will likely fall into a cross section of two groups.
Aggressive Player: Are you the type of player who is not afraid of going broke in return for a chance at a big jackpot? If you are you could be considered and aggressive player, one who likes the action and doesn?t mind putting it all on the line for a chance to grab the brass ring even if it means going home broke.
Average Player: Do you go to the casino with the hopes of coming home with more money that you went with? You don?t mind risking your money but you also don?t want to go home broke. You would be very happy with a medium sized jackpot that would pay for your playing time and give you a little extra. If so you can consider yourself an average player who is looking for entertainment as well as a chance to win some money.
Conservative Player: Are you the type who likes to go to the casino but really don?t want to spend a lot for your entertainment? Maybe you are just happy playing the games and if you break even for the day you felt you have won because of the enjoyment you received while playing. You want to get as much playing time as possible for your money. If so you can consider yourself a conservative player.
Choosing a Game
Once you have an idea about what type of player you are, you can determine the type and denomination of slots you want to play.
Aggressive Players may want to choose the progressive slot machines. While the chances of hitting a life changing jackpot are slim you are not afraid to put it on the line. If you don?t want to play the progressive machines you may be equally comfortable playing the higher denomination dollar machines seeking a jackpot worth thousands of dollars.
Average Players
will usually be most comfortable playing the quarter slots. If you want to stretch your money you can look for a machine with a high hit frequency. (Machines with a higher hit frequency pay out small wins frequently while machines with a higher hit frequency usually pay out larger wins less frequently.) If you are looking for a larger jackpot you can choose one that has more payouts on the upper end of the pay table.
Conservative Players will probably get the most enjoyment playing a nickel machine with a high hit frequency such as the new video slots. If you pick a machine with the fewest number of lines and play a single coin on each line you can really stretch your playing time. You can also play a single coin is a straight multiplier quarter machine. (There is no added jackpot for playing maximum coin. This machine does not penalize you for not playing maximum coins.) You most likely won?t win a large amount but you will be able to play for quite some time on a small investment.
Have Fun
We all have our own playing styles and you should choose the one that you are most comfortable with. It is all a matter of personal choice and what give you the most pleasure when you visit the casino.
Until Next time remember:
Luck comes and goes.....Knowledge Stays Forever.