The age-old question about pokies is about who pays the money when a pokie wins. This question has been knocking around for a very long time, well pretty much since pokies were first introduced to the world stage.
The answer to this question is simple, yet it has two facets to it that we will put forward for you today. This answer will clearly debunk the myth on who pays out and give you a clear indication on the truth.
A pokie is owned by one company and sits on the floor space of another, so there are two companies but only one can pay out.
Straight away we need to point out that the company housing the pokie on their floor space will not be paying out any winnings on the pokies. They essentially make their money from supporting the pokie on their premises and not from physically paying money out on winnings.
So this means the company that owns the pokies pays out then? Well in a fashion, but again not really. While the company who owns the pokie will handle the cash flow in and out of the pokie thus taking the profits away, they don’t pay out to the winners.
The role of the casino
One of the best answers to this question was answered by Malachy Mack’s Space at Quora Forum.
Casinos actually make about 65%-80% of their total income on pokies machines only. The way these machines are designed and programmed, both traditional and digital ones, the house edge is always much higher, and the winning rate for players is low, so the casino makes most money players invest in pokies back. There is certainly a chance to win at pokies machines, mostly on those with lower payouts in favor of higher odds, but at the end of the day, players spend much more than they win back, and casinos make a sizeable revenue.
There are two main elements of how pokies make casinos money, specifically the drop and the handle. The drop is the money deposited by the player in the machines, which used to be coins but are now most often tickets or digital currency. The handle constitutes the total amount of money invested, which is the funds players put back into the machine in hopes of more winnings. After a machine pays out jackpots to a lucky few, the difference between these funds is the casino’s gain.
While traditional casinos have a relatively low chance of payouts to players, many online casinos offer a wider variety of games of luck and digital pokies machines, some with a higher win percentage than others. You can look up pokies online and find casinos with better odds, which are also safe to play on.
Pokies are generally a very straightforward game to play and thus are very popular for players of any level of skill or casino games knowledge. They are also relatively cheap to buy and set up for casinos. Thus, as long as players keep playing them, increasing the drops and contributing to the handle, casinos will continue making a steady profit.
Because pokies machines are very popular and easy to use by anyone, so casinos are interested in providing their customers with them in hopes of winning the jackpot. Furthermore, they have a very high house edge, so casinos tend to make most of their profits through pokies machines.
So who pays the money when a pokies player wins?
It’s you or the casino? You have to think that a pokies pays out a percentage of the money that goes in, so if it’s 95% then the pokies overtime needs to pay out 95% of the money of the bet. This means that should you play the pokies and strike the jackpot you are receiving the money from follower pokies players who have stood at the machine before you.
The reason we say this is because the company who owns the pokies will not have put the money in the machine as they only cream off the profits.
How will you get your wins?
There are various ways for land casinos to pay players their winning amount. Generally, if the winnings are $25,000 or less, winners can choose between cash or check. If the winnings are larger, the options may change depending on the location of the casino and the game you played.
Some pokies games allow for a lump sum disbursement, where the money is paid upfront. Other games disburse winnings through an annuity, where the money is paid in installments. Often, winners have up to 90 days to decide whether they want a lump sum or annuity, though in some cases they are not given a disbursement option, and only a lump sum is offered.
If you are fed up with playing the physical pokies machines out in the bars and clubs, why not try the online alternative from the comfort of your own home? Playing at online casinos is more fun as you don’t risk your money and can even play for fun or for free. If you play with real dollars at online casinos then on your winnings you get the winning amount direct on your bank account. Moreover there are wonderful bonus offers as well to grab.