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Penny slots sound like the cheapest game in the casino. After all, if each credit is worth just a penny, a spin might seem pretty cheap. Don’t let the name fool you—“penny” slots rarely cost a penny per spin anymore. Indeed, in one sense, they do allow you to play at a cent per spin. But most machines require betting on multiple lines/credits at once, so your actual spin can easily run $0.40 to $3+ per pull.
There are no hidden charges or dicey math behind this phenomenon. The problem is the way the game is arranged; here, the term “penny” refers to the coin’s denomination and not to the amount that can be staked. When you start taking into account the paylines and credits per line, you will realize that a penny can turn out to be even higher than a quarter slot machine.
This article explains how penny slots actually function, and answers the question of why there is a difference between “penny” and “cost”. Indicate what your sessions would actually cost according to the setup you select.
- The term penny refers to the type of coin representing a value of one cent rather than the cost of a spin, which costs 1 credit ($0.01).
- One credit is the value of what is usually referred to as a “penny”, not the total amount of your bet on each spin.
- The amount needed for a ‘penny’ slot can be higher when the paylines are taken into account.
- Checking the paytable and the cost per spin of the machine before playing is the easiest way to avoid unpleasant surprises.
For those players new to penny slots, some of these terms might be confusing at first. They include:
- Scatter: Scatter is a unique symbol that, in most cases, triggers a bonus round. Scatters trigger various bonuses, such as bonus spins, mini-games, or payouts.
- Wild: This is a unique symbol that exists in most online slot machines. The primary purpose of a wild symbol is to substitute other symbols. At times, it has special features, like multipliers and expanding effects.
- Ways to Win: This is how a particular game decides which combinations of symbols are considered winning combinations.
- Fixed Paylines: In a slot machine with fixed paylines, all the lines are active on each spin. In a fixed payline slot, the cost of each spin is based on the activation of all lines.
What Are Penny Slots?
The history of penny slots can be traced back to the rise of modern video slot machines. Penny slot machines do not mean anything special—it specifies what the credit is worth and nothing else.
In a penny slot, one credit is worth $0.01. That’s different from nickel slots, where one credit is worth 5 cents, or quarter slots, where one credit is worth 25 cents. There are also dollar slots and machines with even higher denominations. The Press of Atlantic City shows how one penny can cost gamblers a lot more than you might think.
The cost of the spin is calculated via a simple formula: denomination × credits wagered per payline × number of paylines.
The important thing is that the denomination is only part of the total bet. Your cost per spin depends on the denomination, how many credits you bet on each payline, and how many paylines you play.
Take a penny slot with 20 paylines, for instance. Each spin will total 100 credits if you wager 5 credits on each. The total bet for each spin would be $1 since each credit is worth $0.01. Penny slots can offer the cheapest denomination, but the spin would still cost a fortune.
Credit: Red Dog Casino
Lastly, it should be noted that penny slots are not basic games. They are mostly video slots, which have many different paylines, bonuses, and free slots. The only difference between them and other machines is that the penny slots have a smaller denomination.
How Betting Works on Penny Slots
The “penny” is simply a coin value, and your bet is based on the number of paylines and credits you select. Once you see how they all fit together, the financial implications of each spin become readily apparent.
✅ The Per-Payline Structure
Each payline will cost at least $0.01 (depending on the game). For example, if you are playing a 20-payline penny slot and those 20 paylines are fixed, then you will need to wager at least $0.20 per spin.
A payline is just the line across the face of the reel set along which the winning symbols must line up. The more paylines that you activate, the more opportunities you will have to win, but those lines will also increase your costs per spin.
The math works like this:
For instance, playing $0.01 at 1 credit per line across 20 paylines results in a total wager of $0.20 per spin. When you increase the credits per line amount, your cost per spin will increase proportionally.
Here’s a table showing how coin value, paylines, and credits per line all come together to shape your total bet:
| Coin value | Active paylines | Credits per payline | Total bet per spin |
|---|---|---|---|
| $0.01 | 20 | 1 | $0.20 |
| $0.01 | 20 | 2 | $0.40 |
| $0.01 | 20 | 5 | $1.00 |
| $0.01 | 25 | 1 | $0.25 |
| $0.01 | 25 | 5 | $1.25 |
✅ The Fixed vs. Flexible Payline Distinction
One thing that novice slot players tend to overlook when playing penny slots is whether a game has a fixed or flexible payline. In some penny slots, players get to play only one payline, while in other penny slots, they need to activate a certain number of lines.
In fixed paylines, all paylines are active in every spin, which means that you cannot reduce the number of lines and thus your bet. This implies that if there are 25 fixed paylines in a penny slot game, then the lowest possible bet you can place would be 25 cents.
As opposed to fixed paylines, flexible paylines provide the player with an option to choose the number of lines to play. But the lower your bet, the fewer opportunities to find a winning combination.
| Payline type | How it works | Effect on your bet |
|---|---|---|
| Fixed paylines | All paylines are active at all times; you cannot decrease the number of paylines. | Minimum bet depends on the number of paylines. |
| Flexible paylines | You choose how many paylines to activate. | Playing fewer lines can lower your total bet, but you have fewer chances to win. |
Therefore, always make sure whether paylines are fixed or flexible because it may make a huge difference between “penny minimum” that is advertised and your real bet.
✅ The Credits Per Line Setting
While many penny slots offer you the chance to select the number of credits per line (anywhere between 1 and 10 credits per payline), this is the setting that can cause the price of a “penny” slot to climb pretty quickly.
For instance, if you play a machine with 20 paylines and put one credit per line at $0.01 per credit, you will be paying $0.20 per spin.
Some penny slots allow players to place a significantly larger wager, reaching amounts of $5, $10 and more per spin. The term “penny” slot becomes correct only formally because of the denomination, while the penny factor ceases to matter.
✅ The Worked Example
To understand how the calculations work in practice, we can use a typical penny slot machine.
For example, you play a penny slot with 20 fixed paylines and a stake of 1 credit on each line. It means that your bet is equal to $0.01 × 1 × 20 = $0.20.
Now increase the bet to 5 credits per line. The same machine now becomes quite expensive because it costs you $1.00 per spin. If you use the maximum stake of 10 credits per line, your bet is $2.00 per spin.
Let’s compare this with a quarter slot that has 5 fixed paylines and 1 credit per line. Your bet is $0.25 × 1 × 5 = $1.25 per spin. Even though it has higher denomination, the cost per spin is almost the same.
These figures do not represent guaranteed losses, as there are payouts made that minimize part of this amount, but they illustrate how fast the cost accumulates when the number of lines and credit needed is taken into consideration.
How Much Does It Cost to Play Penny Slots?
Penny slots can seem cheap because each spin may cost just a few cents. But those spins can add up surprisingly quickly.
A study that was done by Kevin Harrigan and Mike Dixon in 2009 observed that a traditional slot machine can be played at roughly one spin every 6 seconds, or around 10 spins per minute. This means that in 60 minutes, there will be 600 spins made, even though it may depend on the game and your speed of playing.
At that pace, the overall sum of money wagered within an hour will be:
- $0.20 per spin: $0.20 × 10 × 60 = $120
- $0.50 per spin: $0.50 × 10 × 60 = $300
- $1.00 per spin: $1.00 × 10 × 60 = $600.
These numbers reflect total bets, rather than how much money you actually lose. The actual amount you gain or lose will depend on the outcome of your spins and on the slot machine’s return-to-player (RTP).
For instance, with a 96% RTP, one would theoretically get back $96 from $100 that they bet over a long run. However, during one gaming session, one could win more or a lot less than this figure.
Take this example, in theory, a game with 96% RTP should pay back about 96 cents from every dollar. Hence, betting $360 within an hour, you should expect to lose theoretically about $14.40. In reality, short sessions can vary a lot because of wins, losses, and the game’s volatility.
There’s also a practical point to keep in mind: your bankroll still has to cover the wagers as you play. So if your bankroll is $50 and you’re betting $0.20 a spin, it’ll take you 250 spins. Since a spin can take approximately 6 seconds, that’s only 41 minutes of “fun” if you hit the wall without a penny of return. A slot machine calculator will help you determine exactly how much that will cost.
So while penny slots may have small bets per spin, the speedy playtime can inflate your costs very fast.
1️⃣ RTP and Volatility on Penny Slots
Return To Player (RTP) allows you to compare the projected long-term return of one penny slot compared to others. But volatility helps you understand the frequency of potential wins and the size of winnings. Read our online slots RTP guide and slot volatility guide for more details.
2️⃣ RTP on Penny Slots
Penny slots are not always as good value as their name suggests. Some penny slots actually have a worse RTP (return to player) percentage than the same developer’s nickel or even dollar slots. Many of slots with the highest RTP also have high minimum bets.
Therefore, before choosing which slot to play, it is a good idea to check the game’s information screen for its RTP. For instance, a 94% RTP on a penny slot is not as good for value as a 97% RTP on a nickel slot, even though the nickel has a higher minimum bet.
3️⃣ Volatility on Penny Slots
Like any other slot game, penny slots have different types of volatility. Low and medium volatility, high and extreme. If you have a limited amount of money to play with and you want to get the most out of it, go with a penny machine that has low to medium volatility. They usually pay many smaller wins more often, and in that way, you can pick up some good coins as you play.
Going with high-volatility penny slots can be tricky. You can land huge win, but you also can spin many times without winning, which can quickly put a dent in a small bankroll.
Therefore, a low-volatility penny slot might give you several modest wins during a few spins, while a high-volatility game could leave you waiting much longer for a worthwhile payout.
🔎 What to Look for Before Playing Penny Slots
You might think that you’re only risking a few cents with the low coin value, but it’s the total bet per spin that counts. Here’s what I typically look at before I play a penny slot:
- Check the payline count. Some slot games have a fixed number of paylines, while others let you decide how many lines you want to play. If the number is fixed, calculate the minimum total bet that you will have to make. If they are flexible, select the number of lines that fits your budget.
- Look for the minimum total bet. Pay attention to how much you will have to risk on each spin. For example, if you have $0.10 per spin, a $20 penny slot machine will give you 200 spins before considering any wins or losses.
- Check the RTP. The RTP value is usually indicated in the paytable or on the information page. Personally, I would not risk playing an online penny slot machine with an RTP below 95% when there are better options available.
- Pay attention to volatility. If I am playing with a limited bankroll and want money to last longer, then I would go for low-volatility. Slots with high-volatility will offer you significantly higher payouts, but you can also go through dry spells for extended periods of time, and thus are more suitable for those with enough money to handle them.
- See if the progressive jackpot is offered. If there is a progressive jackpot, read the rules thoroughly. Some jackpots only accept the maximum bet to qualify. There’s not much point chasing a jackpot if your bet doesn’t make you eligible for it.
- Set a session budget first. Divide the sum you are comfortable losing by the planned betting unit per each spin. This will give you an approximate idea of the maximum number of spins. With 10 seconds per spin, you will get the approximate length of your session. For example, with a $30 budget and a total bet of $0.20 per spin, you will have around 150 spins. A session of around 10 seconds per spin is roughly 25 minutes if you do not add more money. Use a bankroll calculator tool to help you keep an eye on your gambling spending.
Credit: Nomini
Penny vs. Nickel vs. Quarter Slots: Cost per Spin
Different slot machines have different denominations, which can have a big impact on how quickly your bankroll will finish.
Using the table below, we can take 20 credits per spin as an example, so that they can illustrate how the same number of credits can be worth different amounts when playing penny slot, nickel slot, or quarter slot.
| Slot type | Bet per credit | Example cost per spin | Spins per $20 | $20 bankroll at 1 spin/10 sec |
|---|---|---|---|---|
| Penny slots | 1c | $0.20 | 100 spins | 16.7 minutes |
| Nickel slots | 5c | $1.00 | 20 spins | 3.3 minutes |
| Quarter slots | 25c | $5.00 | 4 spins | 40 seconds |
Common Penny Slots Misconceptions
Penny slots are quite confusing for novice players, as one might get misled by a penny value. The term “penny” implies that the spinning is for one cent, which isn’t necessarily the case.
Here are common misconceptions regarding penny slots:
❌ “It Only Costs a Penny to Play”
This is perhaps the biggest misconception. A penny slot is true when a game offers an opportunity to bet only $0.01 per line while reducing the number of active paylines to just one. Modern-day “penny” slots have fixed paylines, and thus you can have 20, 40, 50, or even more paylines active with every spin.
It is important to understand that it is possible that you may not just be betting a penny with every spin in this kind of game. Some players see the penny denomination and assume they are risking a penny, when the actual bet can be much more.
❌ “Penny Slots Are Always the Cheapest Option”
Not always. Denomination is not the only factor here. There are penny slots that have 50 paylines and can cost you more in terms of money per spin than the nickel slots that only have five paylines.
After spending plenty of time on these machines, one thing I’ve noticed over the years is that the number of paylines can make a huge difference to how quickly your balance disappears. Having a high denomination doesn’t necessarily mean a more expensive game.
❌ “The Denomination Tells Me the Cost”
The denomination tells you the value of each credit, not the total amount you are betting on each spin.
The basic calculation is: Total bet = denomination × credits per line × paylines.
So, for example, a 1p denomination with 50 active paylines and one credit per line would mean a 50p spin. The denomination alone is almost meaningless when it comes to the value of playing.
When I first started playing, I assumed the denomination was basically the price of a spin. It didn’t take long for me to realize that the settings on the machine mattered just as much.
❌ “I Can Win the Jackpot at Minimum Bet”
This can be a costly assumption. In case of progressive jackpots on penny slots, there are certain rules that apply. Usually, the maximum bet needs to be made, or all paylines need to be activated. Playing at minimum bet will not give the player a chance to win the progressive jackpot, even if the symbols land on them.
These rules are different for each game. Players usually find themselves wrong in believing that having the jackpot symbol is sufficient to win the progressive jackpot.
❌ “Penny Slots Have Better Odds Than Dollar Slots”
The denomination doesn’t determine the odds or RTP. A penny slot isn’t automatically more generous simply because each credit is worth less.
Penny slots can actually have lower RTPs than higher-denomination versions at the same online slot casino, while some games with higher bet minimums offer better theoretical returns. Denomination and RTP are separate things.
Having played several penny slots, I know that looking at the game’s RTP, volatility, betting requirements, and jackpots is way more informative than trying to analyze its denomination. After getting sufficient experience interacting with such gaming machines, you can notice that the minimum bet and, therefore, the odds are only one feature among many.
Penny’s definition does not consider any information concerning the bet sizes; instead, they are defined by the player depending on the machine’s settings.
One may overlook the value of penny slots because one spin is cheap, but if continued over time, those little bets add up quickly. Thus, safe gambling practices are necessary.
- Set your penny slots budget first. You can manage your bankroll by deciding how much you’re comfortable spending before you start. One can control their budget before they start gambling on penny slots. Penny slots offer cheap and fun spins; however, don’t allow them to impact your budget in any way.
- Give yourself a time limit. Penny slots progress quickly, and one can lose track of time playing them. A simple time limit can work well for you.
- Don’t chase a losing streak. If a penny slot hasn’t paid out for a while, that doesn’t mean a win is coming. Each spin is separate, so playing more won’t make a win more likely.
- Keep winnings separate. If you get lucky, consider setting some winnings aside instead of immediately putting everything back into the machine.
- For more practical advice on staying in control, see GamCare’s Safer Gambling guide, an organisation offering information and support for people affected by gambling-related harm.
Conclusion
Penny slot machines can hardly be said to be misleading. They are merely subject to an incorrect understanding that arises from misinterpretation of the term “penny”. The term applies to just the size of a coin, which eventually does not matter because the number of paylines has greatly increased, and the required number of credits has also climbed.
The important figure to take into account is the total amount of money you bet at every spin, which depends on the coin denomination, credits per payline, and the number of paylines. Rather than focus on the name of the slot machine, pay attention to the total-bet figure that is shown on it.
FAQs
Does a Penny Slot Cost One Cent Per Spin?
No, that’s the biggest myth out there. Most penny slots require you to bet on multiple paylines at once, so you’re often looking at more cents, a dollar, per spin once it’s all added up.
Can I Reduce the Number of Active Paylines on Penny Slots?
It depends on the machine, but older machines allow you to do that. However, many of the newer penny slot machines require you to have all of the paylines active. It’s worth checking the paytable screen before you sit down, since that one detail can totally change your budget for the session.
Where Can I Play Penny Slots?
Penny slots are available almost everywhere where gambling is allowed. In most cases, you will find them in traditional land casinos as well as many online slots casinos—just do some research to find out which casino suits your needs. Some of the online casinos that offer penny slots include Wazamba, SG Casino, Spinanga, and Spin Casino.
Are Penny Slots Cheaper to Play Than Higher-denomination Slots?
Not really. Because there are so many paylines incorporated into them, you may find that your actual cost per spin is actually almost the same as a dollar slot machine. The “penny” label is more about the perception of cheap fun than the reality of what leaves your wallet.
Is Volatility Important When Choosing a Penny Slot?
Yes, it’s one of the first things you need to check before playing anything. Low-volatility machines give frequent smaller wins, keeping excitement constant, while high-volatility machines require more patience but can reward higher amount at one point.
Is It Possible to Win Big on a Penny Slot Machine?
Yes, despite their small denomination, penny slots can have large maximum bets and jackpot potential, so a fortunate spin can yield a huge payout.
