About 10 years ago, I was training a gambling blogger on how online slots and casinos work. I wasn’t expecting to win big money doing it, but I did.
If you want to win $6000 playing online slots – like I did – you can take the same steps I did.
But here’s the deal:
I got lucky.
I can’t guarantee that YOU’LL get lucky.
The truth is this:
You probably won’t get lucky, but if you’re a gambler, you probably won’t mind trying.
I Signed Up for an Online Casino and Claimed My Signup Bonus
The first step for me was to find an online casino which accepted a player from the United States – Texas, specifically.
I did this by visiting a casino information site I trusted and following one of the recommendations there. I didn’t just Google “online casinos” or “online slots.”
I figured that if I had a problem with the online casino, I could go back to the owner of the referring site and ask him to intercede on my behalf.
As it turns out, I didn’t his help.
But when I choose a new online gambling site today, I take the same steps. I find an informational site I trust, and I go with one of the recommendations from that site.
If you enjoy the writing on this site and feel like we’re providing you with trustworthy information, I encourage you to go with one of the sites recommended here.
The casino I chose had a 200% deposit bonus. I deposited $400 and got a bonus of $800, so I had $1200 to play with.
The wagering requirement on this special offer was simple enough – I had to wager the deposit plus bonus 35 times before cashing out.
This meant I need to place $42,000 in wagers before cashing out.
And, as with most online casinos, the only games that really count toward those wagering requirements were the slot machine games.
I Picked a Slot Machine Game that Looked Like It Might Be Fun
I chose the Mid-Life Crisis slots because I liked the theme.
The game has 5 reels and 9 paylines. It’s a Realtime Gaming slot machine game, and it’s available at most online casinos using RTG software.
I don’t normally play progressive games, but at the time, I didn’t know that progressive slots were such a bad deal.
I’d explained to the writer I was training that we needed to track how much we were wagering, too, because I wanted to know when I’d achieved my wagering requirement.
After 9 spins, I’d lost over $100, and I was about to give up on the game.
But I decided to make a final spin, and that was the spin where I won $6000.
My bankroll had gone from $1200 to $1100 to $7100 in less than 5 minutes.
What a rush.
After that, I had to decide how to play out the rest of my wagering requirement.
I Scaled Back and Completed My Wagering Requirements
I’ve written about the concepts of minimum boldness and maximum boldness before, but to understand what I did next, you need to understand those concepts.
When you’re dealing with probabilities – like the house edge in a casino game – the Law of Large Numbers suggests that the more bets you make, the closer your results will get to the statistically expected results.
At the same time, since you’re dealing with random events, in the short run – anything can happen.
If you’re playing a real money slots game with the goal of doubling your money or achieving some other kind of big win, you’re hoping to hit that big win early and then quit before you get into the long run.
After all, the odds are against you, but on any single spin of the slot machine reels, you can win a lot of money.
This is why it’s smart to bet a lot at the beginning. The idea is to make bigger bets and take advantage of short term variance when you can.
And if you were playing in a land-based casino, I’d say cash out, put the money in your pocket, and never play again.
That’s a maximum boldness strategy.
But now that I’m up by $5900, I want to do what I can to get as close to a minimum boldness strategy as I can.
This gets complicated because I don’t know what the house edge is on the Mid-Life Crisis slot machine game.
I’m going to guess that it’s 10%, though, just for the sake of deciding what I want to do with my remaining spins.
To get the rest of the $42,000 in action, I could do it $11.25 at a time, or I could do it $1.25 at a time.
If I do it at $11.25 per spin, I’ll complete the wagering requirement in about 3700 spins.
If I do it at $1.24 per spin, it will take closer to 35,000 spins.
If I only make 3700 spins, I could see wilder swings one way or the other.
But with 35,000 spins, I’ll come closer to seeing the expected return.
And since I’m way ahead, I want to do whatever I can to maximize my probability of a profit.
Here’s the thing, though:
Making 3700 spins on a slot machine game, even online, is going to take 5 or 6 hours.
Making 35,000 spins on a slot machine game, though, will take more like 50 hours.
Luckily, I was able to set the autospin feature and just sit back and watch.
After the 35,000 spins, sure enough, I had lost about $4000, leaving me with almost $2000 in profits.
And it looks like my guess about what the house edge was close to the truth, too – with that many spins, there’s a certain amount of statistical accuracy that you can expect.
But I didn’t stop there.
I Played a Few Table Games
Most online casinos keep their eyes open for “bonus abusers.”
And even though you completed their wagering requirements, they can still – using their SOLE discretion – decide that you’re abusing their bonus offers.
If they do that, they’ll void your cashout.
To avoid this, I like to wager a little more than the wagering requirements.
But once I’ve completed the wagering requirements, I can now play any game that the casino offers.
In this case, I decided I was going to risk $500 and try to win another $500 on top of what I’d already won.
And I decided to do this at the blackjack table.
After all, with perfect basic strategy, the house edge at blackjack is less than 0.5%.
I played for hours, and I had both winning and losing streaks.
When it was all said and done, I broke even on that $500 – I didn’t lose much of it, but I didn’t double it up, either.
I was still at about $2000 in the account, so it was time to cash out.
And since I’d fulfilled the wagering requirements and then some, it would be hard for the casino, if they have any kind of conscience at all, to accuse me of acting in bad faith as it relates to their bonus.
This varies from casino to casino, by the way. Some casinos operate more honestly than others.
Since they have so much decision-making latitude, it’s a good idea to stick with trusted recommendations.
I Cash Out $2000
Cashing out isn’t a big deal at most casinos. At the time I had my big win at the slots, I was still able to use Neteller to handle these kinds of transactions.
The world of United States gambling has moved on since then. If I had to choose a withdrawal method in today’s environment, I’d just use Bitcoin. It’s safe and anonymous.
The only problem with Bitcoin is that the price for Bitcoins can be volatile, and it might be worth less after you cash out and get your money.
That’s just a price of doing business, and you’re also just as likely to see Bitcoin rise in price between cashout time and receipt.
That’s my story.
I just got lucky early and was strategic about fulfilling my wagering requirements with the casino.
Online casinos have a lot of latitude when deciding whether you’re acting in good faith with their bonus offers, but it’s hard to accuse someone of abusing a bonus if they fulfill the wagering requirements and then spend another 8 hours betting afterward – even if they switch games.
Do you have any stories about how you won a slot machine jackpot?
I’d love to hear it, so post it in the comments if you have a story.