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Suppose you have a slot machine with three reels with ten symbols on each, and it only pays out when three cherries hit. The odds of winning that jackpot, as we determined earlier, is 1/1000. If we set the jackpot as $900, and charge $1 per bet, the payout percentage for that game will be 90%, or $900/$1000. Of course, no one would play a slots.

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Slot volatility is a concept that plays a vital role when it comes to the winning rate from a particular slot machine. Low volatility assigned to slot games enables gamblers to have a higher winning probability. However, jackpots would be smaller with the range from 250 to 500 times the bet.

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The odds of winning the jackpot with a $2 ticket are 1 in 292,201,338. Mega Millions draws on Tuesdays and Fridays at 11 p.m. The odds of winning the jackpot with a $2 ticket are 1-in-302,575,350..

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