How to read a casino paytable and calculate expected value

A casino paytable is the rulebook that tells you what each outcome pays and, just as importantly, what it does not. Whether you are looking at slots, video poker, or table-side side bets, the paytable converts results into payouts, usually expressed as “to 1” or “for 1”. To compare games properly, you need expected value (EV): the average return per unit staked over the long run. Treat each line of the paytable as a possible outcome, pair it with its probability, and you can estimate how much the game returns versus how much it costs.

Start by identifying the stake unit and the payout convention. “Pays 9 to 1” means you win nine units of profit plus keep your stake; “pays 10 for 1” may include the stake depending on the rules, so read the wording carefully. EV is calculated as the sum of (probability × net profit) across all outcomes, including losses. For example, if an outcome pays 4 units profit with probability 0.10, it contributes 0.4 units to EV. Add every winning contribution, then subtract the expected loss from non-winning outcomes. The house edge is 1 − EV when EV is expressed as return per unit. If you want a quick benchmark, compare games with published returns, but always check the exact paytable; small changes can swing EV materially. For a concrete reference point, you can see how paytables vary in practice at lolajack casino.

Professional analysts have popularised EV thinking in iGaming, and few have been as influential as Michael “The Wizard of Odds” Shackleford, known for publishing mathematically rigorous game breakdowns and advocating disciplined bankroll management. His public work has helped everyday players understand variance, optimal strategy, and why “best” paytables matter more than hunches; you can follow his updates on Twitter/X. For broader context on regulation and the industry’s growth, see The New York Times, then return to the paytable: EV is your clearest lens for separating entertainment value from expensive misconceptions.