• Best Low Volatility Slot Machines
• High Volatility Slots
• Low Volatility Stocks

Normally, wagering propositions involve so-called games of skill, such as sports betting, playing the horses, or poker. But the reality is that in nearly all casinos, the most money is not wagered on games where skill — or lack thereof — is a determining factor.

Rather, the majority of casino revenue is generated by that game where the results are decided by pure luck — slot machines.

I can help you identify high-variance (volatility) slot machines. A high-volatility machine will have a low hit frequency. The following are my general rules for identifying low hit frequency machines. Low Volatility Slots. On the opposite side of the coin, lower volatility games equate to lower risk. The payouts on low volatility slots are smaller but alot more frequent, and there's not a lot of boredom in this type of game.

About 70 percent of casino revenue in New Jersey is generated by slot machines, according to a recent report on slots by the American Gaming Association. And while playing the slots is devoid of a skill factor, and the odds are always in the casino's favor, you're better off if you can make some informed decisions as you go about playing them.

The first choice is determining whether you want to go for a huge, life-changing jackpot or simply want to get the most play possible for your investment. Usually, you can't have both.

So, how can you tell a high-jackpot (also known as high-volatility) machine as opposed to a high-hit frequency (low-volatility) machine?

'You have to look at the denomination of the machine, the maximum bet, and compare it to the highest jackpot,' said Chris Downey, director of slot operations for Resorts Atlantic City.

Downey cited the traditional Blazing 7s $1 machines at his casino as an example of a high-frequency machine because the maximum wager is $3, and the jackpots are in the $1,000 to $1,200 range. Those aren't life-changing jackpots, but they hit relatively often, and so do the smaller payouts.

Another machine with the same $3 max bet that pays $5,000 or $10,000 might be more tempting because of the sweeter top prize, but the hit frequency will be lower for both the big jackpot and smaller payoffs.

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'The best advice is to read the award panel on the machine and don't play until you understand it,' Downey said.

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One rule of thumb regarding slots has been to always play a machine where you can afford the maximum bet, because if you wager less than that, you'll miss out on the grand prize jackpot if it does hit.

While that's often true, it is not the case in a new generation of slots at Resorts and other casinos, Konami's Advantage Revolution machines. In addition to having some whiz-bang graphics and animation where the screen seems to spin on an axis in bonus rounds, the Advantage Revolution slots have a triple-tiered progressive jackpot, and even the minimum bet, 35 cents at Resorts, allows the player to be eligible for the top prize because 10 cents goes into the progressive payoff pool. So, whether a player puts in the minimum (35 cents) or the maximum ($2.60), the jackpot is in play.

Here are some basics any slot player should know:

Slot machines are governed by something called a random number generator. The RNG assigns a number to each reel, and that number is translated into a symbol that appears on a pay line.

In New Jersey, each machine has a computer chip that determines that machine's payback. The state mandates a minimum payback of 83 percent, but machines are often set much higher, often 90 percent or better.

The notion that a slot machine is 'due' to hit is simply gambler superstition. Theoretically, slot machines are programmed to go through cycles that should yield that machine's — or rather its computer chip's — overall payback. But that cycle is made up of many thousands of plays, and even a few hours of play on a single machine represents only a fraction of the cycle. So, a player might experience long droughts or a profitable run that is below or exceeds the machine's programmed payback.

Also nonsense is the dread that if you leave a seemingly cold machine, the next player will hit big on it. If such a thing does happen, understand that there is almost no way that your next pull would have produced the same result. The RNG is in constant operation even when the machine is not being played, so you would have had to pull the handle or hit the play button at the very same nanosecond to have gotten that jackpot.

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It is true that higher-denomination machines have larger paybacks than lower-denomination machines. So, if a penny machine requires $3 for a maximum bet, and a $1 machine also requires $3 for a maximum bet, mathematically a gambler will do better on the $1 machine over the long haul. In fact, information on casino win percentage by slot denomination is available on the New Jersey Casino Control Commission website.

The bottom line on slot machines is that, as is the case with any game of chance, the experience should be viewed as entertainment, not as a way to make money. In part, that's why slot machine manufacturers have incorporated pop culture and show business themes into slots, such as the enormously popular 'Sex and the City' machines.

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And remember, despite the siren call of those slots featuring Carrie, Samantha, Miranda and Charlotte, they're still one-armed bandits at the core of their computerized hearts.