What is a 'Payout Schedule'?
The term payout schedule refers to how a prize pot (or jackpot
) is divided amongst winning players. Payouts
are the amount won from a winning combination (such as on a slot
machine or lottery draw) or bet. A payout table
(or pay table) is a structure that is normally shown on signs that appear on the side of gaming machines, on gambling websites and in some physical casino rooms, showing what the different winning combinations or outcomes can be and the amount of winnings assigned to each scenario. The return to player
(or RTP) percentage is arguably the most important indication of what a player could expect from a particular game or machine, but these other pieces of information can help to inform whether or not a player believes it is worthwhile to play.
'Payout Schedules' Explained
A payout schedule is typically seen in theoretical hold worksheets. These are technical documents that must accompany all slot machines in order to comply with the UK Gambling Commission (the UK's gambling regulator). Created by its manufacturers, the worksheets must also include the specific machine's
payout percentage (RTP) which must also be displayed to players, specific reel settings and the sizes of accepted wagers, as well as a range of essential information for the bookmakers
, casino or venue holder to be able to operate the machines correctly and most effectively.The payout structure of a tournament (in sports and events betting) is slightly different in that it sets out how a pot of prize money will be proportionally carved up amongst the players who made the winning bet after taxes, fees and the house share (profit margin) are taken out. Also usually shown upfront before players place bets, it reveals the different payouts available, particularly for sports where finishers will be ranked
in order. For instance, first place could reserve 50% of the prize pot, second place could get 30% of the money and third place would get 20% of the fund.