I was doing some research on the internet on slot machines. Most of them have a stated payback of about 90%. This would mean that on a single pull of the handle with a group of people, 90% of what has been played will be payed back to the players. Now this sounds great since in the long run I will only lose 10% of my money. But we know that this is not the way it works. Most people play until they have lost all that they had planned to play. This includes returning the winnings. Very few people actually walk away with a jackpot.

So my question is, is the 90% payback misleading and what is the true payback, total casino payout/total new money?

Note, I have submitted this question to the trivia answer area but I would rather discuss it.