Nope, they're not the same. And you'll probably be surprised to learn that in almost all instances, the payoffs on machine games are much better. Still, you don't want to go rushing out to play a keno machine. Here's the comparison and an explanation.
Keno has the dubious distinction of being the casino game with the highest house advantage. While the casino's edge on blackjack, baccarat, and craps is typically less than 5%, and even the nickel and quarter slots have an edge below 15%, a "paper" keno game packs a whopping average bite of 30%. The higher the house advantage, the greater the losses for the player — so that's all there is to say about keno, right? Not so fast. Keno has a major redeeming quality that mitigates the high edge. What is it? We just told you — keno games are played not so fast.
How much you lose (or win) while gambling is not solely a product of the casino advantage. The number and size of your wagers (along with how well you play a game) are also important. The slow pace in a keno lounge — anywhere from five to ten games per hour, combined with low minimums of $1 or less, actually elevates this "worst of gambling games" to a level of respectability when you consider the bang that live keno gives you for your gambling buck (much like an $11 sports bet, $3 bingo session, $1 line bet at craps, or old-style penny slots).
Video keno, on the other hand, is extreme in the opposite. That is, it plays super fast. The casino edge in the video versions is much lower — about 10%-15% for nickels and 8% for quarters — but the machines play at speeds of up to 300 games per hour. Don't be lulled by those low minimums, either. Many nickel machines take only four coins, a 20¢ wager. But lightening-fast play results in a $6-to-$9-per-hour expected loss. Quarter machines are worse yet. A fast player's expected loss playing quarters can easily run $20 per hour. Compare that to an average $2-per-hour expected loss on $1 live keno and you can see which is the better play (and why, these days, many keno lounges are being downsized or eliminated).
