"% Better Chance of Getting Magic Item" can provide a significant increase in the number of Unique, Rare, and Set Items you find. Players that wish to find "good" Rare Items, and more Set and Unique Items will want to invest heavily in this magical bonus. Just remember, you can never have enough % Better Chance. Increasing your Magic Find Percentage will always help you.
"% Better Chance of Getting Magic Item" does not increase the Chances of getting an Exceptional Item but if you do roll an Exceptional Item the chance of that being Magical/Rare will increase.
How do Chance to Find Magic Items really work?
If you find an item that gives 20% Better Chance of Getting a Magic Item, and a Monster has a 2% chance to drop a Magic Item, you will now have 2.4% Chance of getting that Magic Item.
I have a 100% better chance of getting magic items but I don’t get them all the time why?
This is based upon the monsters chance to drop an item. With a 100% better chance of getting a magic item, a monster with a 1% chance of dropping a magical item would have that random chance go up to 2%.
What exactly are "Magic Items"
Magic Items in this definition include Magic Items, Set Items, Unique Items and Rare Items.
Is there a cap on Magic Find?
Is there an ideal % Magic Find Number?
No. The more the better. Previously a bug resulted a penalty for more than a certain percentage, but this has been fixed.
I heard if you get Magic Find high enough you get all Sets and Uniques
No. This was the case in previous versions due to a bug but that has been corrected (sorry!).
These are the only official numbers Blizzard has released on drop rates. However, these drop rates are percentages for items that drop and are already rare.
It seems to me that Blizzard has simultaneously lowered the drop percentage of rare quality items at the same time they gave all elites a 100% guaranteed rare drop with 5 stacks of NF.
This means that it's very likely that your magic find gear although still working as intended, isn't worth swapping to unless you do it every-single-time you kill a pack. Moreover, you probably won't notice a difference until the long haul, especially if the chance to drop is something like 1% (AKA 2% drop with 200% MF).
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