: The paper presents an approach to optimize the use of satellite capacity in DVB-S2 forward links. By reducing the so-called safety margins, in the adaptive coding and modulation technique, it is possible to increase the spectral efficiency at expenses of an increased BER on the transmission. The work shows how a system can be tuned to operate at different degrees of this trade-off, and also the performance which can be achieved in terms of BER/PER, spectral efficiency, and interarrival, duration, strength of the error bursts. The paper also describes how a Markov chain can be used to model the ModCod transitions in a DVB-S2 system, and it presents results for the calculation of the transition probabilities in two cases.