The emergence of 5G systems brought to fore the importance of network slicing (NS) as it allows infrastructure providers (InPs) to create logical networks (slices) and virtually share network resources to their tenants. However, due to the limited resources of the InP, the resource management algorithms like resource allocation and admission control are required to ensure efficient management of these scarce resources. Indeed, admission control algorithms play a critical role of regulating access to the network, by determining whether a slice request should be accepted or not with respect to some standards such as maximizing the InP’s revenue and maintaining service level agreements (SLAs). In this paper, we propose an admission control algorithm that employs the concept of overbooking to admit slice requests beyond the InP’s nominal available resources. Moreover, we employ a dynamic queue adaption priority, step-wise pooling and dynamic buyback price mechanism to ensure efficient and profitable admission decision for the InP. We assess the performance of the proposed algorithm against state of the art (SOTA) solution considering different priority schemes. The results show that the proposed solution outperforms the SOTA solution as it yields i) higher revenue, ii) lower buyback cost and iii) higher net revenue for the InP while still maintaining a marginally higher slice acceptance rate.