The gaming industry is big business in the U.S., contributing an estimated US$240 billion to the economy each year, while generating $38 billion in tax revenues and supporting 17 million jobs.
- Can You Get In Trouble For Breaking A Slot Machine Machines
- Can You Get In Trouble For Breaking A Slot Machine Free Play
What people may not realize is that slot machines, video poker machines and other electronic gaming devices make up the bulk of all that economic activity. At casinos in Iowa and South Dakota, for example, such devices have contributed up to 89 percent of annual gaming revenue.
Spinning-reel slots in particular are profit juggernauts for most casinos, outperforming table games like blackjack, video poker machines and other forms of gambling.
If you don’t see a slot machine you want please e-mail us as we are constantly updating our slot machine inventory and have over 500 slot machines in stock! A slot machine or video poker machine will cost about $150.00 to $300.00 to ship it to your door. It will be crated and protected from damage for trucking company pick up. Slot machines come in different denominations, like penny slots, 5-cent slots, dollar slots, etc. Dollar slots have bigger payouts, but more risk and you might hit your loss limit faster. Penny slots won’t bankrupt you, but you won’t win big, either. However, you can spend a lot of entertaining time playing.
What about slot machines makes them such reliable money makers? In part, it has something to do with casinos’ ability to hide their true price from even the savviest of gamblers.
The price of a slot
An important economic theory holds that when the price of something goes up, demand for it tends to fall.
But that depends on price transparency, which exists for most of the day-to-day purchases we make. That is, other than visits to the doctor’s office and possibly the auto mechanic, we know the price of most products and services before we decide to pay for them.
Can You Get In Trouble For Breaking A Slot Machine Machines
Slots may be even worse than the doctor’s office, in that most of us will never know the true price of our wagers. Which means the law of supply and demand breaks down.
Casino operators usually think of price in terms of what is known as the average or expected house advantage on each bet placed by players. Basically, it’s the long-term edge that is built into the game. For an individual player, his or her limited interaction with the game will result in a “price” that looks a lot different.
For example, consider a game with a 10 percent house advantage – which is fairly typical. This means that over the long run, the game will return 10 percent of all wagers it accepts to the casino that owns it. So if it accepts $1 million in wagers over 2 million spins, it would be expected to pay out $900,000, resulting in a casino gain of $100,000. Thus from the management’s perspective, the “price” it charges is the 10 percent it expects to collect from gamblers over time.
Individual players, however, will likely define price as the cost of the spin. For example, if a player bets $1, spins the reels and receives no payout, that’ll be the price – not 10 cents.
So who is correct? Both, in a way. While the game has certainly collected $1 from the player, management knows that eventually 90 cents of that will be dispensed to other players.
A player could never know this, however, given he will only be playing for an hour or two, during which he may hope a large payout will make up for his many losses and then some. And at this rate of play it could take years of playing a single slot machine for the casino’s long-term advantage to become evident.
Short-term vs. long-term
This difference in price perspective is rooted in the gap between the short-term view of the players and the long-term view of management. This is one of the lessons I’ve learned in my more than three decades in the gambling industry analyzing the performance of casino games and as a researcher studying them.
Let’s consider George, who just got his paycheck and heads to the casino with $80 to spend over an hour on a Tuesday night. There are basically three outcomes: He loses everything, hits a considerable jackpot and wins big, or makes or loses a little but manages to walk away before the odds turn decidedly against him.
Of course, the first outcome is far more common than the other two – it has to be for the casino to maintain its house advantage. The funds to pay big jackpots come from frequent losers (who get wiped out). Without all these losers, there can be no big winners – which is why so many people play in the first place.
Specifically, the sum of all the individual losses is used to fund the big jackpots. Therefore, to provide enticing jackpots, many players must lose all of their Tuesday night bankroll.
What is less obvious to many is that the long-term experience rarely occurs at the player level. That is, players rarely lose their $80 in a uniform manner (that is, a rate of 10 percent per spin). If this were the typical slot experience, it would be predictably disappointing. But it would make it very easy for a player to identify the price he’s paying.
Raising the price
Ultimately, the casino is selling excitement, which is comprised of hope and variance. Even though a slot may have a modest house advantage from management’s perspective, such as 4 percent, it can and often does win all of George’s Tuesday night bankroll in short order.
This is primarily due to the variance in the slot machine’s pay table – which lists all the winning symbol combinations and the number of credits awarded for each one. While the pay table is visible to the player, the probability of producing each winning symbol combination remains hidden. Of course, these probabilities are a critical determinant of the house advantage – that is, the long-term price of the wager.
This rare ability to hide the price of a good or service offers an opportunity for casino management to raise the price without notifying the players – if they can get away with it.
Casino managers are under tremendous pressure to maximize their all-important slot revenue, but they do not want to kill the golden goose by raising the “price” too much. If players are able to detect these concealed price increases simply by playing the games, then they may choose to play at another casino.
This terrifies casino operators, as it is difficult and expensive to recover from perceptions of a high-priced slot product.
Getting away with it
Consequently, many operators resist increasing the house advantages of their slot machines, believing that players can detect these price shocks.
Our new research, however, has found that increases in the casino advantage have produced significant gains in revenue with no signs of detection even by savvy players. In multiple comparisons of two otherwise identical reel games, the high-priced games produced significantly greater revenue for the casino. These findings were confirmed in a second study.
Further analysis revealed no evidence of play migration from the high-priced games, despite the fact their low-priced counterparts were located a mere 3 feet away.
Importantly, these results occurred in spite of the egregious economic disincentive to play the high-priced games. That is, the visible pay tables were identical on both the high- and low-priced games, within each of the two-game pairings. The only difference was the concealed probabilities of each payout.
Armed with this knowledge, management may be more willing to increase prices. And for price-sensitive gamblers, reel slot machines may become something to avoid.
Signs of slot machine addiction
When gambling on a slot machine, the bond between the gambler and the machine becomes personal, no one to interfere with their gambling and no one to compete against. The player feels a fondness for a particular machine and some players even get irritated if they see someone else playing their machine. If the slot player is playing longer than he planned, spending more money than he can afford, and telling lies about how much he wins or loses, perhaps he has a problem. If s/he is concerned about his behavior while gambling and even during periods when the person is away from the casino, perhaps s/he may have a slot machine addiction. Other signs of slot machine addiction include:
1. Belief that you are not gambling with “real money”.
2. Belief that you will win back money that you lost on a slot machine.
3. Developing a personal relationship or bond with a particular slot machine.
4. Feeling irritation when you see someone else playing on “your” slot machine.
5. Playing a slot machine longer than planned.
6. Spending more money on a slot machine than you can afford.
7. Lying about how much you win or lose on a slot machine.
8. Thinking about playing the slots when you are away from a casino.
9. Problems at work, home or in a social setting due to playing the slots.
10. If you think you may have a gambling problem, you probaby do.
Can You Get In Trouble For Breaking A Slot Machine Free Play
Slot machines are designed to be addictive
Slot machines are also known as VLTs (video lottery terminals) or pokies. The machines are designed with three or more reels that spin when a button is pushed or a handle pulled. The machines have different themes containing graphics and music from popular movies or TV show. The sounds, colors, and images on slot machines have been designed by psychologists to seduce the player and the music reinforces the addictive behavior.
Dopamine, adrenaline and slot machines
The rapid response from the machine has a hypnotic effect and stirs up the dopamine in our brains. And the speed of slot machine games keeps the gamblers’ adrenaline pumping. Even if the gambler does not win, the machine makes him feel that he almost did. And for the gambler that can be just as great a feeling as winning the jackpot. In fact, the person can sit there for hours just pushing buttons and zoning out because the games require no thought or skill. Many slot players have commented, “I just couldn’t get up and walk away.”
Instant gratification on slot machines
When a person gambles on slot machines they don’t have to think or plan their next move. They don’t have to wait for cards to be dealt, horses to run around a track, or the end of a sports event, to know the score. Playing the slot machines person knows instantly if he won. Even if he didn’t win, the reels show him how close he came to winning. The machine tells the player that it is ready to pay off because the images on the reels were showing us three, four or five of a kind.
Slot machines are the crack cocaine of gambling
Slot machines are powerful revenue-generating forces designed to keep the player spending more money. The innocence of the slot machine attracts the gambler as he walks through the casino but the slot machine addiction has been described as the crack cocaine of gambling. The money that people gamble on slot machines typically isn’t important and is treated like Monopoly money. Even when the person loses, they believe they will win back all the money they lost to the machine. To compound the losing of money, several ATM machines are located in the gambling area. But what has your experience been? Are you having trouble with slot machine use? Please share your thoughts below, and we will respond to you personally!