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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 Casino gambling. 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. 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 doctors office and possibly the auto mechanic, we know the price of most products and services before we decide to pay for them. Slots may be even worse than the doctors office, in that most of us will never know the true price of our wagers.
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Facts Up Front stickers sit on the front of food packaging showing the caloric, fat, sodium and sugar content of whats inside. Ideally, this informs and warns consumers so they ultimately make smart lifestyle choices. The pair approached the Ontario provincial government casino operator Ontario Lottery and Gaming Corp.It agreed to test a similar method, but applying it to slot machines and clearly pointing out the following: A games volatility and frequency of both small and large payouts The chance of hitting a bonus round playing the game Each games return to player rate and house edge CHUMBA CASINO OFFERS GREAT CASINO GAMES - FREE PLAY The labels were placed on some 250 slot machines at the Grand River Raceway in Elora, Ontario, Canada. According to the projects final report, players surveyed recognized how volatile the games are. They could readily identify which machines were taking more of their money than others, but that information didnt stop them from playing. Apparently knowing about a games odds and its volatility didnt bother most players because they were busy chasing big jackpots.
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