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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.
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.
- First of all, you will want to select your coin size. Simply click on the coin display at the bottom of the screen and you'll see a pop-up list of coin sizes to choose from. Pick your coin, then move on to the line bet option. You can change your line bet by using the arrows alongside the 'Bet Per' display.
- The outcome of each spin is random. Your odds of hitting a jackpot do not increase based on the number of spins. Each time you press the spin button, the slot machine will generate a random sequence of numbers that determine the outcome of that spin. The RNG happens independently every single time you play.
Spinning-reel slots in particular are profit juggernauts for most casinos, outperforming table games like blackjack, video poker machines and other forms of 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.
Slot machine video from casino expert Steve Bourie that teaches you the insider secrets to winning at slot machines and how a slot machine really works.
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.
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.
Slots has been a thing for eons. Over the decades, it has simply evolved and changed in form. But at its core, the gambling basics have remained unchanged. In the past decade or two, the industry has experienced many ‘tech upgrades’ that have increased the number of punters in the world. Today, you don’t have to take a trip down to Las Vegas. All you need is a steady internet connection an online casino you trust and you are set.Speaking of casinos, (land-based or online), there are two types of slot machines they feature; Class III and Class II. The two slots machines operate differently. The Class II slot machines are common in slots parlors. They are attached to Native American Casinos or horse racing tracks. Owing to improved tech tools, Class II slot machines have become more sophisticated. So much so that casual punters have a hard time telling them apart from Class III slot machines.
But you are in luck. In this piece, we shall scrape off the confusion by explaining the basics and answering some common questions related to Class II slot machines.
So, let’s get to it.
What Exactly Are Class II Slot Machines?
It’s simple. The Class II slot machines are designed to replicate Class III slot machines while remaining within the confines of the regulatory guidelines. The Class system is clearly stated and defined in the Indian Gaming Regulatory Act by the Federal Government. The Act defines all Class II games as bingo regardless of whether computer, electronic or any other tech gadgets are used with it and if it is played in the same room with bingo or any games similar to bingo.
The immediate consequence of this regulatory Act was that the high stake bingo games were legalized. Yes, the bingo games held in halls were super popular at some point. But with time, as developers sought to upgrade their gaming experience, they leaned towards a casino-like environment and experience. Though they managed to incorporate Class III casinos in some of their gaming options, they were met with a lot of resistance and legal issues.
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It was during this time that Class II slot machines were designed. Since their inception, key players in the industry have been working around the clock to replicate Class III machine experience in Class II jurisdictions. Engineers have been contracted to build in-house systems while slot manufacturers were brought on board to create games that would run on the designed systems
How do they Work?
It’s true, aside from the LED bingo card which displays your card patterns for every spin; it’s really hard to differentiate the Class II from the Class III. The big part of the difference lies in how the game operates. So let’s peep under the hood and see how Class II slots machines are designed to meet legal requirements of being a bingo game.
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First, there is usually a 20-millisecond window. Any person that presses the ‘Play’ button during this window enters into a common draw. For this draw to run there needs to be a minimum of two players (there is no maximum number). If there are only two players, one of them will get the winning pattern.
So here’s what happens when a video or slot poker is brought into the picture. Designers extrapolate odds of specific bingo games to video or slot games’ results that have similar odds. Usually, there are extra algorithmic processes that are in play which help to determine the outcomes but usually, the end results are similar – you pull the machine handle and the reels spin.
From the moment you pull the handle to the millisecond before they stop, you become one of the participants in a multiplayer bingo game. The results of the bingo game are ‘reported’ by the reels when they halt. If you are lucky, you’ll win some cash. So now if you think about it, you’ll have had a Las Vegas slot machine experience while in the background, the machine meets all the requirements which make it legal in Class II slot machine jurisdictions – areas where bingo is legal but RNG machines are not.
Now, most casinos that run the Class II slot machines claim that their odds are similar to those of Class III machines. This is how they explain it – it’s more like a scratch-off lottery card. But instead of scratching you’ll be pulling a handle.
And though this analogy is close to the real thing, it’s not quite accurate.
What do Class II Slots Look Like?
While they look extremely similar to Class III machines, the main way in determining if it is a Class II machine is to look on the display for a bingo table. It will look quite obvious and will indicate that the machine is using bingo logic rather than the typical RNG of a Class III machine.
Here’s an example below – notice that there is a bingo table located at the bottom right of the display.
Should You Play Class II Slot Games?
This is a really good question. And believe it or not, it’s pretty common. But despite this, its answer is not straight forward. But here’s something that will help you make that decision.
Gambling experts insist that Class II games are similar to lottery scratch tickets than Class II machines. You see, with lottery scratch tickets, the prize is determined before the printing of the tickets. Class II games may have shorter realization times but unfortunately, they aren’t random. The moment you pull the slot handle, the outcome of whether you have won or not and what prize you have won has already been made. The reels are only there to deliver the news.
Why do Casinos Prefer Class II Slot Machines?
Why is it that modern casinos seem to have a mix of Class II and Class III slot machines and games? And why is it that even with the mix, they are skewed towards class II games?
Well, first, the IGRA granted casinos self-regulating powers when it came to Class II games. However, with Class III games, they must be officially undergo rigorous testing through third parties and approved goverment organizations. This is to ensure that the randomness and reliability of the machine is deemed fair.
Second, casinos don’t have to pay taxes on the revenues generated from the Class II games. But on the Class III games, they are obligated to pay taxes.
Thirdly, the odds on winning in a Class II game are worse because you are put against a large pool of players to win instead of relying on RNG.
There you have it. Everything you need to make an informed decision. Hopefully, after reading this Class II and Class III slot machines don’t confuse you anymore. So with that go have a ‘happily ever after’ gambling experience.