Staffing Your Slot Machine Business

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Grow Your Business with Video Slot Machines & Illinois Video Gaming We are an Illinois Video Gaming Terminal Operator that has partnered with the Illinois Gaming Board to provide video slot machines and Illinois video gaming services to bars, restaurants, truck stops, and fraternal organizations. As a result, the house edge for slot machines is often higher than the house edge for other games. Blackjack has a low house edge of between 0.5% and 1% (assuming you play well). Even if you play badly, the house edge at blackjack probably maxes out at 4% or so. But the house edge for most slot machines is 5% or more. Slot Technician Supervisor supervises and coordinates the work of employees who fix slot machines. Prepares work schedules and assigns work. Being a Slot Technician Supervisor ensures machine function and output is according to specifications. May be required to help technicians repair slot machines and remove broken machines from the gaming floor. If you plan to start a business that includes gambling activity, you will need at least one specific type of business license, according to your state’s Business Licenses, Permits & Tax department. Because there are strict regulations around running casinos and gaming facilities, you will.

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.

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.

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.

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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.

“Hey there, Tex. You want some free money?”

If anyone ever says this to you, run away. There’s no such thing as free money and there’s always a catch when someone tells you that there is.

If there’s anything to be gleaned from movies about gambling, it’s that casinos are evil and they want to leave you with nothing…NOTHING.

But wait. What if movies aren’t like real life? And what if your main interest lies in playing the slots?

Here’s some good news, there are right ways to play pokies and come out on top. If you’re careful and calculated, you can avoid the typical pitfalls of casino life using some slot machine tricks.

Let’s go over some of the best practices when hitting the slots. Here are some dos and don’ts for making the most of your trip to the casino.

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Grab a pack of cheap cigarettes and put your ugliest suit on, it’s time to gamble.

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Wait, Money Does Grow on Trees?

That thing at the beginning about running away when someone offers you free money?

Well here’s one case where it may actually work out in your favour. Let’s talk about the first thing you should do when trying to take advantage of the slots, use no-deposit bonus codes.

If you’ve ever been to Las Vegas, then you’ve seen what can only be described as casino heaven. The Vegas strip is a veritable pig pen of casino activity, and with so much competition between establishments, the different casinos need ways to get people into their building instead of someone else’s.

That’s where no-deposit bonus codes come in. These are essentially free money vouchers. The casinos use them to bring people in the doors, where they know that will power will eventually fade away along with the free money. So evil, right?

But if you’re smart and careful, you can take this free money and use it to make more money using some of the tricks we’ll outline here.

A Couple Slot Machine Tricks

Sure, most folks just waltz on to the casino floor and just start losing money, but it doesn’t have to be that way. If you get to know the way that casinos work, then you’ll be at an advantage.

Or at least an advantage over the other gamblers. The casino always has the advantage. Remember, you’re in their house.

Loose Slots

Yep, there is such thing as a “loose” slot machine. This is an old-school term that basically means that a slot is more likely to pay out.

In the age of digital slot machines, the actual mechanics of the machine don’t cause it to pay out more, but machines today have random number generators (RNG’s) that do pay out at different rates.

Casinos always keep the machines that have higher payout rates away from the ends of the aisles and away from doorways. This is to keep gamblers from winning big on a machine and immediately taking their business elsewhere.

So always make sure to get into the thick of it before you settle down at a machine.

Business

Bet Max

What? Bet the max amount? Isn’t that the quickest way to bankruptcy?

Yes and no. Machines nowadays have multiple bet lines so when you bet the max you can take advantage of multiple lines. The odds of you winning don’t increase, but the amount you win will greatly increase when you do win if you bet max.

Different machines have different volatility levels. Machines with high volatility are quicker to run you out of town, but the winnings will be way better. Low volatility machines pay out less money at a higher frequency. Keep this in mind.

Play Classic Over Video

Those big flashy video slots with all the fun graphics and loud music? They aren’t just there to entertain you. They’re there to take your money.

The video slots are there to draw people in, and it works. But the casino’s cost of running and maintaining video slots is much higher and they take up tons of space compared to the other machines, so the payout is almost always lower.

Stick to the boring old slots. There’s less to look at but you might just leave them with heavier pockets.

Random or Progressive?

Temptation is the name of the game at the casino, and progressive slots are really tempting.

A progressive slot machine is one that pools all the money from everyone that’s played it since its last jackpot. There are also multi-slot progressive jackpots that pool a few different machines to tempt people with enormous payouts.

Keep It Random, Y’All

Random slots obviously look a bit less enticing, as they have a fixed jackpot. They do, however, pay out those jackpots more frequently. Pick your poison, but often good things come to those who wait.

Pay Tables

Take a look at the pay tables of different machines to compare. A pay table shows the payout for each combination of symbols/amount bet.

Pay tables can be an indicator of a machine’s volatility, and doing a little comparison rather than just sitting down randomly at a machine can help you in the long run. It’s better to take your time and find the right machine that your research tells you is more likely to pay out.

Talkin’ Bout Practice

Did you know that practice always makes perfect? Well, not perfect in this case because it’ll never be perfect. But there are websites where you can try out some of your strategies, look at pay tables, multipliers, and other game features without losing your hard earned dough.

Check out a practice site to try out different games and learn about the nuances of each slot machine. There is a lot of variance between machines when it comes to free spins, bonus rounds, and multipliers, so it will benefit you greatly to familiarize yourself before you do it for real.

Try Math

Listen, these god-forsaken machines were built on math. And if you really want to beat them, you have to fight fire with fire. This requires a lot of time and brainpower, but it is possible to give yourself a chance.

There are loads of math based strategies available online. While they certainly don’t guarantee success, they at least allow you to feel like you’re in control over the game. Get a good pocket-sized calculator, a notepad, and a pen and go get yourself some money.

Staffing Your Slot Machine Business License

Know When to Give up on a Machine

This is an easy one. Sometimes you just have to know when to give up if a machine isn’t paying out. It’s not exactly following your gut, but more like letting the results dictate what you do.

You never want to end up like the old person sitting at the same machine for hours on end in their sweats, smoking cigarette after cigarette, dumping all of their excess money into the slots.

And what was stated earlier rings is all too true. The slots will always win in the end.

The easy way to avoid this is to have the willpower to walk away and find another machine. You can do it.

Bounce Around

Not staying too long at one machine is one of the more obvious tips. But if you have the option, bouncing around to different casinos is another good move.

Casinos are all vying for your business, and as mentioned earlier, they will offer you different perks to get you in their clutches. Why exploit the generosity of just one establishment when you can get free spins, chips, and bonuses from two? Or three? Or four? Don’t limit yourself.

Staffing Your Slot Machine Business Software

Have Limits

No, but do limit yourself though. If you’re not having a good day at the races, pack it in early.

It’s really easy to go down a dark gambling hole, and that’s what the casinos want you to do. But you can always go back, so don’t be discouraged.

Set a limit for yourself on how much money you are willing to spend at this place, and fastidiously stick to it. Yes, the next spin could change your life, but what if it’s actually about 150 spins from now? Be careful out there.

Staffing Your Slot Machine Business Plan

Good Luck

The bottom line in all of this is that this is all luck based. If you are playing the slots and using slot machine tricks expecting to win, you’re doing it wrong! There are lots of so-called “experts” telling you how to play the pokies, but the best advice is to not let the pokies play you.

All that you can do is employ some of these strategies and hope for the best, and you’ll be in a better position than if you just go in blind. Even the most seasoned and strong-willed gambler is at the mercy of the slot machine.

In any case, good luck to all and visit our pokies blog for more articles about all things pokies or look at one of our many gambling guides to gambling in Australia.