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‘The ordinary idea of a slot machine logically involves the idea of a device in which some mechanism or other is set in operation by the coin, which in some way delivers the appropriate goods.’ ‘If the government's central concern was the reduction in teenage pregnancies, the sensible thing would be to make the morning-after pill. Slot Machine Slang – A Definitive Slots Glossary. Whether you’re a newbie or a slots expert, the rapid and insane growth of slot machine terms in recent times means there is always something new for everyone to learn. Just like bingo, slots have their own language and thanks to us, you can get one step closer to becoming a native speaker.
noun
- 1British A vending machine selling small items.‘The slot machine sells sex toys, erotic lingerie, massage oil and condoms.’
- ‘I remember on a rare trip to the seaside (the beach was out of bounds, full of barbed wire and gun emplacements) gazing at a long-empty slot machine that had once held chocolate bars and now appeared as a rusting icon from outer space.’
- ‘The reason I'm thinking about this, whilst I sit in the pub, drinking my pint - sorry, I'm in a pub - is because I can see a girl standing next to the slot machine, dressed in pink.’
- ‘The only other two in operation were DIY, where the hapless customer is expected to swipe groceries past an electronic eye and then fiddle about feeding credit cards or cash into a slot machine to pay for them.’
- ‘The ordinary idea of a slot machine logically involves the idea of a device in which some mechanism or other is set in operation by the coin, which in some way delivers the appropriate goods.’
- ‘If the government's central concern was the reduction in teenage pregnancies, the sensible thing would be to make the morning-after pill available cheaply - perhaps via slot machines in easily accessible places.’
- ‘A motorway service station may seem an odd place to remember 12 murder victims, but yesterday the bugler's Last Post called out amid the slot machines and coffee bars with haunting beauty.’
- ‘I suppose we ought to shut down every library, then find a way of building slot machines into books so that you have to keep putting 10p pieces in every few minutes in order to keep the pages turning.’
- ‘But let them run around cobbled streets, put old pennies in Victorian slot machines and try on historic costumes, and you'll find a very different reaction.’
- ‘And I finally found out during a visit to Old Penny Memories, a working collection of antique slot machines in Bridlington.’
- ‘The Bishop of Durham, the Rt Rev Tom Wright, says: ‘Prayer is not a penny in the slot machine, you can't just put in a coin and get out a chocolate bar at the bottom.’
- ‘Will you admit that you've been treating me like some kind of slot machine?’
- 1.1North American A fruit machine.‘Pachinko is a combination of slot machine and pinball game; players can control only the speed at which small stainless-steel balls are fed into the devices.’
- ‘It's a very special relationship and I've seen it on both video game players and on slot machine players and the industry will say that gambling problems are purely from within the individual.’
- ‘As time progressed, computerised versions and all sorts of clever entertainments have been merged into the basic game so that a Pachinko machine is often more like a Fruit Machine or slot machine than a ball game.’
- ‘Delaware Park plans to incorporate a new player tracking component in its racing and slot machine gaming systems.’
- ‘I fail to see how risking your hard-earned money on the outcome of a sporting event, the random machinations of a slot machine, or the numerical suicide of a lottery makes life more interesting.’
- ‘At the conclusion of each level the player is presented with the chance to play a slot machine game for extra men.’
- ‘As a result, shares of the slot machine and video game manufacturer edged up from $33.48 to $34.63.’
- ‘I put some money in a slot machine, and I won my first try.’
- ‘They would, he warned, use bingo as a ‘loss-leader’ and encourage players to try their hand at more addictive slot machine games.’
- ‘This is not some sort of con game or high tech slot machine.’
- ‘In my opinion, nobody has ever had a gun held to his head and been forced to go into a casino and put money into a slot machine.’
- ‘You get what you pay for, Petal, and in the bar scene it is very much a case of putting the money in the slot machine and waiting to see if you win a prize.’
- ‘Players know that it determines the symbols that land on the pay line on a slot machine and the cards they're dealt on a video poker machine.’
- ‘As far as the slot machine goes, it really is an easily understood game, simple without being boring, with well laid out pay tables and easy to understand bonuses.’
- ‘Since the modern slot machine is programmed to select number series at random, no amount of finessing of the handle can change what has been decided.’
- ‘The basic premise of a slot machine is randomness to the extreme.’
- ‘I took a look at products from all the major slot machine manufacturers, and will give my impressions on new games over the next several weeks.’
- ‘I used to put minutes, quarter-hours, half-hours into this game, like ever larger sums into a slot machine.’
- ‘Collier is not alone in his fondness for the slot machine, an electronic poker game known locally as a ‘pokie’.’
- ‘This is my retirement money and if I want to put it in a slot machine, it's nobody's business but my own.’
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- A machine that is operated by the insertion of a coin in a slot is known as slot machine. This type of machine is very commonly used in gambling. This is also known as one-armed bandits. In the United States, the public and private availability of slot machines is highly regulated by state governments.
- Slot machines, at least in their very earliest prototypes, have been around for over a century. Video Lottery Terminals, on the other hand, are a more recent installment to the Western casino world, with the earliest machines being legalised and finding their way to casinos.
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.
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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? Paypal slot sites. 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.
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.
Win free money casino. 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
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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.
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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.
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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.