On Jan 2, 2009, at 9:31 PM, Mark Iverson wrote:
Horace:
I'll take your word on the fact that Nevada Gaming Regs allow for a
min of 75%, but typical payouts
are 88% to 96%. The min that I have seen is 84% -- I live in Reno,
Nevada. The complementary term
is called '%-Hold', which is what the casino ends up with out of
'total money wagered' or 'coin-in'.
Realize that the casinos use the payout to attract customers, so
it's no different than a price war
by gas stations... If one casino raises their payout to attract
customers, neighboring casinos will
likely do the same.
-Mark
Sure, but the principle is just the same, it just takes longer.
Isn't it true that if the pay out is 95% it just takes 5 times as
long on average to take the customer's purse away, and it also takes
about 5 times as long for him to have less odds of having any money
left than winning a major lottery?
This gives me an idea. It might be a cool idea to put up a for-fun-
only free slots web-site with a 95% payout. A fixed amount of
imaginary money, say 20 or 50 bets worth, would be given to each
entrant upon registering. The 20 players to last the most number of
bets before going broke would be invited to a playoff to be televised
and which would offer a significant prize to the winner. There could
of course be playoffs in the event of ties. The final player
remaining after all the 19 others go broke would be given a prize
that depends on how many bets he can make from his remaining purse
before going broke. That would be a pretty illuminating contest,
don't you think?
Best regards,
Horace Heffner
http://www.mtaonline.net/~hheffner/
