Slot machines have become the bread and butter for most of the casinos. But, the scene was different a couple of decades ago. Slot machines were mainly targeted at older women. Casino owners didn’t take these games seriously. Back in the ’60s, casinos had merely one or two of these machines installed. But everything changed in the ’80s when slot machine technology saw a revolution. In the present day, slot machines are dominating the gambling industry. If you love playing on slot machines, you would like to know these 10 amazing facts about them.
In the early gambling days, slot machines were considered a waste of gambling space, so were placed in spare places like beside the elevator. Now they generate up to 80% of total revenues for some casinos. You can see 60-70% quoted profit on slots in every casino’s balance sheet. From being considered a waste of space to the highest revenue-generating tool, slot machines have made an enormous leap forward in the last two decades.
Modern progressive slot machines are the ones where the jackpot increases with each spin. There are mainly 3 types of progressive slots available-
- Standalone progressive
- Local-area progressive
- Wide-area progressive
Standalone consists of a single machine, while the other two have multiple devices connected to each other.
The most famous wide-area progressive Megabucks had over $30 million jackpot twice in the past.
Slot machines are the only gambling tool where you cannot calculate the house edge. Most gambling games involve 52 card deck or a six-sided dice where you can definitely calculate house edge percentage. However, in slot machines, you know symbols that payout at a specific rate. But, you can never calculate the probability of getting a particular combination of symbols; thus, you can never calculate the house edge.
Time on Device (TOD) is the most vital metric for casino owners. They have figured out the average time spent by all users determines the game’s profitability. So when slot machine manufacturers make new machines, they try to add new features to increase TOD.
Now slot machines have legal status in 41 US states. These weren’t the scenario in the year 2000 when you could use them in 31 states. So in the last 19 years, 10 states have legalized slots while others are planning too soon. Almost a million functional slot machines prove how big the industry is growing in the US.
You would think the US would be the largest market with close to a million active slot machine, but you can not be more wrong. Japan’s GDP maybe a quarter of the US, but they have more the 5 times more slot machines than the US, thus being the largest slot machine market in the world. For perspective, there is a slot machine for every 27 Japanese while in the US; the number is 350.
In Vegas, while tourists might play other dealer-involved ways of gambling, slot machines have always been favoured by the locals of Nevada. Local Gamblers like betting on something that involves smaller risks. Las Vegas has seen a population surge in the last few decades, and most of these new locals have pumped up slot machine business in return.
Slot machines getting ‘Hot’ or ‘Cold’ isn’t a real thing. The idea of a machine that is being played around a lot offers a more significant chance of hitting the jackpot while the one while is rarely played has less chance of giving out money is entirely a myth. Past results do not affect future results whatsoever.
Slot machine gamblers are more addictive than other kinds of gamblers. They will sit back for hours trying their luck and are likely to be back the day after. Slots and Blackjacks are like Heroin and Marijuana. They may be of the same nature, but one is clearly more addictive than the other.
The online slot machine works in the same way as brick and mortar ones. You might think by the appearance that online slots don’t provide the same odd as land-based slot machines, but in reality, that is not the case. The online casino uses the same algorithm as the offline slot machines.
While playing, you might think a slot machine is the simplest way of earning money, but the fact is they are money-making machines only for their owners. They generate an enormous amount of revenue worldwide. However, it would help if you enjoyed this small gambling gadget within your limits. Don’t let the temptation of gambling control you.