Slot Machines In Casinos: Why Do They Camouflage A Loss As A Win?

For those of us who have tried slot machines in casinos (and that would mean all of us) – we are used to seeing all the lights flashing, the sounds made when you win money, and in general, the ‘it is happening’ feel provided by all the new electronic slot machines. But here is what we missed in the chaos: most of the times, the way the machines react, it makes it difficult for you to understand that you have actually lost money. We spotted this in a NYTimes article today:

“In a typical multi-line slot setup, a player can bet on up to 20 different pay lines in a single game. If a player wins on 9 of the 20 lines, resulting in a net loss, the machine still celebrates the occasion with sound and video effects.

“It’s brilliant,” Professor Harrigan says. “I’m not a gambler myself, but I was playing ‘Money Storm’ in our lab and ‘won’ — nine lines were flashing — and it was cognitively difficult to appreciate that I had actually lost.”

Source.

The article mentions that in Australia, it is now illegal to flash a congratulatory message when the player has actually lost. That law should be universal.

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Man Wins 57 Million USD, Casino Then Calls It A ‘Software Glitch’

We have spotted multiple casino stats and gambling stats before. We spotted this today:

“Merlaku, a 26-year-old Kosovar Albanian, was reportedly pushing the buttons on a slot machine in Bregenz, Austria, when it suddenly told him he had won a lot of money: forty-three million euros–which, at current prices, is just under $57 million.

Few on this earth would have felt anything other than numb elation at discovering that their dependence on The Man was finally over.
However, Merlaku was merely left with the numb part of that after trying to collect his prize. For, as the Daily Mail reports, he was offered around $100 for a free meal.”

Statistics Source: CNet

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‘The Equity Market Is A Rigged Casino’

We have heard this before, the fact that the market is not fair and efficient, but that there are some players with a significant edge over others – the players that can colocate servers, and can also do flash trading, for example. Our understanding of flash trading is this: you can see the order book for a second. wow.

We had spotted multiple OWS stats before. We spotted an article on Reddit today, by a person who says “I work in Wall Street and work in hedge fund analysis. I’m the only person in my office who supports OWS”. Here is the summary:

Hedge Funds are better equipped and networked to tap information faster, get beneficial transaction rates, have access to more financial products to trade in, are run with tonnes of tax and regulatory exceptions etc. The summary is this:

“The finance industry funnels money from the masses to the ultra rich, through vehicles like hedge funds which dominate all of the financial markets.”

we couldn’t agree more.

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‘Casinos Make Sense During Recessions’

We spotted these Casino stats today, from ‘The State of the States’ Report from American Gaming Association:


1. In 2010, gross gaming revenues for commercial casinos rebounded slightly to $34.60 billion, a 0.9 percent increase compared with 2009 figures.

2. Of those revenues, $7.59 billion was returned to state and local governments in the form of direct gaming taxes to pay for a wide range of goods and services that benefit the industry’s host communities

3. The gaming industry also continued to be a significant source of jobs, employing 340,564 people who earned $13.3 billion in wages, benefits and tips during 2010.

4. The gaming equipment manufacturing sector reported significant revenue, supported tens of thousands of employees and paid billions of dollars in salaries and wages

5. Direct revenue sourced to the gaming equipment manufacturing industry was $11.5 billion during 2010, a 5.1 percent decline from the prior year. Despite the reduced revenue levels in 2010, a survey of global gaming suppliers indicated that 73 percent of companies within the sector think that market conditions will improve during the next 12 months

6. Direct employment declined 2.0 percent to 29,400 in 2010. Overall wages for those employees totaled $2.1 billion during the same period, which was flat when compared with 2009 figures.

7. With an average wage of approximately $70,500, the sector’s employees earned significantly more than the U.S. median income of $43,460 (Bureau of Labor Statistics). ”

Statistics Source: American Gaming Association

What is your bet: red or black?

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Sands Casino: “Gamblers Were Lucky So Our Profits Are Down”

For once, Gamblers are making money. We spotted this today:

“Sands posted earnings of $0.37 per share in the first three months of 2011, much lower than the $0.44 a share expected.

Revenues hit a record $2.11bn (£1.28bn), but analysts had hoped for $2.14bn.

Sands’ CEO, billionaire Sheldon Adelson, blamed bad luck at its tables in Las Vegas and Singapore for the drops in the company’s “hold percentage” – the ratio of how much it won, compared to how much customers gambled.

That means the casino paid out more to lucky gamblers than it would have done normally.

“In Las Vegas, low hold on table games play impacted our financial performance in the quarter by about $45 million in revenue,” the company said in a statement.”

Statistics Source: BBC Business News

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$134: Atlantic City Casino’s Win-Per-Customer

Here is a number we have always wanted to know – whats the average win a casino makes from every visitor? For Atlantic City Casinos, the number is 134.

“A new statistical survey by Spectrum Gaming Group, an Atlantic City-area consulting firm, indicates that the strategy is working, to some extent. It found the casinos’ win-per-visitor was nearly $134 last year, down 3.6 percent from 2009 and nearly 8 percent from 2008.”

You can compare this with some Las Vegas Statistics

Statistics Source: Yahoo Finance

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One Las Vegas Casino equals 23 Movie Screens

Las vegas raked in gambling revenues of USD 10 billion in the year 2009. This number, is comparable to the total amount spent by the whole of US on movies. Why is this comparison important?

The total number of licensed gambling operations in Las Vegas equals 1701. And the total number of movie screens in the US? 39,233.  Purely from a revenue perspective then, each gambling operation in Las Vegas equals 23 Movie Screens.

Statistics Source: The Economist, NATO Statistics.

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4 Million Seniors In The U.S Have A Serious Gambling Problem

We spotted this stat today:

“Casino visitation rates among the elderly are surprisingly high, with 28 percent of people aged 65 and older reporting having gone to a casino in 2012, and and 36 percent of those between ages 50 and 64 report having done so, according to the American Gaming Association’s 2013 Survey of Casino Entertainment. And University of Pennsylvania researcher David Oslin told Psychology Today that his research revealed that 70 percent of those 65 or older said they had gambled in the previous year — with nearly 10 percent admitting to gambling away more than they could afford to lose…

The primary risk that seniors face when gambling (and according to Psychology Today, as many as 4 million seniors do have a serious gambling problem) is that they may not be aware of what they’re doing and why — which can transform into an unhealthy physical and financial addiction.”

Source

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Which Country Has The Highest Per Capita GDP In The World?

We spotted this stat today:

“When people think of Monaco, wealth, fast cars and casinos come to mind. .. The mini country on France’s sun-kissed Mediterranean coast is home to about 38,000 people, and one in three are millionaires, according to WealthInsight. It has the highest per capita GDP in the world.”

Source

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You’ll Never Guess: The Most Valuable Asset Of Caesar’s Entertainment

We spotted this gem today:

“Last year, Harrah’s parent company, Caesar’s Entertainment, declared bankruptcy as a consequence of overextension and growing competition. During proceedings, creditors appraised Caesar’s vast store of customer data as the company’s most valuable asset, worth about $1 billion.”

Source

Where are the data scientists?

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