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 There
are exceptions, but generally if a casino loves something, players should run away screaming -- and
casinos love slots. And, bizarrely, so do players. Slots are the most popular games in casinos. Of
course, slots require zero prior knowledge to play them as well as anybody else. You walk up, stick
your money in, and expect to get back 94% (or some other set percentage) of it.
Slots are like parking meters -- you put money in the machines for the right to park yourself in front
of the machines. Instead of returning a set percentage of the money wagered, casinos could charge time
fees for playing (most) slots. Basically casinos take a bunch of money from a large group of people,
and divide it up between a smaller group of people, some of whom win very large amounts.
All of which makes slots sound like a lottery, and the parallel is a good one. Just like you can have a
positive expectation in the lottery when the prize gets large enough, when progressive slot jackpots get
big enough, slots "teams" leap into action. A deep-pocketed group now plays until the jackpot is
hit. The casinos 94% edge can now be turned in the player's favor. Of course, it isn't at the casino's
expense. The slot teams profit from the equity left earlier by players who played the machines when the
jackpots were lower. One individual can also get an edge when jackpots are high enough, but you better
hold onto your seat. You can use skill with slots, waiting for the right time to play, but this edge is
usually small and fairly rare.
How much gamble is there in slots?
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