I still find it incredible that Loveman is supposed to have done a study that proved the average gambler can't tell the difference between a loose and a tight slot and this is why Harrah's has the tightest slots in the industry. First off, you can't just group slots together, they are mathematically very different. Now, if you take a high payout, low frequency slot like MegaBucks, and you change the return by changing the top jackpot, of course the average gambler can't tell because the average gambler never plays enough cycles to actually get the top jackpot. But if you change the return by changing the frequently hit smaller jackpots, the average gambler can tell because this directly affects "machine time", i.e. the average amount of time say a $20 bill will last on the machine before being depleted. Any video poker player who has played some video poker (at least a royal cycle) knows this directly as you can tell the difference between 9/6 jacks and 8/5 jacks just by how frequently you have to feed the machine, likewise for 15/9/5 deuces versus 15/9/4 deuces. A similar effect occurs on many video slots, which is why the first generation Buffalo was so popular (it was set very loose, perhaps by mistake). The Wizard of Odds has demonstrated that it is relatively easy in the smart phone era to get the return of a slot that has frequent payoffs. Second, the statement was made that if you ignore debt and other fixed costs, Harrah's slots have the highest hold in the industry. Well, of course, because they are the tightest. So, of the people who play, Harrah's makes the most money per spin. But of course this is why Harrah's has so much competition and has never been able to dominate a market in the Loveman era, because they leave the business wide open to casinos that offer looser slots and get all the business from the gamblers who can tell. The casinos with the looser machines don't hold as much per spin, but they more than make up for that with more play time per machine and more customers. And the customers exhibit more loyalty and are less likelier to walk across the street or whatever to the Harrah's because it's well known on the street that Harrah's has the tightest slots in the industry. Harrah's does have a generous slot club, but of course they have to try harder to get gamblers to play tight slots and try to keep them from walking out to the loose slot casino next store. The fact that Harrah's repeatedly fails once competition moves in shows that their slot club is not loose enough to support their tight slot policy. Instead they are forced to go further into debt to build yet another casino in a market that does not yet have any competition.
Posted by: nightoftheiguana2000@yahoo.com
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