Now You See It. Now You don’t 2June 25, 2013
Slot machine maths:
a lose lose date with the Pokies
According to Tom Vanderbilt in The Guardian ( Slot machines: a lose lose situation, 8 JUN 2013)
Once seen as a harmless diversion, hi-tech slot machines now bring in more money than casinos – and their players become addicted three times faster than other gamblers.
Here’s how the math works:
In Australia pokie machines must return between
of money gambled.
But here is the catch. If you start out with $300 that means, surely, you’ll go home with$255 in your pocket less some for the big payouts.
WRONG! WRONG! WRONG!
According to ex-gambler Tom Cummings you’ll probably go home with
In his article, Poker machine maths, (ABC, The Drum, 27 MAY 2011) it is not unusual for someone to start with $300 but put $3,000 into the machine over 4 – 5 hours.
Here’s the sting. According to the poker machine, $3,000 was gambled, and $300 was kept (by the slot machine). That means that the machine paid out $2,700… which is the 90 per cent return.
That’s one pension cheque gone for the week.
Warren Buffett has called
gambling in general a
“tax on stupidity”
or a way of fleecing those who don’t do the maths.
Posted in Mentalist Maths | Tagged casino math, Funny Math Blog, Kerry Cue Blog, lose playing the pokies, math for gamblers, mathspig blog, Media Math, Now You see it Now you don't, payouts for pokies, percentage cut fro pokies, pokies math, problem gamblers, problem with pokie machines, Problem with slot machines, slot machine math, what's luck got to do with it, Why Gamblers Lose |