Latest News
Myth-Busting UNLV Study Reveals that Gamblers Can’t Detect Slot Machine Payout Percentages
Reading Time: 3 minutes
As casino operators optimize the house advantage, a new UNLV study contradicts long-held beliefs about a player’s ability to detect differences in how much – and how often – a slot machine pays.
It’s a common sight on casino floors: patrons jumping from slot machine to slot machine before eventually hunkering down at a game that’s due for the next big payout. But can players – even the regulars who frequent a particular property – really tell the difference between the house edge on one game from that of another?
Nope. At least not according to a series of recent studies led by Anthony Lucas, a UNLV Hospitality College professor and former gaming industry operations analyst.
For the past several years, Lucas and colleague Katherine Spilde from San Diego State University have taken to casino floors on multiple properties in the U.S., Australia, and Mexico to investigate. Their results contradict long-held beliefs by casino operators about a player’s ability to detect differences in how much – and how often – a slot machine pays.
“I think some operators are naturally and understandably cautious of new information that challenges traditional industry practices,” said Lucas. “But we must consider how we know what we know. This is where our work takes on a Moneyball-like aspect – questioning the wisdom of widely held beliefs when data show that a new way of thinking may be better.”
In their latest study, the UNLV-led research team compared two pairs of reel slot games at a “locals” casino in suburban Sydney, Australia, where all wagering occurs on electronic gaming devices.
Their process is relatively straightforward: take two identical slot machines, positioned in similar places on a casino floor, but vary the par – the percent of total coin-in that the machine keeps over time. For example, if the par on a game is set at 10 percent, the machine would be expected to retain $10 of every $100 wagered, on average, over the long term. But in the short term, this rarely happens, increasing the difficulty of par detection.
For this study, researchers compared the daily performance of pairings for the games “Tokyo Rose” and “Dragon’s Fortune X” over a nine-month period. The pars within each pairing ranged from 7.98 percent on the low end to 14.93 percent on the high end.
Researchers measured daily coin-in for each machine as well as its T-win, a formula that multiplies coin-in and par to calculate a machine’s expected value, or its theoretical win. If, over the course of the nine-month test, regular players could detect a difference in the pars, this comparison would reveal whether (and how much) players migrated from higher par to lower par games.
As Lucas predicted, differences between the high and low par games remained stable throughout the length of the study, which meant that there was no statistically significant indication of play migration.
And while the lower par machines had more coin-in over the course of the study period, the T-win was greater on average for the high par machines. The positive impact from the elevated T-win on revenue for the higher par machines more than compensated for the decline in coin-in on those machines.
“Casino operators should take note of the substantial increases in T-win, as they are responsible for optimizing revenues, not coin-in,” said Lucas.
The results were also consistent with findings from the team’s previous studies, which analyzed 11 pairs of games over 180 days at gaming properties in U.S., Mexico and Australia.
So, other than busting one of gaming’s great myths, why does this matter?
Pars are an important factor for casinos looking to optimize revenues, as the bulk of slot revenues come from reel slots, and a lion’s share of a casino’s overall profits come from slot operations. While there are exceptions to this rule, it is true for most of the world’s casinos.
“Ultimately, operators are responsible for optimizing slot revenues, which is no simple task,” Lucas said. “Knowing which par will produce the greatest win is most helpful, but the optimization issue becomes more complex when the possibility of player detection is introduced.”
That’s where industry perspective is mixed, as operators have expressed concerns that short-term gains from higher pars could lead to long-term losses as players leave perceived “tight” slot floors for the greener pastures of their competitors.
To account for this concern, researchers extended length of time from previous work, from six months to nine months. They also expanded the difference in pars between matched pairs from 4.9 percent in the initial study to 6.95 percent in the current study.
In a concurrent study, the researchers compared the Australian data with four, two-game pairings at two similarly situated casinos in Mexico. Par differences for those games were even more drastic – ranging from 7.98 to 8.9 percent.
Despite these factors, in both instances the results still found no evidence of players moving away from higher-par machines to their low-par counterparts, and the high-par games continued to post substantially greater revenues.
“Put simply, our results suggest that greater pars produce greater revenues, without the risk of brand damage resulting from ‘price’ detection,” Lucas said.
Full Study
The study, “Impacts of increased house advantages on reel slots,” was recently published online in the International Journal of Contemporary Hospitality Management.
Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Myth-Busting UNLV Study Reveals that Gamblers Can’t Detect Slot Machine Payout Percentages
Leading bookmaker becomes official betting partner of first UK Classic meeting of 2024
William Hill has been announced as the new official betting partner of the Qipco Guineas Festival, the first UK Classic meeting of the season.
It’s the latest addition to William Hill’s spring racing roster, following sponsorship of The Lincoln Handicap at Doncaster, the Punchestown Champion Chase and its status as official betting partner of the Randox Grand National Festival.
The 2,000 and 1,000 Guineas headline the three-day meeting and the leading bookmaker will sponsor 15 races across the weekend with the Jockey Club Stakes, Palace House and Dahlia Stakes among the races now featuring the William Hill title.
Aidan O’Brien’s unbeaten superstar City of Troy is still all the rage for the 2,000 Guineas at 4/6 whereas Karl Burke’s Fallen Angel heads a competitive looking 1,000 Guineas market at 7/2.
“We’re delighted to become the official betting partner of the Qipco Guineas Festival, strengthening our relationship with The Jockey Club on the back of a fantastic Grand National Festival,” a spokesperson for William Hill, Lee Phelps, said. “It’s brilliant for William Hill to be associated directly with such a prestigious event at Newmarket, the home of the thoroughbred, for this season’s first two Classics. The company has a close connection with the history of the 2,000 Guineas as William Hill himself bred the 1949 winner, Nimbus, who then went on to win the Derby.
“We’re excited to be involved at racing’s key meetings and see the Qipco Guineas Festival as the perfect sponsorship as the British flat season kicks into gear.”
Newmarket – 2,000 Guineas: May 4, 2024
| City Of Troy | 4/6 |
| Rosallion | 4/1 |
| Notable Speech | 12/1 |
| Henry Longfellow | 12/1 |
| Night Raider | 16/1 |
| Alyanaabi | 16/1 |
| Ancient Wisdom | 16/1 |
| Task Force | 16/1 |
| Ghostwriter | 16/1 |
| Iberian | 20/1 |
| BAR | 25/1 |
Newmarket – 1,000 Guineas: May 5, 2024
| Fallen Angel | 7/2 |
| Ylang Ylang | 4/1 |
| Dance Sequence | 5/1 |
| Ramatuelle | 10/1 |
| See The Fire | 12/1 |
| Content | 12/1 |
| One Look | 14/1 |
| Pretty Crystal | 14/1 |
| Buttons | 20/1 |
| Purple Lily | 20/1 |
| Porta Fortuna | 20/1 |
| Star Style | 20/1 |
| BAR | 25/1 |
The post William Hill Announced as Official Betting Partner of Qipco Guineas Festival appeared first on European Gaming Industry News.
Latest News
Midjiwan Supports Reforestation Efforts With New Elyrion Tribe Skin In The Battle Of Polytopia
Midjiwan, the award-winning independent studio behind The Battle of Polytopia, is celebrating Elyrion (∑∫ỹriȱŋ) Tribe Week with a brand-new Midnight (₼idŋighţ) skin and donations to support reforestation.
Tapping into the Elyrion Tribe’s nature magic abilities, every purchase of an Elyrion item in the game will plant one real-world tree from April 22-28 2024. Midjiwan has teamed up with The Canopy Project, an organisation that works with global partners to reforest areas in urgent need of rehabilitation, combining The Battle Of Polytopia’s themes with a desire to make real change in the world. Previous years of Elyrion Tribe Week have resulted in the planting of over 12,000 trees.
The Elyrion Tribe is a mysterious group of elves, dedicated to defending their woodland home with their unique magic and connection with nature. Players using the Elyrion tribe have the ability to enchant animals into Polytaurs and summon powerful Fire Dragons.
Christian Lövstedt, General Manager at Midjiwan, commented:
“This is a hugely exciting partnership, allowing players to support the planet and contribute to reforestation whilst also accessing brilliant new content to use in The Battle Of Polytopia.”
Alongside donating to The Canopy Project, The Battle Of Polytopia also boasts a brand-new skin for the Elyrion Tribe! The Midnight skin allows players to create graves, build crypts, and summon demons in dark forests, all in service of the mysterious Shard of D’Naeh.
The Midnight skin re-skins the entire Elyrion Tribe as the Midnight Cult. Everything the Elyrion Tribe is all about – nature, enchantment, and sanctuary – is turned on its head, corrupted into a dark, twisted dystopia of itself.
Midjiwan has already invested €250,000 in solar power projects in rural areas around Africa, and other charitable projects. The studio continues to seek opportunities to combine its in-game creativity with real-world benefits. The Battle of Polytopia is available on Nintendo Switch, the App Store, Google Play, PC, and Tesla cars.
The post Midjiwan Supports Reforestation Efforts With New Elyrion Tribe Skin In The Battle Of Polytopia appeared first on European Gaming Industry News.
In its LinkedIn newsletter, ‘The SOFTSWISS Special’, SOFTSWISS, a global tech expert with over 15 years of experience in iGaming, delves into the impact of Bitcoin Halving on the iGaming realm.
The recent historical moment of Bitcoin Halving took place on 19th April 2024. SOFTSWISS, a pioneer in crypto-friendly iGaming software, shares its insights and forecasts for how this event may shape the future of iGaming, shedding light on potential opportunities and challenges for industry stakeholders.
What is Bitcoin Halving?
The Bitcoin halving is a scheduled event that occurs approximately every four years or every 210,000 blocks. During this event, the reward for mining and verifying new blocks is reduced by 50%, resulting in miners earning only half the number of BTC per mined block.
Since its launch in 2009, Bitcoin’s mining reward has halved four times, occurring in 2012, 2016, 2020, and 2024. The recent April halving reduced the reward to 3.125 BTC per block. Such events are crucial for Bitcoin’s scarcity and inflation control, ensuring that the total supply never exceeds 21 million coins and aligning with its deflationary principles.
Historically, each halving event has resulted in a rise in Bitcoin’s price. This is attributed to the reduced supply and increased scarcity, although other market factors have also influenced these outcomes.
Exploring the Impact of Bitcoin Halving on the iGaming Industry
To provide an in-depth analysis of the Bitcoin Halving impact on iGaming, SOFTSWISS invited Bradley Peak, blockchain expert and tokenomics adviser, to share its anticipations.
- Bets rise: The halving is expected to lead to an increase in Bitcoin’s value. If the trend of impressive price surges persists, Bitcoin-friendly iGaming brands could see a positive impact.
- Crypto adoption increase: Implementing crypto-friendly models has the potential to boost player trust and transparency in iGaming. Additionally, it could rejuvenate unique gaming experiences like provably fair games and decentralised casinos.
- Regulatory frameworks improvement: The recent Bitcoin halving could prompt regulatory bodies to reassess their stance on cryptocurrency gambling. This could lead to new regulations ensuring fairness, responsible gambling, and anti-money laundering measures in the crypto-driven iGaming sector.
Bradley Peak, blockchain expert, comments on the recent changes: “Any transformation will not be without its challenges. It is important to adapt – invest in employee learning and development, onboard crypto processing, and make sure your platform remains secure in the process.”
Explore the influence of the 2024 Bitcoin Halving on the iGaming industry in the fourth edition of The SOFTSWISS Special newsletter on LinkedIn.
About SOFTSWISS
SOFTSWISS is an international tech company supplying software solutions for managing iGaming projects. The expert team, which counts over 2,000 employees, is based in Malta, Poland, and Georgia. SOFTSWISS holds a number of gaming licences and provides one-stop-shop iGaming software solutions. The company has a vast product portfolio, including the Online Casino Platform, the Game Aggregator with thousands of casino games, the Affilka affiliate platform, the Sportsbook Platform and the Jackpot Aggregator. In 2013, SOFTSWISS was the first in the world to introduce a Bitcoin-optimised online casino solution.
The post Should iGaming Be Worried About 2024 Bitcoin Halving? appeared first on European Gaming Industry News.
William Hill Announced as Official Betting Partner of Qipco Guineas Festival
Midjiwan Supports Reforestation Efforts With New Elyrion Tribe Skin In The Battle Of Polytopia
Should iGaming Be Worried About 2024 Bitcoin Halving?
Booming Games Launches New Slot “Fruit Heaven Hold and Win™”
Blueprint Gaming Combines Angling Excitement and Irish Folklore in Latest Title Plenty O’ Fish
Pragmatic Play Roams Wild in Release the Bison
56 suspicious betting alerts reported by IBIA in Q1 2024
Leon Secures Sponsorship of Four MMA Fighters for Increased Brand Exposure
Tom Galanis: giving a First Look at the Top of the Slots
Gibraltar Gambling Commission Attends International Olympic Committee and UEFA Workshop
-
Latest News2 months agoFairplay Exchange signs as new sponsor of Stephen Hendry’s Cue Tips
-
Latest News2 months ago
2 PEOPLE CAUGHT OPERATING ILLEGAL ONLINE GAMING SITE
-
Latest News3 months ago
Playtech Extends Partnership with BoyleSports Until 2028
-
Latest News3 months agoWazdan partners with 711.nl for significant expansion in the Netherlands
-
Latest News3 months agoOneCasino Partners with Delasport to Also Conquer Sports Betting in the Netherlands
-
Latest News2 months ago
StarGames Named Premium Partner of the International ADAC Truck Grand Prix 2024
-
Latest News2 months ago
Casino Crypto Giant Bitline Partners with Ciphertrace for Enhanced Compliance in Digital Asset Transactions
-
Latest News2 months agoEuropean Gaming Q1 2024 Meetup: Exploring Innovation, Marketing, and the iGaming Industry Hubs
You must be logged in to post a comment Login