So, I've been writing some new content for the PokerChest website. Here's a little excerpt from the section on slot machines:
Remember, in the long-run variance won’t add up to that much. Slot machines are programmed to only pay you back a percentage of what you put in, and that percentage is always less than 100.
It's really interesting to me that people play at slots, a game that pretty much assures a loss and doesn't even seem enjoyable. Poker is not that sort of a casino game - if you know how to play, you can beat the house and your opponents in the long run. And even in a lot of the other card games, though it is statistically probable that you will lose, there is some level of agency. And, beyond all of that, most casino games of chance are fun. You are basically paying for the enjoyment of losing your money at Craps, for instance.
With Slots, that doesn't seem to be the case. It's all computerized. So, is it enjoyable? I mean, c'mon. Is it enjoyable to watch numbers blast out of a chute when you are playing lotto? I don't hear of those broadcasts having particularly high viewerships. I don't think it is quite so simple.
Next Post: My Theory.
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