Workin' the Slots
Slot Machines were once shunned by 'real' gamblers, patronized only by their bored wives and girlfriends or first-time casino-goers who knew nothing more about gambling than how to drop coins into a slot. How times have changed. These days, they are the most popular and profitable part of the entire casino industry, so much so that some smaller casinos offer nothing but slots and video poker.
Novice gamblers prefer slots because there is little to learn and no pressure from dealers or other players. Put in money, pull the handle and in a few seconds, you are either a winner or a loser. Very simple. Plus, Jackpots can reach millions of dollars. But there is a downside, and a big one. Slots give the house an edge from two to 25 percent, often making them one of the worst bets in the house. And your chance of hitting a million-dollar jackpot is... well, what is the tiniest unit of measurement you can imagine?
Smaller than that. Way smaller.
The basic slot machine accepts a maximum of either two or three coins, some take four or five, some just one, and a new breed of slots now takes up to hundreds of coins, including pennies. Each coin beyond the minimum increases the payout proportionately (twice as much for two coins, triple for three) should a winning combination appear. In most cases, the winnings on betting the maximum number of coins are exponentially higher, almost always, the posted 'jackpot' can only be won by betting the maximum number of coins on the winning pull. Always check the pay tables at the top of the machine. Many machines have multiple pay lines. On these machines, an added pay line is activated each time another coin is wagered.
Modern slots usually have a coin counter that displays your credits. Instead of coins crashing into the stainless-steel bin, wins are registered as credits. Often, there is a bill changer attached, so players can simply slide in a $20, and $20 of credits appear on the counter. Bets are made by pulling a handle or pressing a 'Spin' button. When finished, players hit the 'Cash out' button, and coins for all unused credits drop into the bin. The casino provides plastic cups to carry coins to other machines or the cashier. Some of the newest slots are 'coinless'. When you cash out, the machines print a voucher for the amount of money you have left, which can be redeemed at a change booth or the cage.
All slots fall into two categories non-progressive or regular and progressive. Regular slots have fixed payouts, which are posted on the front of the machine. Progressive slots offer a fixed payout schedule, as well as the chance to hit a huge jackpot. This jackpot funded by a percentage of every coin wagered, grows continuously until somebody wins it. A meter above the machines displays a running total of the current jackpot.
Many progressive slots are linked to form a system that feeds the jackpot. These machines might be from one carousel in a single casino with a $1,000 jackpot, or spread across casinos throughout the state with multi-million dollar jackpots. With hundreds of machines in the system, the jackpot can reach astronomical levels. The Megabucks linked progressive, for example, consists of more than 700 machines. The world record slot jackpot of nearly $40 million was hit March 2003 at Excalibur by a 25-year-old computer programmer. Thought rare, these payouts are well publicized, not least because they make excellent bait.