Never been much of a gambler. Other than the occasional lottery ticket when the jackpot hits $500 million – it just isn’t something I am attracted to.
However, being an engineer and tinkerer at heart, who loves learning how things work, I know a bit of how slot machines work, and how they are controlled by the Casino to regulate payouts to maintain the standard house cut. The odd in a casino are set in such a way that the house always maintains a 8-17% cut of all slot machine games. Penny Slots can be as high as 30% In other words the odds of winning are juggled electronically so the house “wins” a steady percentage of the money bet. Meaning about 85% of the money bet goes into “payouts” to the customers. Non-electronic games, Blackjack, Baccarat , Roulette have rules which favor the house winning. Generally if the payout is very high, the chance of winning is very low.
It is bad business not to pay out, as the sight of someone “winning” tends to drive customers to spend more.
So this one, and the “house rules” are definitely …”Bad Business”.
A woman in New York who won nearly $43 million from a slot machine in August was sad to see her wins disappear before her eyes almost immediately, WABC reports.
Katrina Bookman hit the jackpot at the Resorts World Casino in August, but when she came back to collect her winnings the next day, a casino representative told her that she hadn’t actually won.
The machine apparently malfunctioned. While Bookman wasn’t able to walk away with the nearly $43 million, the Casino did offer her a steak dinner.
A notice on the slot machines states, “Malfunctions void all pays and plays.” However, Bookman and her attorney Alan Ripka both believe that she should be offered the maximum amount of money an individual can win on the Sphinx slot machine, which is $6,500.
“They win and the house doesn’t want to pay out. To me that’s unfair,” Ripka said. “The machine takes your money when you lose. It ought to pay it when you win.”
The New York State Gaming Commission says Bookman is only entitled to her winnings, or $2.25. Bookman plans to sue the casino.
The machine she used was reportedly removed, fixed, and then put back for use.
The question here is…If the slot is broken – does the Casino compensate those who have lost money on that broken machine?