According to our newspaper the Indiana Gaming Commission requires slot machines to payout at least 80% of money wagered. The last state audit showed the average to be 92%. I take this to mean that if I put $100 into the slot I will get $92 back, on average. If I put the $92 back in I will get 92% or $84.64 returned. If I pulled out a fresh $100 to start each session I would lose $100 in about 8 sessions of play. What we as players hope is that we will be lucky and beat the average. This is very possible for one or a few sessions. After all, if you flip a coin it can happen that you get perhaps 9 out of 10 heads initially. Over a long session though the average will take over and heads and tails will be about the same. Similarly, over the long haul, the Casino’s edge of 8% will grind you down to zero. Moral: play for fun and keep your wagering modest.
My brother told me about a gal he knew that went to Las Vegas on vacation and won $10,000. She was so thrilled she moved to Las Vegas and began gambling a lot. After a few months she was broke and her life was almost ruined.
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