My goal when playing a slot machine is to win a jackpot. (The jackpot is the top prize on a machine.)
There’s a thrill involved in winning a big prize that doesn’t compare with what other lower-prize games offer. But I’m also keenly aware that I’m not a net winner.
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- As slot machines have the little lever you pull on the side. There's a light on the end of it, it changes colors. It goes green, yellow, orange, red, and pink. Well one night I was bored and started trying to pull the lever when the light was orange. I'll admit, I have not yet hit the jack pot. But all other useful items have increased immensely.
Sure, I’ve hit a few large jackpots. But I’m absolutely certain that I’ve lost enough money both before and after those jackpots that I’m a net loser over time.
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There’s not much you can do to avoid that fate, because that’s how slot machines work. They’re negative expectation games. If they weren’t, the casinos wouldn’t offer them. Casinos are inbusiness to make money, and they do that by offering games where they have a mathematical edge over the player.
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Confirmation bias often encourages players to think they’re winning more often than they thought. I can’t count how many people I’ve met who were absolutely convinced that they were “about even”over the course of their slot machine playing career.
In fact, if every player I knew were really “about even,” I’m convinced that the casinos wouldn’t still be in business.
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But it’s also undeniable that some slot machines are looser than others. (A “loose” slot machine game is one which pays out more than a “tight” slot machine. It’s a vague word that can beevaluated in multiple ways, as I’ll explain in the next section.)