Slot Machines Bring In Billions, So Why Are So Many Casinos Removing Them?
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Nevada is on a 14-month record revenue streak thanks to slot machines. One-armed bandits generated $9.2 billion last year across the Silver State. After Covid shutdown, casinos found a new revenue generator: slot machine. In 2019, Nevada had an average of 140,554 slot Machines. In February 2020, there were 139,753 machines, by 2021, the state average was down to 119,000. The state's casinos collected more than $1 billion in gaming revenue from the casinos between March 2021 and April 2022. Slot machines accounted for 63.3% of total state win between 2010 and 2019.
Today's slots give players slimmer odds at winning big jackpots, but they elongate the time it takes to lose everything.
The slot industry's ultimate goal is to increase the amount of time spent playing. The higher the payback rate, the more time a player spends playing, which means they eventually lose more money. According to Natasha Dow Schüll, an associate professor at New York University, there has been a decades-long drive to make slots more addicting. The new slot machines have become so sophisticated and able to accommodate the range of human desires that hitting the jackpot is often beside the point. For many people, putting their money into a slot machine today is an escape.
