Poor odds
expand in
Iowa slots
February 21
In Iowa, slot
machines that
tender the worst
odds for
gamblers are
on the rapid
rise. Iowa's 10
casinos now
account for
just under 25%
of slot machine
earnings.
In the last
year, the number of
1 and 2-cent
slots has
doubled. This
statistic stems
from a
review of Iowa
Racing and
Gaming
Commission
records. Known
as penny
machines, they
allow players to
bet up to $2 per
spin and yield
horrible odds.
As recent as
two years ago,
they accounted
for only 4% of slot
machine
earnings, or $70
million. So far,
for the year
that ends this
June 30, casinos
are on track to
earn $184
million from the
grouping that
includes these penny
machines.
Riverboat
spokespeople
state that the
slots are still
in high demand.
They state that
these machines
include more
entertaining
games and make
customers' money
last longer
because they
permit smaller
bets.
Even two
years ago, the
Mississippi
Belle II didn't
even have
penny machines.
As of January,
40% or its
machines on the
casino's floor
allowed penny
bets, accounting
for 66% of its
slot earnings.
In January,
though still
less in number
than 5-cent slot
machines, the
grouping that
includes penny
machines was a
reported 2,339
machines.
Penny
machines can
vary to a great
extent from
traditional slot
machines where,
if a symbol pops
up on three
reels, it sets
off a
payout to the
player. Instead,
players bet up
to 10 credits on
each of 20
possible winning
lines on the
penny slots,
setting off
animated
graphics and
interactive
bonus screens.
Many players
to the wise know
that penny
machines are
just another
enticement for
casinos to get
people in the
door. Knowing
that a greater
number of
gamblers will
move-on to more
expensive
machines.
Records
illustrate that
some casinos
keep two times
the amount of
money from a $1
wager on a penny
machine than
from a $1 wager
on a $1 slot
machine.
Spokespeople
for some of the
casinos in Iowa
say that they
will even be
providing 1/2
cent and 1/4
cent games in
the future.
Player be aware.
