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Thread: Huge Slot Payout Mechanics

  1. #1

    Huge Slot Payout Mechanics

    Someone wins a million dollar prize on a slot machine. Perhaps a game like “Million Degrees”. Someone told me that, in fact, the casino is not the entity that makes the payout.

    It make sense to me intuitively that every casino that places the game is not also holding that kind of cash.

    Who makes the payment? Is it the game manufacturer - like IGT? Is it another company that leases the machines to the casino in some kind of revenue split? Are they purchasing an insurance policy or are they the one that takes the risk?

    Walk me thru the payout. It now appears to me the casino isn’t on the hook and isn’t going to have the cash in the cage. I guess a phone call is made from the casino to some other company. How long does this take?

    What is the dollar break point where a casino accepts the risk or shifts the risk to another outfit that runs the pool. $100,000?

    Maybe casinos don’t own any slot machines. Maybe they are all leased. Wouldn’t that be something.

    I’m not a slot player but people talk, you hear things.....

  2. #2
    Cubic Zirconia
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    Your intuitions are both right and wrong in this case.

    First off, where you're wrong is regarding cash availability. The casino absolutely has the cash on hand to pay it. By law, at least in every U.S. commercial jurisdiction that I'm aware of, the casino must keep enough cash on hand to cover every single max slot payout and every table game chip in their inventory. This obviously adds up, at least at the larger stores, to tens of millions of dollars or more.

    Where you're correct is regarding the huge seven figure-type slot jackpots. Most of these are known as "wide-area progressives," where more than one casino within a jurisdiction has a certain type of machine linked to the same top award. In these cases, IGT (or whoever) IS on the hook for the top award. Obviously, they also share in the revenue generated from these machines with the host casino.

    Also, with most of these life-changing money type jackpots, the winner has the option to take the full amount in an annuity, or take a lesser "lump sum" cash payout immediately. Similar to how Powerball works.

    Hope this helps!

     
    Comments
      
      Sanlmar: helpful

  3. #3
    Quote Originally Posted by go_buccos View Post
    Your intuitions are both right and wrong in this case.

    First off, where you're wrong is regarding cash availability. The casino absolutely has the cash on hand to pay it. By law, at least in every U.S. commercial jurisdiction that I'm aware of, the casino must keep enough cash on hand to cover every single max slot payout and every table game chip in their inventory. This obviously adds up, at least at the larger stores, to tens of millions of dollars or more.

    Where you're correct is regarding the huge seven figure-type slot jackpots. Most of these are known as "wide-area progressives," where more than one casino within a jurisdiction has a certain type of machine linked to the same top award. In these cases, IGT (or whoever) IS on the hook for the top award. Obviously, they also share in the revenue generated from these machines with the host casino.

    Also, with most of these life-changing money type jackpots, the winner has the option to take the full amount in an annuity, or take a lesser "lump sum" cash payout immediately. Similar to how Powerball works.

    Hope this helps!

    I thought it was to cover every chip on the floor; they keep a shit ton more in the back so i'm not sure about that. also, did not know about the max slot rule. Anyway, def right about the area wide progressives most of which are IGT. You have to wait on an IGT employee to come verify the machine before you can get paid, sometimes can take hours.

  4. #4
    If you are familiar with Dotty's in Nevada . If you hit a jackpot on one of there machines I think $1200 or more you have to wait for a district super to come around and pay it out. I am not sure but I think the reason is they are in shady locations mostly and do not keep a ton of cash outside of safes .

  5. #5
    Quote Originally Posted by Tellafriend View Post
    Quote Originally Posted by go_buccos View Post
    Your intuitions are both right and wrong in this case.

    First off, where you're wrong is regarding cash availability. The casino absolutely has the cash on hand to pay it. By law, at least in every U.S. commercial jurisdiction that I'm aware of, the casino must keep enough cash on hand to cover every single max slot payout and every table game chip in their inventory. This obviously adds up, at least at the larger stores, to tens of millions of dollars or more.

    Where you're correct is regarding the huge seven figure-type slot jackpots. Most of these are known as "wide-area progressives," where more than one casino within a jurisdiction has a certain type of machine linked to the same top award. In these cases, IGT (or whoever) IS on the hook for the top award. Obviously, they also share in the revenue generated from these machines with the host casino.

    Also, with most of these life-changing money type jackpots, the winner has the option to take the full amount in an annuity, or take a lesser "lump sum" cash payout immediately. Similar to how Powerball works.

    Hope this helps!

    I thought it was to cover every chip on the floor; they keep a shit ton more in the back so i'm not sure about that. also, did not know about the max slot rule. Anyway, def right about the area wide progressives most of which are IGT. You have to wait on an IGT employee to come verify the machine before you can get paid, sometimes can take hours.
    Wide area progressives. Yes, I have heard it can take a while. The involved casino often comps you a room.

    If appears by these responses the wait speaks more to the IGT rep “verifying” the machine than IGT making the payout - i.e, delivering the cash.

    I was oblivious to this aspect of IGT’a business. I had them pegged as a manufacturer only in my head.
    Last edited by Sanlmar; 08-18-2019 at 09:33 PM.

  6. #6
    1 who gives a shit and 2 is sally out here trying to scam slot machines

  7. #7
    i mean the slot machine scamming i expect from blake and maybe chaps but not yung sal palontino here

  8. #8
    Bucco, what is the deal with skill based casino games? E-gaming.

    Why hasn’t this filtered onto the casino floor yet?

    Heads up (or more) games between patrons. I’d prolly watch that live if there were big prizes/bets.


    I am not a video gamer, of course. I need to constantly be reminded just how huge this segment has become. Gaming revenue dwarves the movie industry, for instance. That’s important. The scale is beyond my comprehension.

    The discussion about online poker - lack of action in the legal rooms, shared multi state pools pools yada yada.

    The juice has moved on to other arenas. This time it’s e-gaming. This is how trends (fads) shift. Chess and poker will always exist but no legislation is going to relight the fuse.

    The e gaming thing is so enormous and I am oblivious. That speaks to my generation. That casinos have not moved more quickly - well, that speaks to just how stupid that industry is.
    Last edited by Sanlmar; 08-18-2019 at 09:48 PM.

  9. #9
    were gonna need you to calm down sal

  10. #10
    Quote Originally Posted by lol wow View Post
    i mean the slot machine scamming i expect from blake and maybe chaps but not yung sal palontino here
    I have never had polenta. This is a huge gap in my experience that needs to be addressed

    I need a recipe - wow

    You East LA chicos ..., that’s a staple right? Polenta on a stick at Dodger games?

  11. #11
    you understand polenta is not hard to get right

  12. #12
    its literally peasant food

  13. #13
    like this is the most bizarre twist in the history of poker todge alert polenta literally costs like 0 dollars and u havent had it ever

  14. #14
    i have grossly overestimated you sal

  15. #15
    also in the vein of sal being a fucking gross scammer the new danny mcbride thing that came out tonight on hbo is vvvvvvvvvvvvery good

  16. #16
    HBO McBride recommendation

    I just wrote that on the palm of my hand with a sharpie. Alzheimerís and this phone notes feature is beyond my ...

  17. #17
    sally get ur life together

  18. #18
    The Cubs actually won a game on the road and frankly Iím rattled


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  19. #19
    its alright skatz is celebrating the 21st anny

  20. #20
    THINK YOU HOLDING WEIGHT THEN YOU HAVENT MET THE APES honestly that line should get him paid like bobby bonilla for perpetuity

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