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Casinos Tougher Odds Bring in More Money

"Although slot machine odds always favor the house, Illinois casinos have boosted their chance of winning--and the gambler's chance of losing--by an average of 13 percent from what it was 31/2 years ago.

"With gamblers dropping more than $24 billion into slot machines in the state last year, that shift in odds is worth about $170 million a year to the industry.

"…Illinois casinos are winning more largely because they, like casinos in other states, have stocked their gambling floors with a new generation of nickel slot machines that combine better odds for the casino with relatively large bets by the gambler.

"The new slots accept bills, with a $1 bill showing up on the machine as 20 "credits" available for betting. With each bet, a video screen projects the image of spinning wheels, and the gambler hopes that when the image stops the game's cartoonish symbols--modern versions of the old-time fruit or black bars--will line up in way that triggers a payoff.

"…In the casino industry, slot machine odds are measured in `hold.' A slot machine with a relatively low hold of, say, 3 percent is set electronically so that for each $100 in wagers it takes in, the slot machine pumps back $97 as winnings and squirrels away $3 for the casino.

"A hold of $10 makes the machine harder to beat: For each $100 that gamblers feed in, only $90 comes back in winnings.

"…By law, casinos in Illinois can set their slot machines to hold as much as $20 for each $100 wagered. But competitive pressure keeps the hold much lower.

"…In Illinois, the average hold on slots of all denominations was $5.66 on each $100 wagered in 1999. It rose to $6.14 last year and to $6.37 in the first six months of 2002. Thus, since 1999 the average hold has risen 13 percent…"

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