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Iowa Penny Slots Add Up to Big Profits

IOWA – As reported by the Quad-City Times: "Iowa's riverboat casinos have turned to the lowly penny for a large chunk of their multi-million-dollar profits.

"Almost a quarter of the slot machine revenue for the state's riverboat-casino industry now comes from 1- and 2-cent slot machines, which accounted for just 4 percent of revenue two years ago.

"Penny machines allow players to bet up to $2 per spin but offer the worst odds of any denomination machine — fueling worse overall slot machine odds for players and putting casinos on pace to earn a record-high $644 million from slots this fiscal year.

"The number of machines doubled in the last year in the category that includes penny denomination machines — a category the state did not even track three years ago.

"Quad-City region casino representatives say technology has made it possible to deliver what customers demand: more interactive and entertaining slot games with smaller bets to make their money last longer.

"…The low-denomination slots allow the Iowa Quad-City casinos to offer players from the Chicago and Illinois markets a different experience, said Nancy Donovan, regional vice president of The Isle of Capri, which owns the casinos in Bettendorf and Davenport…"

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