Gold99-money making efficiency

Have you ever traveled to Singapore or Macau? If so, have you tried your luck at the casino in your local hotel?

Financial writer Wu Xiaobo once mentioned in the program that every time his two friends entered the casino, because they were worried that they would lose control, they would hand over most of their belongings to each other, leaving only a small amount of chips on them. Soon, however, they lost all these chips, and then the two would invariably find each other in the casino, exchanging their own money for more chips…

Indeed, most people rarely set foot in the casino, or even only saw it in the movies. In our opinion, a casino is like a “big money pit”. There are a lot of gambling games, such as blackjack, Russian roulette, Texas Hold’em, etc., which can easily win away the chips in the hands of the gamblers.

But what you may not know is that the “money-making efficiency” of the above-mentioned gambling games is far less than that of an inconspicuous gambling device, a slot machine.

Gold99-Maximum Leverage

In 1895, Charles. Fei invented a machine with a tiger pattern. He never imagined that this device, later known as a slot machine, would become a crazy gambling device for countless people.

The use of the slot machine is very simple, no need for others to guide, just put the chips into the coin slot, and then pull the rocker arm on one side, the pattern in the glass frame of the slot machine will spin wildly, when the rotation gradually slows down and tends to stop, as long as When a certain pattern (such as three “sevens”) appears, the machine will spit out a large number of tokens, which will undoubtedly prompt the player’s brain to secrete a lot of dopamine, and will also make the people standing on the sidelines eager to try.

Not only that, the most exciting thing about slot machines is that the top of the machine is generally equipped with a cumulative prize pool. When a player pulls a big prize, all the prizes in the prize pool belong to you.Make you misconception about “Maximum Leverage“.

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Gold99-What is a “fascination with a small chance event”?

From 2002 Nobel Laureate in Economics Daniel. Conneman’s Prospect Theory. There is a model of human decision-making in Prospect Theory, called the obsession with small-chance events.

Obsessed with small odds refers to when our investment is very small, but the benefits are huge, people’s decision-making preferences will undergo a major reversal, from risk aversion to risk preference.

For example, as long as you invest two yuan in a two-color ball lottery ticket, it is possible to win a grand prize of five million yuan, although the chance of winning the lottery is only one in seventeen million, which is equivalent to taking a plane once a day for 8,200 years. The probability of a plane crash. However, because the investment is too small, it only takes two yuan for one bet, and a little investment can be exchanged for an opportunity to achieve “get rich overnight”. Therefore, it attracts people to constantly “weave beautiful dreams” for themselves, imagining that one day they will be themselves To be the lucky one who is blessed by God.

Just like the lottery advertisements we often hear: “The lottery bonus is your deposit, but you forgot your password, and every time you lose your password, it costs two dollars.”

4 reward mechanisms

Now that we understand the “Obsessive Odds Event” decision model, let’s return to the topic of slot machines. The appeal of slot machines is that they give you the chance to win everything in the prize pool for one chip (ten dollars) at a time.

Not only that, but on this basis, slot machines also have four reward mechanisms that firmly attract consumers to sit in front of the same machine:

1.Vocal stimulation

Humans are sensory animals. When using a slot machine, they will repeat a series of actions such as coin-in, lever and electronic music with a sense of rhythm. These feedbacks deeply affect people’s emotions. The output, but the small and medium prizes, accompanied by the musical stimulation from the machine, is enough to amplify the gambler’s pleasure after winning the small prize, and encourage you to invest more chips and continue the game.

2.Free meal

Losing money in a row is a huge blow to anyone, and can cause gamblers to leave the game in anger and reduce slot machine usage. In order to maintain the chances of getting on, the casino will arrange beautiful waiters as “lucky ambassadors” to give free drinks, meal coupons and even tokens to gamblers who are on the verge of collapse, which will undoubtedly soothe their injured emotions and inspire gamblers to regain their strength. Raise your flags and fight again.

3.Data boost

“Lucky Ambassador” is a brilliant idea, but it requires a certain human cost, and it takes a certain amount of experience to judge whether a gambler is on the verge of collapse. Modern big data technology provides a perfect solution – through statistics and algorithms, big data can predict which gambler is going to leave soon, at which time the machine will give the gambler who will leave a moderate positive Give back and let him win a prize. The efficiency of this “retaining guest” is more than one level higher than that of the “lucky ambassador”.

4.Sunk cost

The reason a slot machine’s prize pool stands at the top of the machine with striking numbers is to inspire gamblers’ aversion to sunk costs. Every time a gambler puts in a chip, the number of the prize pool will increase immediately, which makes him feel that whenever he has the idea of leaving, he will give up the idea of leaving the game because he is reluctant to put in a lot of sunk costs. Maybe next time I can get my old money back.

Further reading：Gold99-Online slot machine tips: 5 tricks casinos don’t want you to know

Gold99-What you gain

The reason why slot machines are the killer devices in casinos, bringing a lot of revenue to casinos, is precisely because it fits perfectly with the decision model of “obsessed with small odds” in Prospect theory. That is to say, when our investment is very small, but the return is huge, people’s decision-making preferences will undergo a major reversal, from risk aversion to risk preference.

At the same time, we also learned about the feedback mechanism that allows gamblers to sit in front of the same machine for a long time. These feedback mechanisms make everyone addicted to it unable to extricate themselves and never look back on the road of addiction.

Think soberly so that you won’t be swayed; recognize the ending and refuse temptation. Just like the refutation of the confusing logic: “The lottery bonus is your deposit, but you forget your password, and you need two dollars each time you enter the password.” Unfortunately, every time you enter a wrong password, the password will change.