Myths About Slot Machines
Myth:
Slot machines stop on any possible set of stops with equal probability
Fact: This is not true of modern single line slot machines. Some stops
are much more likely than others.
Myth:
Slot machines are programmed to go through a cycle of payoffs. Although the cycle
can span thousands of spins once it reaches the end the outcomes will repeat themselves
in exactly the same order as the last cycle.
Fact: This is not true at all. Every trial is random and independent of
all past trials.
Myth:
Slot machines are programmed to pay off a particular percentage of money bet.
Thus after a jackpot is hit the machine will tighten up to get back in balance,
and when a jackpot has not been hit for a long time it is overdue and more likely
to hit.
Fact: The only part of this that is true is that they are designed to pay
off a particular percentage. However the laws of probability dictate that the
longer the machine is played the closer it will come to its target payoff, even
with every trial being completely random. A jackpot is equally as likely to be
hit on every spin, regardless of past outcomes.
Myth:
Hot/cold coins are more likely to yield good returns.
Fact: The temperature of the coin does not matter. It also does not matter
how long it has been since the coin was last played.
Myth:
Machines pay more if a player card is not used.
Fact: The mechanism that determines the outcome of each play does not consider
whether a card is used or not.
Myth:
If I use a slot card the casino will report my winnings to the IRS.
Fact: The use of a slot card will not change your tax liability. If you
win $1200 or more in a single spin (including the original wager) then the casino
will report the win whether a slot card is used or not. Any smaller win will not
be reported whether or not a slot card is used. The casino does not add up the
smaller wins and report them to the IRS. Aside from the big wins, the player is
on the honor system to report a net win over the entire year.
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