SLOT MACHINES AND KENO
These two games are by far the worst possible ways to spend your gambling dollars.
Here is a quick math lesson for the doubters out there:
SLOTS
assume there is a 90% payout rate on slots (AC avg is about 90%), which means for every dollar played, 90 cents are returned to the gambler.
You start with $100.
that becomes 90
you play that 90, you're left with 81
you play your $81, you're left with $72,
you play your $72, you're left with $65
get it? Additionally, that 90% payout reflects your hitting the maximum jackpot at some point.
Do you know the odds of you hitting that $1.5 million quartermania jackpot?
roughly, 49,787,136 to 1.
KENO
This one's easy... if you want to play keno, just send the casino a check and save yourself the gas and tolls. Take the simplest Keno bet: 1 number.
If you bet $1 and hit your 1 number, you win $1 (you get your original buck back of course).
Pretty easy, right. you pick 1 number out of 80. They draw 20 numbers. Hmmm, looks like 4-1 against you winning, not even money, as you're paid. Even better: the 10 spot or 20 spot keno ticket. You've probably noticed a few signs in the Keno lounge: 'Maximum Aggregate Payout: $50000'.
That means the casino is not going to payout more than $50K per game - TOTAL!
So, hypothetically, if 50,000 people play $1 10 number tickets, and all players hit 10of10... they each get $2. 1 for their original bet, 1 as their share of the $50K aggregate payout.
Of course, you're not going to have that many players playing or winning, but the odds of you hitting 10 of 10 are ASTRONOMICAL.... millions and millions and millions to 1. But the most you'll win is $50,000. And you might have to split that with someone else.
Stick to these games if you want to have the best chance of winning:
blackjack - buy a $1 basic strategy card, memorize it, don't question it. It is the correct play.
craps - only bet the pass line/don't pass line with maximum odds, and place the 6&8.
baccarat - player or banker, don't bet 'tie'.
Those 3 games will keep the house edge below 1.5%, which is almost like betting on a 50-50 bet and getting paid even money.
Written Aug 24, 2002
Gambling. I guess you have to decide the entertainment value of gaming, and stick with that. Jon came out $70 ahead. I didn't try at all. I prefer to gamble in mutual funds. It is really sad to see people who can't afford it, just hooked on that something for nothing, get rich myth.
Written Aug 24, 2002
As always we say that this is a big waste of time and money, same stuff in every town. I feel time can be much better spent, like enjoying the beach!
Written Mar 26, 2005
Money goes so fast here! I only lost $5, but was so tempted to gamble away more.
Written Oct 8, 2003
The candy store can suck you in - you will be buying salt water taffy before you know it.
Written Aug 25, 2002
A lot small items in the gift shops at the boardwalk can be bought at a Boardwalk dollar store (Everthing 99 cents!). But spend the extra couple of buck's and buy real salt water taffy from JAMES'.
Written Aug 24, 2002
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