The Daily Ticker joined up with Edward Farrell, President of Resorts World Casino New York City to snag some insider insight into the top secrets of the gaming world.
Secret #1: Casinos want you to bet within your means
You may be surprised but casinos prefer it when you spend within your means, even if that’s just $75 per visit. At Resorts World, the average customer spends under $100 on games, says Farrell. “It certainly benefits us when customers spend what they’re comfortable with and to their budget because then they’re able to come back again.” If people who come in and spend more than they can reasonably lose, “it’s bad for them it’s bad for our community and it’s bad for us,” he says.
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Casinos don’t expect you to be a high roller and you certainly don’t need to spend more than you’re comfortable with to receive perks like free food, drinks, and more. Casinos value a repeat customer more than someone who blows it all in one go.
Secret #2: Casinos make a big impact on the economy
Although you may lose a pretty penny to the casino, they’re paying major taxes, creating jobs and incentivizing tourism.
Since Resorts World opened in 2011, they’ve created 1,500 full-time jobs and paid over $1 billion in taxes to the state of New York and other local communities. This is indicative of the gaming industry at large, which brought in $37 billion in revenue in 2012 and paid out $8.6 billion in state and local taxes.
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According to The American Gaming Association, casinos employed 332,000 people who earned a total of $13.2 billion in 2012. Gaming equipment manufacturers created an additional $13 billion in direct economic output.
Secret #3: Make sure to sign up for a players card
If you want to get rewarded for playing, sign up for a player card first thing.
“The advantage of having a players card is that it’s how the casino recognizes how much you play and how the casino can reward you with complimentary cash back. If you’re going to play at a casino you’re going to get the best value if you join the players club,” explains Farrell.
Casinos will often reward those who spend with car rides, hotel rooms, food, drink and cash back.
Secret #4: Americans lose big at the casino
U.S. gamblers lost $119 billion last year, the biggest loss by country, according to h2 Gaming Capital.
Why do Americans lose so much? Well, there’s one glaring reason: “Casino gaming is set so that the casino does win money, and obviously that’s part of the business,” says Farrell.
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80% of Americans gamble at least once a year, according to the American Bar Association. That could be because the casino is an escape from the mundane, exciting entertainment and a fun, social activity. It could also be because of the Dunning-Kruger Effect, which is a cognitive bias where people perform poorly on a task (or a slot machine) but lack the ability to properly evaluate their performance (they keep playing).
Secret #5: Getting you hooked at the casino is a science
Casinos work very hard to get you on the floor and keep you there. Research papers, books, and even conventions have worked to understand what the best layout on the casino floor is and what keeps people shelling out the big bucks, even when they’re losing.
Research has found, for example, that fast music and red lights make gamblers bet at a faster pace, women tend to spend more when they casino floor is less crowded, and a nice scent pumped through the vents might encourage a gambler to play that slot machine one more time.
If this has tempted you to bet it all, please remember to gamble responsibly.
Big money, no whammies!
