1. Casino Table Drop Definition
2. Casino Drop Definition

Casino Table Drop Definition

A member of the coin drop team removes the coin drop buckets from the slot drop cabinet. To ensure funds are not removed from the coin buckets, a second employee must be able to monitor (witness in person) at all times the drop team member opening the slot drop cabinets, removing the coin drop buckets, and placing the coin buckets on the. A casino's table games' win divided by the drop (buy-in) = hold Hole card. The dealer's face down card Hop. A cheating method in which cards are cut in such a way as to return them to their original pre-cut state Hot hand. A run of high valued cards House. Another term for the casino Humps. If a casino or card club offers 24-hour gaming, the term 'gaming day' means that 24-hour period by which a casino or card club keeps its books and records for business, accounting, and tax purposes. 12 A casino or card club must have only one gaming day, which is common to all its gambling operating divisions or departments. Maintaining one.

Gambling is good business, or at least a profitable one. According to the American Gaming Association, in 2012 the 464 commercial casinos in the U.S. served 76.1 million patrons and grossed $37.34 billion.

Each year gaming revenues in the U.S. yield more profits than the theatrical movie industry ($10.9 billion) and the recorded music industry ($7 billion) combined. Even the $22.5 billion combined revenue of the four major U.S. sports leagues is dwarfed by earnings from the commercial casinos industry.

Gambling is such good business that despite reported negative impacts — such as increased poverty and unemployment, higher crime rates, and decreased property value in nearby neighborhoods — the state of Illinois early this year passed a law to allow slot machines in all establishments that sell alcohol.

Gambling is not just common, it's also accepted. Despite the fact that for an estimated 4 percent of the population gambling represents a problematic and even pathological addiction, 85 percent of Americans feel that gambling is either perfectly acceptable for themselves or if not themselves for others in a country where more than 20 states now allow some form of commercial casino.

It's not too hard to see why casino lobbyists believe casinos make a positive contribution to the communities in which they operate.

It's far less easy to understand why so many Americans enjoy gambling even though it tends to result in the loss of money.

You lose, the casino wins

As a general rule, we tend to repeat behavior that produces desirable results and avoid behaviors that result in loss. We repeat jokes that people laughed at, choose jobs that we enjoy and that pay the most money, and avoid behaviors that produce fines. Following this logic, one would expect a gambler to only play as long as they are winning and then cut their losses when they begin to lose.

Casino Drop Definition

Yet gambling appears to operate differently; players play faster after losses and bet persistently regardless of the percentage of payback, magnitude of return, or the lack of winning entirely. So what encourages gambling behavior if losing occurs more frequently, and payouts do not exceed buy-ins?

One explanation is that gamblers poorly judge the actual probability of winning, even as their pile of tokens and coins dwindles before them.

Some examples of this phenomenon can easily be seen in the language of gamblers. 'My luck is going to turn,' 'A win is coming,' or 'I am on a hot streak,' are all statements that speak to an over-confidence in one's ability to predict functionally random events.

Gamblers will often say these things after an unusual series of outcomes, for example, ten straight losses on red at roulette. The gambler may then proceed to bet more on red, in the false hope that the next spin is more likely to come up red due to the overall probability of the game (50 percent chance of red).

This flawed logic is called 'The Gambler's Fallacy.' It stems from a misunderstanding of how probabilities are assessed; in fact the outcome of the previous spin of the roulette wheel has no influence on the outcome of the next spin. The probability of red remains stubbornly fixed at 50 percent.

Missed it by that much

Another example of how gamblers misjudge losing outcomes can be seen when individuals respond to losses that are similar in appearance to a win. Receiving two out of three symbols necessary to win on a slot machine is a loss but players often respond to this 'near miss' with excitement, increased betting and more persistent play.

Winning and almost winning are such similar events to many people that they respond in the same way to both. People pause, for example, for longer after a win than a loss. This is known as a 'post-reinforcement pause.' People often pause for longer after a near-miss.

It's no accident near misses are pretty common on slot machines.Mark/Flickr, CC BY-SA

Winning and almost winning are so alike in gamblers' brains that research on the dopamine-transmitting pathways of anticipation and reward show remarkably similar activation patterns for a near-miss and a win.

Near-miss effects are not limited to outcomes that look similar to win. Outcomes that are closer to a win in a more abstract sense also cause a similar response.

For instance, the near-miss effect has been demonstrated in games where 'nearly winning' might relate to scoring a number that is close to a winning number, such as in blackjack.

Near-miss outcomes are not the only form of almost winning that contributes to the behavioral confusion faced by gamblers. Modern slot machines also present a myriad of features that are designed to confuse outcomes.

Slot confusion

One feature present in almost every modern slot machine is the partial win or 'loss disguised as a win.'

Since slot machines have gone from the traditional 3-reel 1-line slot machine to the modern 5-reel video slot, often with 25 or more winning lines, near-miss outcomes have become almost unidentifiable from other losing outcomes.

By encouraging individuals to play on more than one line, casinos have created a scenario where players are awarded a win on almost every spin.

Despite the increased frequency of winning, the proportion of money returned is often far less than the entire bet, such as winning 10 cents on a 50 cent bet. This 80 percent loss is accompanied by the same sounds on the machine as a real win and occupies the same area of the screen that wins are reported in.

Since noticing near-misses on modern slot machines is difficult, game makers have incorporated other game features such as free-spin symbols, mini-games, and progressive awards, which create new near miss situations while often not guaranteeing any increased value of a win themselves.

For example, special symbols might be placed on the reels that provide 10 free spins whenever three appear anywhere within the game screen. These symbols will often make a special sound, such as a loud thud when they land; and if two symbols land, many games will begin to play fast tempo music, display flashing lights around the remaining reels, and accelerate the rate of spin to enhance the saliency of the event.

When you win these sorts of outcomes you feel as though you have won a jackpot; after all, 10 free spins is 10 times the chances to win big money right? The reality is that those 10 free spins do not change the already small probability of winning on any given spin and are still likely to result in a loss of money. For many games, features such as this have entirely replaced standard jackpots.

These features share one important characteristic: they allow the casinos the ability to provide more outcomes that feel like a win while not increasing the actual payout. The effect of these features is so significant that in 1989 the Nevada Gaming Commission banned algorithms that purposefully increased the prevalence of near-miss outcomes. Of course, this only applied to the intentional increasing of near misses when a loss is already determined, i.e. artificially producing a near miss instead of what the reels would have normally landed on.

Unfortunately, these laws do not preclude the intentional design of reel layouts that, without additional manipulation, produce frequent near misses and losses disguised as wins. These laws also do not apply to the newer game features which either highlight the near miss, such as accelerating reels, or create entirely new topographies of outcomes, as is the case with free-spins or mini-games.

While the question of how to best manage artificial manipulations of near misses may be a topic of future regulatory discussion, the decision to play games with these illusions will ultimately fall upon the end user.

As long as you are willing to expose yourself to the game in the first place, the casino need only sit back and wait. And with increasing availability of casinos across the U.S., they won't need to wait long.

The authors do not work for, consult to, own shares in or receive funding from any company or organisation that would benefit from this article. They also have no relevant affiliations.

More from The Conversation US...

Understanding Casino Industry Terms So That You Can Get Smarter Than They Are

We have already written an article on Casino Payout and house edge which is the commonly statistic thrown around by casinos to compare themselves against their competitors. All casinos have a house edge, of course, and one with a higher house edge (or lower payout) keeps more of your bets than one with a lower house edge (or higher payout).

Payout also varies by game, so you can improve your odds by weighting your play to casino games with the best odds.But what about the other lingo that casino industry insiders use?
We think it´s interesting (nay- essential) to understand this so that you can turn the tables and try and get an edge on the house, or at least understand where they are getting their´s. Also read our article on how to make a deposit and withdrawal at an online casino which is related, of course, in that it’s all about the chips.

Gross Revenue
When a casino or stock analyst talks about Gross Revenue, they mean “total player losses”. So good for the casinos, and bad for the players. Normally “losses” are a bad word in financial circles. Not in the casino industry! They lurve losses, as long as they are the players´ losses.

Churn & Drop
Churn is the description of the way money moves around the casino. Say you buy $100 worth of chips and bet it on roulette. You bet $100, but only lose $3 (you´re playing European Roulette- you´d lose 5 on average if you were playing American Roulette). You grab the $97 and bet it again. Let´s say you end up making $500 worth of bets before losing it all (you are not having a lucky day). Then your “churn” is $500.

The cash on the roulette table goes round and round (literally). So it “churns” over like milk. If you lose your original $100, you have “dropped” $100.

Out of the “drop” (or hold) the Casino pays taxes, license fees, wages for staff, maintenance, marketing etc- the bean counters call the drop or hold “Gross Gaming Revenues”.

Now these numbers always sound really inflated. As you can imagine, if you put in $100 and it goes round and round, churning, the Gross Gaming Revenues are going to be sunstantially higher than the actual money that is spent on chips.

Now, the reason the Industry sounds so big is because of the “churn”, the money that goes around and around as punters play on the games. If we had a slot that paid back 99% then you can see that by only losing $1 in every hundred that “churns through the machine that the total “churn” would be very “high” in relation to the drop.

Lets take an example of someone playing Video Poker on a house edge of 1%. He puts in $100 and make $100 of bets.He loses an “average amount” (in reality some people are wining, and some people are losing). So after 100 $1 bets he has $99 left. His churn is $100 at this point, and the Casino Drop is $1.

Now he makes 99 bets with his money. This time he loses $0.99 and had $98.1 left
Now he bets the $98.1. He loses $0.98. Now he has $97.12.

So in this example of Mr Joe Average player, the total churn is $297.
The casino drop is $2.97

The player drop is $97.03.

You can see why the casinos like to keep you playing. (In fact hey like to see a playthrough of at least 20x if they can manage it- that is, you deposit 100 units and make 2000 worth of bets.

The house edge on this game might only be 1%, but on average, if the casino plies you with free drinks and keeps you playing, you´ll lose 1% of your total churn, not your deposit. If you play through the money 20 times and make $2000 worth of bets, you´ll be $20 down on average. You have lost only 1% of your bets, but 20% of your deposit.

Casinos like to churn!! The real money in a casino is the “drop/hold” as that is the actual cash that the casino has to work with. That pays the bills and generates the profit for the casino. The total churn is not all new money, it a lot of the original money going around and around. So to get to the real money going into a casino, you work out the money the players left at the Casino when their session ended. This is their losses or “spend” or “drop”. The Gross Gaming Revenues.

So what should you take out of this little “Casino Secret”. Well, quite simply, the more the casino can get you to churn, the more likely you are to lose, either your own money, or your winnings. That´s why smart gamblers often employ a “Hit and Run” strategy. if they win big at the beginning of a session, they quit. Simple as that.