DON’T PRICE ME OUT
Video poker denominations and max bets on slots are squeezing out mid-market players
By Frank Legato
A lot of middle-market players have been griping lately about high room rates and parking rates on the Las Vegas Strip, as well as lounge and entertainment pricing, fine dining and other factors catering to the high-end player. The middle market has been chased from the Strip, and even some Downtown casinos.
The same has been taking place on the casino floor, on several levels. In the pit, 6/5 blackjack, triple-zero roulette and high minimum bets are squeezing out the mid-level players.
On the slot floor, the way this happens is through what is called “cost to cover” in the trade. Not too long ago, mechanical reel-spinners were everywhere, and if players migrated from the quarter denomination to traditional dollar slots, they were looking at a typical payback percentage exceeding 95 percent, for a wager of $2 or $3. Go to a $2 game, and the return for a $4 or $6 wager was often closer to 99 percent.
These days, it’s a lot harder to find those traditional reel-spinners, as casinos have cleared out more and more space for multi-line penny video slots. Since this became the most popular game on the slot floor, two things have happened: Cost to cover went up, and the return-toplayer percentage (RTP) went down.
As in sub-90 percent down. But the cost to play that 89 percent slot at its optimal value went way up. When penny multi-line video slots first became popular, there were plenty of betting options that topped out at a maximum of 300 credits or 400 credits. A $3 or $4 wager per spin could keep you in the game long enough for you to last out the odds and land some serious jackpot awards.
Now, good luck finding a 300-credit max bet on a penny game. More often, they are 600, 700, even 1,000 credits. That’s $10 per spin, for an 89 percent RTP.
It’s no wonder many players have complained that their bankroll isn’t enough for the newer penny games. Savvy players, including readers of this magazine, know that many of these games increase the frequency of features, unlock special bonuses or unlock additional jackpots with the maximum wager—not to mention the actual jackpots being the highest they can be.
Those knowledgeable players will start out betting the maximum, no matter how hefty.
They want to get the best experience from the best games on the market. But many use the same bankroll that used to feed a $3 max bet with $6, $7 or $10 wagers. It’s a recipe for a disappearing bankroll.
The slot suppliers respond to what the casinos ask for. And right now, they’re choosing programs with high maximum bets and incentives to meet those maximums.
The same thing has happened with video poker, but in a different way. The denominations and maximum bets have remained the same, but the game you’re buying for those bets has taken a nosedive, return-wise.
First of all, searching for the highest-returning pay tables in video poker has become an expensive safari. Even 10 years ago, mid-level players could find high-returning video poker pay tables, even the highest, in the quarter denomination. Many, many video poker enthusiasts—myself included—became accustomed to wagering $1.25 per hand to play a game which, when played with a little skill, had little or no house edge.
My own game, Bonus Poker, returns 99.17 percent in the 8/5 pay table (8-for-1 for the full house, 5-for-1 for the flush). I also will play the basic Jacks or Better, returning 99.54 percent for the 9/6 pay table. I’d never had problems finding these pay tables in the past. Lately, though, particularly in my home-base Atlantic City market, those pay tables have disappeared from the quarter denomination. And the 50-cent denomination, for that matter.
At my few favorite Atlantic City casinos, in the quarter denomination, all I can find is a 6/5 Bonus Poker game and a Jacks or Better game with a 6/5, 7/5 or 8/5 pay table. Those games return 96.87 percent, 95.12 percent, 96.17 percent and 97.25 percent respectively. The 50-cent denomination is about the same.
Sure, they’re still a lot higher than most slots (especially the penny slots), but that’s why knowledgeable players choose video poker—the higher return.
I’ve since bumped up to the dollar denomination in video poker when I play in Atlantic City. There’s still one group of full-pay dollar games in my favorite Atlantic City casino. (I’d tell you which one, but I’m afraid they’ll go and change their dollar games if I do.) But I’m hoping I don’t have to go much higher to bankroll my video poker. Like I said before, it’s getting tough to play table games anymore.
The last haven for avid mid-level players is the Las Vegas locals casino market. Play at South Point or one of the Station or Boyd casinos, and you can still find decent quarter video poker. At South Point, where I normally stay, there are plenty of the top video poker pay tables in all denominations. Plus, they still have $10 craps (on Sundays, even $5), which is something that can’t be found in Atlantic City, or a number of other casino markets.
Those operators should ease up on the mid-level players. Someone who comes in two or three times a week and plays high-returning video poker for a few hours every visit? That’s a good customer.
Even in quarters.
