Abstract
Learning theory predicts that, given the repeated choice to bet between two concurrently available slot machines, gamblers
will learn to bet more money on the machine with higher expected return (payback percentage) or higher win probability per spin (volatility). The purpose of this study was to investigate whether this occurs when the two machines vary orthogonally on payback percentage
and volatility. The sample comprised 52 first year psychology students (mean age = 20.3 years, 20 females, 32 males) who had
played a gaming machine at least once in the previous 12 months. Participants were administered a battery of questionnaires
designed to assess level of knowledge on the characteristics and operation of poker machines, frequency of poker machine play
in the past 12 months, personality traits of impulsivity and capacity for cognitive reflection, and gambling beliefs. For
the experimental task, participants were instructed to play on two PC-simulated electronic gaming machines (EGMs or slot machines) that differed on payback percentage and volatility, with the option of freely switching between EGMs after a practice phase.
Results indicated that participants were able to easily discriminate between machines and manifested a preference to play
machines offering higher payback or volatility. These findings diverged from previous findings of no preference for play on
higher payback/volatility machines, potentially due to of the current study’s absence of the option to make multi-line and
multi-credit bets. It was concluded that return rate parameters like payback percentage and volatility strongly influenced
slot machine preference in the absence of betting options like multi-line bets, though more research is needed to determine
the effects of such betting options on player distribution of money between multiple EGMs.
will learn to bet more money on the machine with higher expected return (payback percentage) or higher win probability per spin (volatility). The purpose of this study was to investigate whether this occurs when the two machines vary orthogonally on payback percentage
and volatility. The sample comprised 52 first year psychology students (mean age = 20.3 years, 20 females, 32 males) who had
played a gaming machine at least once in the previous 12 months. Participants were administered a battery of questionnaires
designed to assess level of knowledge on the characteristics and operation of poker machines, frequency of poker machine play
in the past 12 months, personality traits of impulsivity and capacity for cognitive reflection, and gambling beliefs. For
the experimental task, participants were instructed to play on two PC-simulated electronic gaming machines (EGMs or slot machines) that differed on payback percentage and volatility, with the option of freely switching between EGMs after a practice phase.
Results indicated that participants were able to easily discriminate between machines and manifested a preference to play
machines offering higher payback or volatility. These findings diverged from previous findings of no preference for play on
higher payback/volatility machines, potentially due to of the current study’s absence of the option to make multi-line and
multi-credit bets. It was concluded that return rate parameters like payback percentage and volatility strongly influenced
slot machine preference in the absence of betting options like multi-line bets, though more research is needed to determine
the effects of such betting options on player distribution of money between multiple EGMs.
- Content Type Journal Article
- Category Original Paper
- Pages 1-15
- DOI 10.1007/s10899-012-9329-6
- Authors
- Ewan Coates, School of Psychology (A18), The University of Sydney, Sydney, NSW 2006, Australia
- Alex Blaszczynski, School of Psychology (A18), The University of Sydney, Sydney, NSW 2006, Australia
- Journal Journal of Gambling Studies
- Online ISSN 1573-3602
- Print ISSN 1050-5350