Posted on: Friday, August 20th, 2010
This according to Rick Fifield, a credit councillor and security company owner who’s seen the darker side of how VLTs often play out in people’s lives.
Fifield recently told the CBC “When you take a look at your costs — loss of life, the cost of jobs, the cost to employers — if you do a cost benefit analysis, what you’re going to find is that you’re not making any money.”
He’s been trying to find some hard numbers on what the probability of winning is on these machines through the province’s Access to Information and Privacy Protection Act, but he, like the VLT players he far too often encounters through his line of work, hasn’t been having much luck.
Meanwhile, check out the wording on the Atlantic Lottery Corporation’s website on the matter:
Payout percentages vary per game, but all range between 93-95%. This means that 93-95% of all money played is returned to players in prizes, in varying amounts. The payout percentage is higher than the actual cash-out percentage because consumers play the prizes they win in order to extend their play.
In other words: people are so addicted to the sensation of gambling that they’re rarely able to stop until the money’s all gone — we know this, and we’re comfortable with it.