Sucker bets | Arkansas Blog

Tuesday, February 10, 2009

Sucker bets

Posted By on Tue, Feb 10, 2009 at 10:19 AM

I just happened to receive the monthly report from the state Racing Commission on machine gambling at Oaklawn and Southland Parks. (They call them electronic games of skill. I say, more accurately, that they are gambling machines with slots for coins.)

Anyway, in January, Oaklawn paid about $17.1 million to gamblers on $18.08 million in wagering, or roughly a 94.5 percent payout. At Southland, betting was $34.8 million, payouts $32.8 million and the percentage (I used fuller numbers in both cases) about 94.3 cent.

Compare the looseness of the racino slots to our coming state lottery. On average nationally, a rough figure on payouts to wagers seems to be about 50 percent, with differences in some of the individual lottery games.

I guess it does take a certain amount of "skill" in arithmetic to understand which is a better bet

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