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How electronic gambling machines work: Structural characteristics - The price of EGMs | Australian Gambling Research Centre
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Victorian Government policy on liquor and gaming, and policy-related reports,. policy decisions of the government; developing gambling legislation and regulation; supporting and. The Victorian Commission for Gambling and Liquor Regulation (VCGLR). Reviewed 09/09/2019 © 2020 State of Victoria, Australia.


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How electronic gambling machines work: Structural characteristics - The price of EGMs | Australian Gambling Research Centre
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How electronic gambling machines work: Structural characteristics - The price of EGMs Australian Gambling Research Centre Like other forms of gambling, EGMs have a price, a kind of negative return on investment known as the "return to player" ratio.
Return to player ratio A return to player RTP ratio is the proportion of each wager an EGM game is designed to return on average to users.
RTP represents an average deduction from the user's wager for each bet, calculated over the game cycle.
Australian jurisdictions prescribe a range of minimum RTP.
In clubs and pubs in NSW, Victoria, Tasmania, Queensland and the Northern Territory, minimum RTP is set at 85%.
In the ACT, minimum RTP is 87%, and in South Australia it is 87.
EGMs in casinos generally have a higher minimum RTP reflecting their greater turnover and higher bet limits.
If minimum RTP is set at 85%, this means that, over the long term often described as the "game cycle"the game must return to the user at least 85% of the amount they wager.
The prescribed method of calculation for this to be achieved varies between jurisdictions.
In Victoria, the actual RTP is calculated by assessing the aggregated wagers and total returns paid to users over the course of a year for all EGMs operating within a specific venue Gambling Regulation Gambling regulation act 2020 victoria 2003 Vicp.
In other jurisdictions, an individual machine must return at least the minimum RTP over its game cycle.
The game cycle, however, may be many years, because of the large number of possible outcomes, as discussed below.
A machine's theoretical return to player ratio TRTP is determined by its "game maths": the interaction of the configuration of the game's "reel maps", the number and order of symbols on each virtual reel, and the "pay table", the prizes awarded for each combination of symbols appearing on a line.
A game's TRTP can be readily determined mathematically, but it is important to note that TRTP is very unlikely to be achieved on an EGM game in the scale of an individual user's gambling regulation act 2020 victoria with the game.
Most EGM games have a very large number of potential outcomes - frequently 50,000,000 or more.
Dolphin Treasure, a relatively old-style EGM game still provided in many Australian venues, has 35,640,000 possible outcomes.
This can be derived from the number of symbols on each of the five reels utilised by the game 30x30x30x30x44.
Thus, the time to traverse the full repertoire of possible outcomes of such a game would require a gambling regulation act 2020 victoria of 5.
However, the probability that even such a time commitment would produce all possible results in an EGM game is very close to zero.
The reality of player returns The price of EGM games can be defined as 1-RTP, so that an RTP of 85% or 0.
That is, the "house edge" for Australian EGMs is as high as 15%.
It is, however, rare for such an outcome to be achieved in the short term.
In some Australian jurisdictions, RTP must be displayed on a user information screen, while others prescribe that such information must be available at a venue upon request.
But even when disclosed, the question remains whether EGM users understand the meaning of RTP or its relevance to their outcomes.
Common misconceptions Many EGM users believe that if the game is operated in a fair manner, they should leave gambling venues with an amount consistent with the return to player ratio advertised - that is, 85% or 87% of their stake depending on jurisdiction.
In fact, the "price" calculation is best posh casino invite code 2020 as the deduction of the price factor 1-RTP on average for each bet wagered i.
A user operating an EGM with a price of 15% will, on average, lose 15% of their wager at each spin.
The effect is cumulative.
In a simulation of the popular game Black Rhino, the Productivity Commission 1999b undertook an exercise to calculate the mean and median "time on device" with a given stake.
The maths behind major prizes are just as stark.
The Productivity Commission 1999a developed a calculation to assess the number of spins that would be required to provide a 50% probability of winning the major prize on an EGM.
Applying their calculation to the Dolphin Treasure game, it would require 24,703,765 spins to achieve a 50% probability a 1 in 2 chance of winning the major prize.
The effect of betting strategies The betting "strategy" of users will influence time on device.
For a discussion of typical EGM wagering strategies, see "Wagering strategies", below.
If a user bets only one credit on one "line", they may experience extended time on the game compared to the above examples.
This means that no "winning" line will be missed.
It also makes "losses disguised as wins" see below possible.
Price elasticity of demand If gamblers' demand for EGM 50 free spins deposit 2020 were highly responsive to price - that is, if users changed their behaviour as prices rose - then the conclusion would be that EGMs had significant price elasticity.
Raise the price and lower the demand.
The Productivity Commission 1999a has noted a lack of evidence of price elasticity for gambling in general, and are horseshoe casino bossier city veterans day 2020 remarkable particular for EGMs.
But on the basis of available evidence, the Productivity Commission concluded that demand for EGMs was most likely price inelastic, because of the lack gambling regulation act 2020 victoria price information and the lack of substitutability.
Although in casinos alternative gambling forms, such as somewhat lower priced table games, are readily available, EGM users continue to utiliseEGMs - which may cost as much as 10 times the price of a table game Productivity Commission, 1999a.

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This page lists key pieces of legislation that govern how gambling is conducted in Victoria and Australia.


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A State of Flux: Australia's Point of Consumption Tax - Implications for Wagering Operators - Lexology
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gambling regulation act 2020 victoria