You have probably seen them in some live casinos in Malaysia. What am I referring to? Well, I am actually talking about penny slots. Although they are called as such, it is actually a bit of a misnomer.
You see, people assume that you will only need a couple of pennies to play this machine, but it is actually not the case. For many decades, the most popular slot machines in the United States were the nickel slot machines.
In the 1960s, Bally Manufacturing has created a new slot machine that they dubbed as the “Money Honey”, which is a penny slot machine that could be played for up to a maximum of five coins at a time.
Such machines have become an instant hit for many players and even though they are spending more money than they should, it does give the players a rush when they start playing them.
New Penny Slots= More Expensive
Many of the penny slots that you see in casinos all over the world actually come with some electronic additions, including theme songs from popular movie and video game franchises, special mystery bonuses, bonus screen, and many more.
However, despite these enticing extras, they actually come with a price. One of the greatest examples of this would be the “Beat the Field” and “Race Driver”- two popular games that were created by the popular Japanese Video conglomerate, Konami.
The said games would require the player to put 50 coins that would amount to a single dollar before they can start pulling the lever. Some other manufacturers followed suit, but instead of getting a dollar total in value, some of them would even go so far as to require the player to spend 1,600 pennies.
IGT, one of the most popular video machine companies out there, does give people a version of the Megabucks machine that only requires players to put in a dollar before they can start spinning. But because of the lower initial investment, the prices are not that great, at least, compared to the standard version where the player is asked to pay $3 upfront.
The Psychology of Small Payoffs
We are created as creatures of habit and if we find something that is so addictive, we would always do our very best to continue doing it. That is because getting a small payoff by playing penny slots, for example, can kick our psychology into high gear. And, when we leave it to its own devices, we can get so addicted that it will be too hard for us to get out without a support group.
Your mind is led to believe that if you are winning initially, you will win the rest of the games that you play. That is actually not the case. The high that the initial win produces will linger, up until that time that you’ve realized that you’ve actually lost more money than you can spare.
Penny slots, by their very nature, tingles our psychology to the point that we spend exorbitant amounts of money- believing that, at some point, we are going to win the jackpot.
Remember, these machines would still require luck and some chance and betting your money on such mechanisms will usually result in frustration. In summary, enjoy the game but make sure that you become responsible with the money that you’ve put in.