« Testimony: Former Harlan County Deputy Roger Hall Gave Order to Kill Paul Browning | Main | Is Governor Beshear's New Push for Casinos Worth the Risk? »

March 22, 2008

Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

There Is Not Any Budget Crisis.

Governor Steve Beshear sternly warned that the state faces an unprecedented crisis, a $434-million deficit. Since the Fletcher administration left a $145-million surplus, the immediate deficit stands at $289 million.

Governor Steve Beshear knows that spending restraint in Frankfort will permanently solve the deficit problem now and forever. (Governor Brown, run state government more like a business)

A realistic glance at that $434-million shortfall:

• $166 million is a result of state agencies spending more than their budgets allowed.

• $138 million goes to projects approved by the General Assembly, which neglected to figure out where the money would come from to pay for the projects, including a payoff to the Ford Motor Co. to stay in Louisville. (Zero Cost Benefit Analysis)

• $130 million of the deficit gets attributed to less-than-expected revenue. (Weak Economy)

If agencies spent within their budgets and politicians stopped using the taxpayers to ensure their re-election through pork-barrel projects, leftover cash from the Fletcher administration could have covered, and still can cover any revenue shortages. The gambling / casino issue is but Governor Beshear’s promised bag of goods.

Actually I don't think it takes courage to propose a massive tax increase on those who have been made into the bastard children of society. It takes courage to cut wasteful spending. Even though Harry can be obnoxious, he has been the one showing the leadership. And I agree with what he says re now being the time to cut some fat out of government. He spoke on KET about how may organizations within the government were comprised of 5 or less people and how much could be saved by consolidating. That's what we should be doing instead of pushing something--casinos--which so many don't want while taking advantage of a budget "crisis" which really isn't and throwing around words like "pain" to describe the manifestations of it. Pain my ass. Pain, terror, incredible, amazing. Our society uses extreme words to describe the mundane all day long. Some kid catches a ball with one foot just inside a chalk like and it's described as "incredible." Twenty times in the same game. Likewise pain and terror. Give me a damn break.

Mr Turkey Neck saw an oppertunity to be the man and now Williams is cutting his manhood off! 2:03 give me a damn break how about it!
He will lose taking on Gov Beshear.

He will lose taking on Beshear? What's Beshear now, about 0-11? What gives you the confidence that Beshear is so formidable v. Harry? Beshear hasn't won A THING yet. I bet when Fletcher left Frankfort he was pretty down in the dumps. He has had the opportunity to chuckle a lot sooner than he thought he would.

It has to be embarrassing to switch horses in mid-stream like this. Stevie wonder here could have been a hard liner for a governor and got the job done early. But his crutches in the capitol building folded like toothpicks.

BTW, NOW I understand why John Y. wouldn't have a thing to do with the whole affair. I thought he was being a jackass at the time.

2:57 you are joking right? Or are you just acting stupid! A governor is only a strong as the people around him and all the kings men are worthless! This is amazing, politics creates many bandwagons but I would have never guessed we would have a Moberly bandwagon! Frigging Harry Moberly!

Hey, 313--Who picked the kings men? The king, that's who. I'm not on any Moberly bandwagon, per se, but someone said, "He will lose taking on Beshear." All I'm saying is that statement is all smoke and no fire. It's not a matter of siding with anyone. And if the Governor is only as strong as the people around him and he chose those around him, whose fault is that?

Slots fill niche, hurt table games


By Dennis Cauchon, USA TODAY

The USA is becoming the land of slot machines.


Thirty-seven states now have slots, and that number could rise to more than 40 if voters and legislators approve proposals under consideration this year.

Even in Las Vegas, gamblers are spending more time at slot machines and less at blackjack tables and roulette wheels. High-rolling gamblers from Asia still head to tables, but most Americans prefer electronic games, says Andrew Smith, research director at the American Gaming Association, a trade group.

BIG BET: More states rolling the dice on slots "For people who've grown up using computers and playing video games, today's slot technology is like second nature to them," he says. Slots are especially popular in rural, less affluent markets where many new, smaller casinos are being built, Smith says.

What's the best way to play the slots? "Don't," says Bob Hannum, a University of Denver statistics professor and author of Practical Casino Math. Slots are all luck, no skill, he says, and, unlike popular perception, machines are never hot or cold or overdue for a jackpot.

Today's computerized slot machines generate thousands of random numbers every second, even when nobody is playing them. The number selected — represented in cherries or other symbols — depends on the nanosecond a gambler pushes the button. Press a button 1/100th of a second sooner or later, and the number is different.

"It's a myth that if a machine hasn't been hit for 10 hours, it's due. There's even a name for that erroneous thinking: the gambler's fallacy," Hannum says.

According to Nevada statistics, slot machines take less of a gambler's dollar, on average, than other games: 94% of what's bet is returned in prizes vs. just 87% in blackjack. But gamblers often put slot winnings right back into the machine, rather than their pockets.

Because most gamblers expect to lose money, especially if they play long enough, slot players have gravitated to flashier games featuring bonus wheels, more ways to bet and pop-culture themes.

"What's new in slots and gaming? We're trying everything. Anything for a hit," says Ed Rogich, vice president of marketing at International Game Technology. IGT introduces hundreds of game variations a year. That includes themes related to Star Wars, I Love Lucy and Elvis.

Slots are increasingly connected to central computers that let slot managers know who is playing on a specific machine and the gambler's betting history. The manager isn't allowed to adjust the odds for different gamblers, but he might come out on the floor to thank the bettor and offer a gift such as a free meal.

For prizes, slot machines typically pay back 85% to 98% of the money that gamblers put in. In Nevada, the average is 94% for the gambler and 6% for the casino. The casino's share — worth $8.5 billion last year in Nevada — goes for profits and expenses, such as wages and taxes.

Michael "the Wizard of Odds" Shackleford, a gambler, former Social Security actuary and author of Gambling 102, has spent thousands of dollars testing slot machines in Las Vegas to see how payouts are structured. "As a rule of thumb, the nicer casinos run tighter slots," he says. That means they pay less.

Generally, the higher the minimum bet, the greater the amount of money returned to bettors, he says. So a $1 machine pays back more than a nickel machine. An everyday slot player can't tell the difference between a generous machine and a stingy one. "It's easy to get lucky on a tight machine and unlucky on a loose one," he says.
Shackleford's advice: "Don't play the slots.

But if you absolutely must, play a simple machine that doesn't have (a) grand theme — like a movie or TV show. And stay away from places where you're a captive audience, like airports, because the payout is lower."
Slot machines featuring the biggest jackpots return the smallest amount in total prizes, according to Nevada Gaming Control Board data. Big-jackpot "progressive" slots work like state lotteries: a portion of losing bets from many gamblers are rolled into ever-larger jackpots that can exceed $10 million.

These "Megabucks" slot machines put back only 87% of money into the prize pool. That's worse than ordinary slots.

But it's much better than state lotteries, which put only 50% of gambled money into jackpots.

The comments to this entry are closed.

TIPS
CONFIDENTIAL
ADVERTISEMENT

Categories