The takeout is configurable. With older machines they have to be manually set at the machines, but with more modern machines it is controlled by a server. The period of time while the takeout remains unchanged is referred to as a cycle. Casinos are generally free to change the takeout so long as it is a minimum of the regulated amount. Then there are the regulations requiring idle time at the machines like I mentioned in my previous comment. Additionally, the casino may need to notify the gaming commission prior to making a takeout change depending on local regulations.
Right, it's more complicated because there are different payouts with different odds. But when you add up all the payouts with all the odds it has to add up to >.75.
What I'm objecting to is your idea that machines are more likely to payout after they've lost for a while. Each spin is independent of previous spins. The 75% is just a statistical average over the long run.
Ok, I can see what you mean. This is also why when I made the comment about a "strategy" I put this in parenthesis "(in the sense that there can be a strategy to a game of luck)".
My intent was not to imply that each individual losing pull increases the odds, but more that if you just keep rolling the same two dice long enough eventually it's going to come up snake eyes. And this leads to people (especially gambling addicts) continuing to pull that lever after they are long past what they can afford. They know if they just keep pulling the lever (or more likely pushing the bet max button these days) that eventually it has to pay. But the reality is the casinos are predators that feed on that behavior.
Most casinos actually have a much higher takeout rate than the legally required minimums as well; it's very common that they are set closer to the 90-97% range. It's generally observed that a higher takeout will result in more money for the house. With a higher takeout people are more likely to keep winning a bit and feel like they are getting lucky, so they will actually spend more money than if the aren't hitting at all.
Yeah, I was a bit confused why they thought that is what I was implying. I was just trying to explain high level how it works. I previously worked on a couple of online "slot machines" and several of my former colleagues write software now for WMS on physical machines.
The takeout is configurable. With older machines they have to be manually set at the machines, but with more modern machines it is controlled by a server. The period of time while the takeout remains unchanged is referred to as a cycle. Casinos are generally free to change the takeout so long as it is a minimum of the regulated amount. Then there are the regulations requiring idle time at the machines like I mentioned in my previous comment. Additionally, the casino may need to notify the gaming commission prior to making a takeout change depending on local regulations.