For every slot, everywhere that has a jackpot, theres a corresponding bank that holds that money?
But if this is not true, and lets say, the most unlucky event that ever happens happens and all slot machines hit their jackpots all at once.
How much would that be and would the casinos or the slot manufacturers be able to pay it all out all at once?
I've heard stories of smaller joints (bars with video poker, not real casinos) asking people to come back to get paid later when hitting "large" progressives (not really that large, but maybe large for that place) I think Bob Dancer mentioned this once on one of his gambling with an edge podcasts many years ago.
Quote: heatmapLong title. But from what I think I know, they have to have a bank account somewhere that holds the jackpot amount of money... Maybe im wrong. TBH i have no idea why i think this.
But if this is not true, and lets say, the most unlucky event that ever happens happens and all slot machines hit their jackpots all at once.
How much would that be and would the casinos or the slot manufacturers be able to pay it all out all at once?
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Large casinos will regularly have $50 million to $100 million cash on hand.
Big jackpots like Megabucks are statewide and resemble Powerball more than anything else. Huge progressives like Pai Gow are (I think) spread among a family of casinos, at least it's like that for Station and Boyd.
Wizard is more fit to answer probability thresholds but I would imagine that there's no scenario planned should a series of (say) 10 Megabucks hit within 5 minutes, or (say) 20 Pai Gow 7 card SFs hit within an hour.
Some events are so improbable that they fall off of the regulatory map. Maybe Wizard can tell us what that regulatory probability threshold is??
One guy across the bar from me hit something like $27,000 in multicard keno and 2-3 others hit $1 royals, $1 keno 7-spots, etc. Sadly, I was not among the winners!
Suppose it's something like Blazing 7's, it's up to $500K, and it hits. Now they have to call a pit boss over and there's a procedure, that for obvious reasons they don't use enough to be familiar with, for resetting the jackpot to its initial amount. I've seen it happen and there's a lot of calling people over, puzzling it out, getting out manuals and all that by the usual suspects.
But while that is all going on, someone in the other pit hits it too! Before the jackpot was reset. Now under any gaming authority I'm familiar with whatever they were offering you when you placed the bet is what they owe you if you win the bet, and that's what it said the jackpot was, $500K.
So who covers that? If I was the game manufacturer I would include an insurance policy with an install- if the jackpot hits more than once within 5 minutes we'll cover the difference between it and the base amount.
Quote: SummerlinDaveNot so long ago, maybe 2-3 months, I was playing at Al's Garage near my neighborhood. John Cutter and Rustic House are the same group. So many taxables were hit that all 3 places ran out of money and players had to wait for some big bank transaction to happen. But these places are not anything resembling a large casino. I wonder if "neighborhood" bars like these (PT's, I think, is Golden, so not them) have different reserve rules?
One guy across the bar from me hit something like $27,000 in multicard keno and 2-3 others hit $1 royals, $1 keno 7-spots, etc. Sadly, I was not among the winners!
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I was in a hole-in-the-wall bar in Vegas when someone won a huge jackpot. They made a phone call, and the money was there in about forty minutes.
Bob Dancer said he always brings a book to read while waiting.
Quote: SummerlinDaveNot so long ago, maybe 2-3 months, I was playing at Al's Garage near my neighborhood. John Cutter and Rustic House are the same group. So many taxables were hit that all 3 places ran out of money and players had to wait for some big bank transaction to happen. But these places are not anything resembling a large casino. I wonder if "neighborhood" bars like these (PT's, I think, is Golden, so not them) have different reserve rules?
One guy across the bar from me hit something like $27,000 in multicard keno and 2-3 others hit $1 royals, $1 keno 7-spots, etc. Sadly, I was not among the winners!
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Most of the larger busy bars get between $100k and $150k put into their cash dispensers between once and twice a week. Those are generally just used for payouts less than $10k. Larger jackpots are delivered by the route operator usually in under an hour.
Quote: billryanQuote: SummerlinDaveNot so long ago, maybe 2-3 months, I was playing at Al's Garage near my neighborhood. John Cutter and Rustic House are the same group. So many taxables were hit that all 3 places ran out of money and players had to wait for some big bank transaction to happen. But these places are not anything resembling a large casino. I wonder if "neighborhood" bars like these (PT's, I think, is Golden, so not them) have different reserve rules?
One guy across the bar from me hit something like $27,000 in multicard keno and 2-3 others hit $1 royals, $1 keno 7-spots, etc. Sadly, I was not among the winners!
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I was in a hole-in-the-wall bar in Vegas when someone was hot for a huge jackpot. They made a phone call and the money was there in about forty minutes.
Bob Dancer said he always brings a book to read while waitin.
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I worked for slot operators that handled over 500 bars in Nevada, Most have jackpots over $10k delivered. Typical bars stock between $50k and $75k in their cash dispensers.
Quote: DRichQuote: heatmapLong title. But from what I think I know, they have to have a bank account somewhere that holds the jackpot amount of money... Maybe im wrong. TBH i have no idea why i think this.
But if this is not true, and lets say, the most unlucky event that ever happens happens and all slot machines hit their jackpots all at once.
How much would that be and would the casinos or the slot manufacturers be able to pay it all out all at once?
link to original post
Large casinos will regularly have $50 million to $100 million cash on hand.
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I know this is off topic, but is anyone else surprised that casino robberies haven’t replaced bank robberies? Ever see how lax security is in some smaller casinos during drop? The window of opportunity is usually pretty easily determined.
(a) all non-progressive jackpots;
(b) enough to cover the first year of payments of all progressive jackpots;
(c) the entire remaining value of all in-progress jackpot payouts;
(d) the "immediate" value of all pending jackpots where the winner has not chosen how to receive the money.
Quote: heatmapLong title. But from what I think I know, they have to have a bank account somewhere that holds the jackpot amount of money... Maybe im wrong. TBH i have no idea why i think this.
But if this is not true, and lets say, the most unlucky event that ever happens happens and all slot machines hit their jackpots all at once.
How much would that be and would the casinos or the slot manufacturers be able to pay it all out all at once?
link to original post
https://gaming.nv.gov/divisions/audit/bankroll-formula-info/
My recollection is that the rule used to be something about covering the largest jackpot on the floor, plus a certain amount per game. I thought there were some allowances providing for payout by bank check, but that check had better not bounce.
