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?
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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?
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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.
Quote: AutomaticMonkeyWhat if two people hit the same networked progressive table game jackpot at once?
That reminds me of a slot where I'd routinely squeeze a tiny bit extra out of by slow walking the progressive when it hit-- it didn't render until the end of the bonus, so other people playing on the bank in the meantime would add to it. If I heard a progressive trigger, I'd slamstop through everything ASAP so I could pick up the accrued value instead of the post-reset.
Quote: AutomaticMonkeyWhat if two people hit the same networked progressive table game jackpot at once?
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.
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I'm not 100% sure, but I would assume that the rules say the second winner gets the reset amount.
Maybe if they both hit at the same time, before any procedures begin (i.e., within a few seconds), the two players each get the reset amount plus half the accumulated value.
I do know that in a bank of progressive video keno slots, it could go like this:
time 0 progressive $1,872 for match 6 out of 6
time 1 player A presses "draw" on 6 numbers with an advertised progressive of $1,872
time 2 player B presses "draw" on 6 numbers with an advertised progressive of $1,872
time 3 player A hits all 6 for a progressive win of $1,872; 6 spot progressive resets to $1,000 for all other machines in the bank
time 4 player B hits all 6 for a progressive win of $1,000
Video keno picks numbers instantly but the win gets awarded after the 20th ball drops on the display.
When something like that happens, it would cross my mind that there was some kind of promotion going on and there were Advantage Players in the house playing a promotion.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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Of course, the type of jackpots and varied games that you described led me to believe that was probably not the case. Nonetheless, this piqued my interest, so I did a little bit of Internet sleuthing. I didn't come across any evidence that they had any significant promotion that would attract Advantage players. As a matter of fact, I couldn't find any evidence of any good promotions at all.
During my investigation, I did come to the conclusion they probably have good food. And, this guy is probably having a good time.
https://johncutterlv.com/ One male bartender and 12 female employees behind him. I played at many locations on many good promotions in places with a similar business model to this, 95% female employees.
Quote: AxelWolfWhen something like that happens, it would cross my mind that there was some kind of promotion going on and there were Advantage Players in the house playing a promotion.
Of course, the type of jackpots and varied games that you described led me to believe that was probably not the case. Nonetheless, this piqued my interest, so I did a little bit of Internet sleuthing. I didn't come across any evidence that they had any significant promotion that would attract Advantage players. As a matter of fact, I couldn't find any evidence of any good promotions at all.
During my investigation, I did come to the conclusion they probably have good food. And, this guy is probably having a good time.
/ One male bartender and 12 female employees behind him. I played at many locations on many good promotions in places with a similar business model to this, 95% female employees.
Nice work. That little family of restaurants is not the type to offer promotions so your finding aligns with my experience. I go to Al's Garage mostly, and even then it's only a couple of times a month. I have never had great luck at any of their places, I can only remember 3 taxables over the 10 or so years I've been playing there (25c 4-card keno, usually). I'm far "luckier" at Red Rock.
But I like the vibe at these places, they're friendly, quick with the drink comps, and they will always put on a game I want to watch if I ask, even though I don't think I'm "regular." I hardly ever get food but I usually eat at home anyway. From what I can tell, they have a lot of regulars that drop a lot of money in the machines. I'll stop after losing $150 or so.
They do have events at the John Cutter/Al's Garage corner now and then. I don't recall specifically an event on the night I mentioned but it was busier than usual. A lot of people that night looked like guys who just finished a round of golf and are at the 19th hole. Maybe it was just one of those nights.
PS - the Al's Garage photo gallery shows a multicard keno hit for ~$27,000 but it's probably not the same night I'm thinking of as the photo looks old.
PPS - I never asked anyone there about it but I read something that a Cutter employee put cameras in the women's restroom a short while back. I don't know if it actually happened but it doesn't seem to have affected their business at all.
I can say that in Nevada, any jackpot must be paid out eventually, even if on a different game that it was originally on. An example would be when the Riviera closed their bingo room, they still had unpaid progressive jackpots. They gave the money away in a drawing in which players earned virtual tickets playing slots.
As was noted by others, Nevada casinos are also required to have so-much cash on hand, according to such things as its size and number of games. The old Horseshoe was closed down after being non-compliant with this rule.
I hope this helps. Some of this was probably already said.
Quote: billryanWould a chain like MGM be required to keep the amount of cash in each casino or could they keep a central fund?
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I think it depends on how they are licensed. the licensee needs to have the funds available.
