Re: JACKPOTS: a radical solution
- From: "minus200(DELETETHIS)" <"minus200(DELETETHIS)"@bellsouth.net>
- Date: Sun, 18 Sep 2005 23:13:44 -0600
AS usual a thoughtful post.
The management fee is just the start of the story. Money is added to weekday tournaments from this pool. Those of us who rarely play in the weekday games have NO chance to get our money back. It does have the advantage of keeping the so called local pros happy knowing they are playing for our money. It is the worst bet in the casino and I wish all rooms would drop it.
I do hope they allow land based casinos
Edward Hutchison wrote:
It appears that, for once, the Mississippi state legislature, may do the reasonable thing and allow the Gulf Coast casinos to be re-built on land. Under existing law, these casinos are required to be on floating barges. Nevermind that the casinos have never sailed anywhere, and, barring another hurricane, are not expected to go anywhere, the law requires that they sit (precariously, as it turns out) on water.
While they are in this unaccustomed zone--the land of reason and logic--perhaps it is time for the legislature and gaming commission to take a bold step toward solving another simmering problem: poker jackpots. Specifically, why not just abolish all of them?
Consider the logic in having a JP. That's easy, because there is no logic to it. They simply exist because, once upon a time, someone decided it was a gimmick that would bring in more customers. No doubt it did. But the real question is not why they started but why they continue, given that with every room now offering a JP no room gains a competitive advantage. I submit that this same explanation can be offered for any number of other silly things, such as consumer rebates, grocery coupons, employee discount pricing for cars, Green Stamps, and so on. Somebody starts it, it works to improve sales, so the competition trots out there own version, and soon, for competitive reasons, all sellers have to offer the gimmick even though there is no longer any logic or advantage in its continuance.
The players would certainly "win" if such a change took place, as, by any measure, the jackpot is the poorest bet in the casino. You contribute a full dollar, and if you are very lucky you will someday hit the JP and have these dollars returned to you. But there is a little catch. For starters, Uncle Sam, the state government, and an enthused dealer will all expect to share in your good fortune. In other words, most "winners" will get back about 65 cents on each dollar "invested." By comparison, the casino's roulette wheel (often called the "stupid wheel" in honor of its players) looks like a blue chip investment.
As this is written, the Horizon poker room in Vicksburg is in the midst of JP mania, with a current HEM jackpot of about $62,000. Someday, some lucky person will hit the jackpot, and, if he or she holds true to form, will take their money and buy a new car or make some similar purchase. Other than gladdening the heart of a car dealer, what results from this JP. Well, for one thing, there will be a number of players who will go home, lick their wounds, and try to save up another bankroll so they can get back in action. In other words, there will be a lot of broke--or badly bent--players. And why not? They have been playing much more often, the rake at low-limit HEM is nearly confiscatory, and many feel obliged to play every hand that has any conceivable chance of turning into a JP--and there are a lot of such hands.
So, not surprisingly, most poker rooms are ghostly silent in the days following the payoff of a large jackpot. Simple logic teaches that if a big JP is good for business, then a small JP must be bad for business and that a JP will be "big" about half the time and "small" about half the time. While there are many excited players around to notice the hubbub as the JP soars, by definition, there are not as many players around afterwards to notice the inevitable fall off.
I can understand why no casino wants to unilaterally stop offering a JP, just as I can understand that GM will end its rebates at just about the same time that Ford and Chrysler end theirs. But, if all poker jackpots in Mississippi were eliminated by legislative fiat, no casino would be put at a competitive disadvantage. With a lobbying effort from casino owners, the legislature or gaming commission could immediately end the JP follies, and poker would be better for the change.
.
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