Why are Coin-Based Slot Machines Becoming Extinct?
In a recent article examining this question, it was determined that although coin-based slots dominate land-based casinos, however, to date this has changed dramatically. One newspaper reported that "of the $50.5 billion made in slots revenue, only 3% came from coin-based games." Moreover, at the recent Global Gaming convention, not one slot machine was coin operated. The future of coin-based slots is at its ebb. There are several factors that lead to this conclusion. The most important being that most every purchase today utilizes credit cards, debit cards, or other forms of payment that do not include dollars or coins such as mobile devices that allow one to pay for items simply by clicking on an app.
The Future of Coin-Based Slots
Thus, it is truer than ever that technology has advanced to such a degree that using coins to play slots or any other game is becoming extinct. It stands to reason it would, given the myriad of ways one can pay for anything these days using a mobile device. Land-based casinos are paving the way for the future by getting rid of coin-based slots and trending towards tickets or other forms of payment. But what about the consumers who enjoy using coins? They still enjoy hearing the sounds of the coin machines hitting the trays with each win. Unfortunately, that sound will go silent and already has in most land-based casinos. With online casinos not becoming more dominant, land-based casinos cannot afford the Luxury Casino of coin-based casinos any longer. They are looking to find ways to minimize the expense while trying, at the same time, to increase their revenue. Another quote from one director in the Gaming Field said that "casinos do not want to have millions of dollars sitting in the bellies of slot machines for days." Thus, the use of tickets is more productive. For those who have enjoyed coin-based slots, the writing is on the proverbial wall - we are at the precipice where most everything we purchase will be done so with mobile devices and/or credit cards. And in the case of coin based slot machines, tickets will have to suffice. The golden age of coin based lots is coming to an end.