Can slot machines malfunction?

The history of slot machine gambling, on- and offline, is awash with tales of players who have filed unsuccessful lawsuits against casinos for absurdly large sums of money that they believe they should have won because of a malfunction. Slot machines can malfunction for a variety of reasons, but it is not often that a player who has legitimately won a massive jackpot walks away without it.

That was, however, the case with Arizonian Robert Taylor who, in January, 2022, legitimately won a progressive jackpot worth $229,368.52 on ‘The Mask’ slot machine at Treasure Island Hotel & Casino in Las Vegas. A communication error on the wide area network caused the machine to malfunction, such that neither Taylor nor casino staff were aware of his windfall. Consequently, Taylor left more or less empty-handed but, when the glitch was discovered some days later, the casino contacted the Nevada Gaming Control Board (NGCB) for help in identifying its lucky, but unwitting, patron.

After countless hours of searching through surveillance footage, identify him they did, and the casino notified him of his good fortune nearly three weeks after his winning spin. James Taylor, Chief of the Enforcement Division at the NGCB, said, ‘We thought it was a long shot to be able to identify him. But we really wanted to put a lot of effort into this. It was the right thing to do to find the owner of this money.’

According to James Taylor, his namesake was ‘very appreciate’ of the efforts of NGCB agents in tracking him down. Robert Taylor did eventually return to Treasure Island Hotel & Casino, where he was presented with a ceremonial cheque for his winnings. Thereafter, he was unavailable for comment and requested, via the casino, that his privacy be respected.

What is a ‘bad beat’?

In poker, specifically Texas Hold’em poker, a ‘bad beat’ occurs when the player who is the overwhelming favourite, statistically, to win a hand, loses to an opponent who, initially, holds an inferior hand but, more by luck than judgement, draws one or more cards required to snatch victory.

One example of a bad beat would be a player who holds a pair of tens, or ‘pocket tens’, going ‘all in’ against, and losing to, an opponent who holds a pair of fives, or ‘pocket fives’; mathematically, the player holding pocket tens should win four out of five, or 80%, of such hands. Another example is the so-called ‘runner runner’ bad beat, whereby a player who is, statistically, unlikely to win a hand after the flop draws the right card on both the turn and river cards to complete a winning hand. A frequent example of this type occurs when a player draws running cards to complete an inside, or gutshot, straight; a gutshot draw on the flop offers an 8.5% of making a straight on the turn card and a 16.5% chance of making a straight on the river card.

A bad beat may be a damaging experience, financially and psychologically, but worse still is an extraordinary and, thankfully, rare bad beat known as a ‘cooler’. A cooler occurs when an extraordinarily strong hand, such as four of a kind, or ‘quads’, played correctly, loses to an even stronger hand, such as a straight flush. Bad beats, including coolers, are a painful, but nonetheless unavoidable, part of poker. From the point of view of the person suffering a bad beat, an unexpected loss, or a series of such losses, may cause a loss of confidence, but should really be treated as a temporary downswing, rather than a reflection of the ability, or strategy, of the player.

Who are the Top 5 Richest Gamblers in the World?

Becoming a professional gambler requires skill, determination, a clear head, and good concentration. Gamblers can reach unprecedented heights and it sometimes comes down to one major win. Over the last decade, there are a select few that have risen to the top of the pack, making a living betting on horse racing, and playing poker, slots, and much more.

While it takes time (and often good luck) to become a full-time professional gambler, a select few have made it, becoming the richest in the world. So, who are the players you need to watch out for?

Billy Walters

You might not think sports betting would earn you a spot among the world’s richest gamblers, but that’s not entirely true. Billy Walters proved the theory that sports betting can actually be profitable for the average player. He is an example to those who love a flutter on football.

With an estimated net worth of $250 million, the Billy Walters story began quite humble. At age nine, he used earnings from his local newspaper round to bet. He continued to enhance his skills and craft a successful career in sports betting.

Walters is one of the richest gamblers of all time. He even went on to building a sports betting company in LA. Unfortunately, he was sentenced to five years in prison for inside trading. He was pardoned by Donald Trump in 2020 when he was released. Despite this, he remains one of the more successful gamblers in the United States and the world.

William (Bill) Benter

Bill Benter is originally from Pennsylvania and earned a degree in physics. With his vast in-depth knowledge of mathematics, Bill started his career on the biggest stage in America – Las Vegas. He soon became a professional gambler from an early age and was a force to be reconned with. Unfortunately, after winning most of the blackjack tournaments (seven years consecutively), he was banned. That is how good this gambler is.

Bill soon moved to Hong Kong and focused his attention on the horse racing scene. He perfected a winning formula for predicting the outcome of races and helped him earn his vast fortune. Bill Benter remains one of the most successful professional gamblers in history, if not the most successful. He is thought to have a net worth of $1 billion.

Edward Thorp

While Edward Thorp had a successful career elsewhere, he quickly climbed the ladder to become one of the most successful professional gamblers of all time. Thorp began his career as a mathematics professor and become an established author. He invented the first wearable computer with Claude Shannon in 1961. Thorp is also a professional blackjack player and worth an estimated $800 million.

Edward Thorp quickly delved into the casino world and moved onto Wall Street to predict market anomalies. He wrote the book, Beat the Market in which he explained how to use stocks to earn money. It was a huge hit and has become a Blackjack Hall of Fame member. His skills are second to none and are incredibly ingenious.

Phil Ivey

Phil Ivey is one of the world’s richest professional gamblers of all time. A professional poker player, Ivey is thought to be worth $100 million. His winnings have come from online games and many live poker tournaments. Ivey is also the ten-time World Series of Poker Champion and a World Poker Tour Champion.

Ivey really is one of the best poker players the world has ever seen. His talents and skills at the poker table are extraordinary and continue to be a force on the poker scene. In 2009, he defeated 147 fellow poker players to win his sixth tournament bracelet and the Commerce Casino LA Poker Classic. Phil Ivey is a player that tops the list for all the right reasons – because he deserves it. His wins aren’t out of luck, but skill and talent.

Chris Ferguson

Another exquisite poker player, Chris Ferguson first started his poker journey at a very young age. In the 1990s, he began to enter poker tournaments and entered his first world series poker tournament in 1995. He has become one of the richest and most successful gamblers in the United States. In 2000, he earned the title of main event champion after winning the tournament and is thought to have a net worth of $80 million.

Ferguson is innovative and hugely successful. He remains the only poker player to have won six WSOP bracelets and win three WSOP circuits also. His skills are impressive and have earned a stellar reputation for his abilities at the poker table.

What is a dead man’s hand?

In 1926, the biography of James Butler ‘Wild Bill’ Hickok reported that the man dubbed ‘The Prince of Pistoleers’ died while holding the ace of spades, ace of clubs, eight of spades, eight of clubs and another, unconfirmed card in a hand of five-card stud poker. In fact, Hickok had shot in back of the head by disgruntled rival, Jack McCall, at Nuttal & Mann’s Saloon in Deadwood, Dakota Territory fifty years earlier; no contemporary accounts describe the exact hand Hickok was holding at the time of his death, but two black aces and two black eights has ‘officially’ been known as a ‘dead man’s hand’ ever since. Of course, even after his death, legends and tales about Hickok continued to appear in pulp fiction of the late nineteenth and early twentieth centuries, so it is, perhaps, understandable that his name also became associated a term that had already existed for some time.

Nevertheless, several reliable references to a ‘dead man’s hand’ date from the period between Hickok’s death in 1876 and the publication of his biography in 1926, but make no mention of Hickok. A newspaper article dating from 1886 recounted the tale of a down-on-his-luck Illinois judge who staked his livelihood on his full house, jacks over tens, lost to another full house, queens over tens, and died of shock. Later reliable accounts, in the early years of the twentieth century, linked the term ‘dead man’s hand’ to jacks and sevens or jacks and eights.

 

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