1 A Monte Carlo Analysis of Hypothetical Multi-Line Slot Machine Play

Abstract: Behavioural research into slot machine gambling tends to focus on charac-teristics of the gambler or on qualitative aspects of the slot machine such as audiovisual displays and bonus features. In this paper we take a different approach by using Monte Carlo simulation to relate hypothetical slot machine gambling behaviour to the statistical characteristics of the slot machines themselves. The measures we use – expected mone-tary win, volatility of payouts, and the probability that any single play returns a winning result – have the advantage that they are mathematically precise and can be linked to psy-chological risk and return criteria that people may look to as they decide both whether to gamble or not and how to play