*Well, almost daily
What: San Francisco inventor Charles Fey invented the “Liberty Bell” in 1895, a machine with five symbols and a simple mechanism for making automatic payments.
Why: Depicting horseshoes, diamonds, spades, hearts and a Liberty Bell — and with a major pay-off of 50 cents — the machine was a huge success, with demand eventually exceeding Fey’s ability to supply (even after the machines were banned in California). When the inventor refused to sell his idea to bigger manufacturers, knock-offs proliferated and an industry was born.
Get this: Local regulation determines the minimum percentage of monies wagered at slot machines that must be paid out as winnings to players. Nevada’s minimum is 75%, and New Jersey’s is 83%. Jersey shore, here we come!
Learn more about casino gambling on the East Coast by checking out today’s story on Marketplace Morning Report.
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