Recreational gambling has never been accepted as it is today. With lotteries and sports betting available, and a local casino so close to so many Americans, gambling has never been so popular. We know about casinos and your ADT, but what’s ITV you ask? Read on….
TravelZork’s Michael Trager recently wrote an article “Why Vegas Casino Loyalty Is Broken” looked at what is happening in Las Vegas with casino rewards and casino fees. Previously, in his TwitPic of the Week Monologue (360 Vegas Podcast Episode #282) Mark Wojtowic eloquently refered to it as well. Both inspired me to consider the following question, “what is the casino industry missing in offering a better recreational gambling experience?”
What motivates our recreational Gambling experience?
Intrinsic motivation refers to behavior that is driven by internal rewards. In other words, the motivation to engage in a behavior arises from within the individual because it is naturally satisfying to you. This contrasts with extrinsic motivation, which involves engaging in a behavior in order to earn external rewards.
External rewards in casinos would include offers from Rewards Clubs such as comped dining, entertainment and free slotplay. Also included would be those things that appeal to your senses, such as the slot machine’s themes, bells and whistles, chair comfort, casino design, and even the scent of casino air.
Recreational gambling offers lots of extrinsic rewards, but the gaming industry has forgotten, or chose to disregard, the most important part – The chance winning and the time spent in the chase. In other words, the intrinsic incentive of fun in recreational gambling.
Average Daily Theoretical and Intrinsic Motivation
Your ADT (Average Daily Theoretical) is how the casino measures your worth, considering how much you play, the denomination of your play, and the length of time you played in a day. I suggest I t’s time we, the casino guest, measure the casino’s worth by developing an IVT (Intrinsic Theoretical Value). It would be a measure over time of bankroll length, gaming rules and rewards club comparisons.
Seriously, an ITV sounds crazy, but, it could work. By logging casino visits and comparing how your bankroll lasts, gaming rules and your awarded comps “over time,” we might be able to compare casino value in a vaguely measurable way. Think how cool it would be to visit a casino on the basis of their “ITV.”
With lower slots odds, 6:5 Blackjack, automatic shuffle machines, less odds at the Craps table, (and don’t get me started on unplayable video poker), they have taken away the our intrinsic motivation. Most of us wouldn’t mind a decrease in “bells and whistles” if it meant an increase in the hope of winning and the length of time our bankroll would last. The ever-present greed in the gambling industry is causing a feeling of “why bother?” This is your recreational gambling ITV taking a hit.
las Vegas data misunderstood?
In Las Vegas, gambling CEO’s seem puzzled by the dip in gambling revenue, even though most months have a higher visitor stat. One main reason is that the total gambling bankroll is shackled by parking fees, resort fees, CSN fees, higher food and drink prices, and less player comps. Add a bigger house edge with game rules and pay out percentages like 6:5 BJ and 7/5 video poker and “why bother?” That response is an internal feeling of hopelessness in the experience of gambling, a decreased ITV.
Casino Rewards Clubs are also squeezing the fun out of the experience. Cut backs in comps and rewards, such as in CET’s Total Rewards and Boyd’s B Connected, are changing where we gamble. Shortened periods for accruing rewards points, and the tightening of casino rewards programs are making harder to rise in tier level and hold on to the points earned.
Casino guests could be made to feel special and appreciated with greater hospitality, gambling options, and less “nickel & dining.” CEO’s wouldn’t need to be looking for skill-based games, stadium gaming and sports betting as THE panacea for their misappropriated understanding of getting guests of all ages through the doors.
It’s really so simple. If I feel good on the inside about my gambling experience lasting longer and potentially better financially, I will visit more, stay longer, and take in more amenities the property has to offer.