Overconfidence in Understanding of How Electronic Gaming Machines Work Is Related to Positive Attitudes

Skill-Based Electronic Gaming Machines: Features that Mimic Video Gaming, Features that could Contribute to Harm, and Their Potential Attraction to Different Groups

New gambling products have been developed over time as technology permits. For example, early mechanical slot machines were later replaced by electronic gaming machines (EGMs), which enabled a faster speed of play and more immersive experience. EGMs have in the decades since their invention become one of the main drivers of gambling expenditure worldwide and are one of the gambling products most strongly associated with harm. This literature review considers research relevant to a new subcategory of EGM, 'skill-based' EGMs, termed 'SGMs' here. SGMs can be highly varied in content, with some representing a minimal departure from EGMs, where the typical bonus round is replaced by some skill-based activity, such as a simple video game, which could increase the machine's appeal. Other SGMs feature more radical departures from conventional EGMs, such as multiplayer games using intellectual property from popular TV shows or video games. These skill-based elements could tap into common gambling fallacies such as the illusion of control, and therefore facilitate harmful engagement. SGMs could also be less harmful than current EGMs, if skill-based elements break the dissociative states associated with EGM gambling. The intellectual property used in SGMs may increase their appeal among people who generally do not gamble, and the skill-based elements could increase their interest among gamblers who predominately prefer skill-based gambling formats such as sports betting. The novelty and varied content of SGMs present many open questions, which research should aim to address in future.

Meme asset wagering: Perceptions of risk, overconfidence, and gambling problems

Several financial assets, such as shares of GameStop or Dogecoin cryptocurrency, became the focus of substantial speculation in early-2021 that resulted in high price volatility and trading volume. This "meme asset wagering" appears to be closely related to the emergence of zero-fee retail brokerages, high-leverage cryptocurrency exchanges, and social media investment communities that facilitate and encourage risky behavior. As an emerging form of financial risk-taking, little is known about participants in these markets. In this study, an internet-based sample (n = 643) was recruited to assess the relation between meme asset ownership, perceived risks in gambling and investing, investment knowledge, and measures associated with gambling problems. Results suggest that meme asset wagerers perceive less risk from financial uncertainty, have higher levels of overconfidence in their investment ability, and have higher risk of gambling problems. The findings suggest that these products may be treated like gambling by some individuals.

Short-term cognitive impacts of electronic gaming machines with and without a skill-based component: A comparative laboratory study

This study aimed to compare how consumers understand the role of skill and chance, experience cognitive distortions, and experience immersion based on use of either electronic gaming machines (EGMs) or skill gambling machines (SGMs; EGMs with a skill-based component). Participants (N = 246, M _age = 34 years, 56.91% female) in a laboratory experiment were randomly assigned to play a real EGM or SGM without funds and self-reported measures including intention to gamble, understanding of the role of skill and chance, erroneous gambling beliefs, previous gambling and gaming, and problem gambling severity. Participants demonstrated different deficits in understanding of the role of skill vs. chance in determining outcomes following play. SGM players were more likely to increase their belief that a skill impacts outcomes and focused more on the game play experience. EGM players focused more on wins and personal performance. Intention to play both machines was predicted in both groups by greater experience of immersion during play and breadth of previous gambling, but breadth of previous gaming experience only predicted intent to play SGMs. The results revealed that both EGM and SGM players fail to understand how outcomes are determined, which is likely more problematic for EGM players as this reflects clear cognitive distortions. Further real-world testing is required to understand the extent to which SGMs harms may be different than EGMs, however, these initial findings suggest that their risks appear comparable to EGMs while attracting individuals with more gaming experience.