Inside Asian Gaming

IAG JAN 2022年1月 亞博匯 70 MECHANICAL DRIVERS VERSUS BEHAVIORAL DRIVERS should theoretically be similar within a given market. And while turnover win rates ought to be similar, and logically this should translate to similar hold percentages, we know that this is not the case and that some properties have a consistent hold percent premium. Once adjusting for accounting differences, this hold percent premium is explained by behavioral differences. 機制因素與行為因素 玩家回報率（RTP）由博彩遊戲的 賠率和規則而定，是支撐任何贏率的基 本機制。管理層只能在場地的設置和組 合中影響著玩家回報率。我們認為玩家 回報率的本質是機制的，因為營運商不 能在狹窄定義的範圍之外施加影響。 忽 略自由遊玩這條件，在既定的市場上， 營運商的營收贏率理論上應該是相似 的。雖然營收贏率應為相似，而且從邏 輯上而言，這應轉化為相似的儲留率， 但我們知道現實並非如此，某些項目的 儲留率一致地遠高於其他。一旦調整了 會計差異，這儲留率溢價就可以用行為 因素差異來解釋。 Return-to-player (RTP), which is determined by the odds and rules of the game, is the fundamental mechanic underpinning any of the win rates. Management can only influence RTP in the set-up and mix of the floor. We think of RTP as mechanical in nature, as operators cannot influence outside of a narrowly defined range. Ignoring free-play, operators’ turnover win rates COLUMNISTS