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October 22, 2004
Thinking out loud: double or nothing
Whilst doing some research (reading the paper… online) I stumbled across the article ATMs rake in millions from fees at news.com.au. The article points out that
That’s an alarming statistic.
Anyway — it got me thinking about one of my pet ideas. An idea that combines two very popular pastimes in Australia (and the rest of the world.) I’m sure it’s been thought of by countless others and I’m sure the banks would never be allowed to do such a thing but…
The idea is to have a “double or nothing” option on ATM’s. So, when you go to withdraw 100 dollars from an ATM you can try to double your money — meaning you’ll either end up with 200 dollars or zero dollars. The double or nothing option could be selected multiple times consecutively. Having watched people play poker machines I expect that people would keep hitting the “double or nothing button” until they lost all their money. The banks would make a killing which is a good thing because they need more money.
Of course, the “double or nothing” option would not be evenly weighted. In other words, people wouldn’t have a 50/50 chance of doubling their money. Now, I don’t design poker machines at Aristocrat or anything but I expect the banks would want to change the odds in their own favour to help pay tax, account service fees and to give a nice boost to their profit margin. something like 90/10 in their favour would probably work.
Of course, the “double or nothing” concept need not end there. It could be added to all kinds of things such as gaol sentences, examination results, parking fines and sexual acts.
Stay tuned for next time when I discuss how there aren’t enough sports versions of popular products.
Posted by Patrick at October 22, 2004 1:41 AM— Filed under Common , Random, Purposeless Stuff
Comments
How about 50/50 so you get the Aussie fair-go, but they take the fees out of your winnings? (why did I bother trying to rationalise this?!)
Posted by: wilko | October 22, 2004 11:43 AM
You know, your "Double or Nothing" ATM plan would probably have me as addicted to my local CBA machine as I am to "King Of The Nile"
Don't get me started on Cashman!
Posted by: Jess | October 22, 2004 11:57 AM
I'm sure that could be arranged. Of course, the fees would have to be astronomically high.
Posted by: Patrick | October 22, 2004 1:16 PM
So you're saying it's a brilliant scheme and I should get myself some kind of patent?
Posted by: Patrick | October 22, 2004 1:17 PM
"We" should get some kind of patent.
Remember, I am a leech. But affable, no?
Posted by: Jess | October 22, 2004 4:44 PM
You previously referred to it a your "Double or Nothing" ATM plan (meaning "my double or nothing ATM plan") but now, as the idea becomes extremely popular, you all of a sudden want to jump in with a "me too!"
Sheesh.
Posted by: Patrick | October 22, 2004 6:41 PM
I can see it now:
Insufficient Funds For Withdrawal Would You Like To Apply For A Loan To Keep Playing?
Posted by: liam hogan | October 22, 2004 11:40 PM
That's a great idea. The bank could loan people money for them to throw it straight back into an ATM.
I think if we add too many features to it then we might be running the risk of people leaving family members locked inside the car for hours on end whilst they "play" the ATM's.
Posted by: Patrick | October 23, 2004 12:20 AM