That quote is why he thinks some publishers focus on loot boxes.

GamesBeat published a lengthy transcript of an event held by Video Game Bar Association in Los Angeles. Here, the gaming industry’s one of the most known analysts has spoken… in style.

„Why are there loot boxes? Because consumers are stupid and they’ll spend thousands of dollars trying to get that hard-to-get thing. If you put it up for sale for $500, they won’t buy it. I mean, I think the Chinese solution – posting the odds of getting each item – is the right way to do it. This thing has a 1-in-250 chance in the loot box, or you can buy it for $250. Then people realize, I have to buy 250 loot boxes for $600 to get it? Then they’ll buy it.”

Wedbush Securities’ analyst did not stop there – he also went into the Hawaii legislators’ (led by Chris Lee) attempts to regulate the loot boxes (but each time, their bills failed to pass), and he did not hold himself back: „In the U.S., there’s very low probability anybody passes legislation to regulate loot boxes. The guys in Hawaii are just fucking morons. They’re morons. They should not only resign, but they should kill themselves. They’re so idiotic. Seriously. They’re such morons. One of the two idiot legislators said—I forget the studio. But they said something like, “EA shut down my favorite studio in 2005 and I’ve hated them ever since.” He said that on the record. Are we going to legislate against loot boxes? What an asshole.

By the way, their solution was, loot boxes are gambling. Gambling is illegal under Hawaii law. Therefore you can’t buy a loot box until you’re 21. Does that mean you can gamble when you’re 21 in Hawaii as well? There’s no chance that law is upheld. They’re not going to get it passed, because somebody in that legislature went to law school. Somebody in their staff is going to look at that Hawaii law. They’re idiots. I don’t think any of that stuff happens.”

Pachter is thus on the same side as Mike Gallagher, the president of ESA (Entertainment Software Association) – meanwhile, in Europe (the Netherlands and Belgium, to be exact), loot boxes are labeled as gambling. Gallagher thinks both countries overreact the situation…

Source: WCCFTech