The present study examined the degree to which slot machine near-miss trials, or trials that displayed 2 of 3 winning symbols on the payoff line, affected response times and win estimations of 12 recreational slot machine players. Participants played a commercial slot machine in a casino-like laboratory for course extra-credit points. Videotaped sessions were later coded to assess trial types and participant response latencies and win estimations for each participant. Results show that all 12 participants emitted verbalizations suggesting near-miss trials were of a higher approximation to a win than non-near-miss losing trials. Of the 12 participants 8 also demonstrated higher response latencies following losing trials than following winning trials. Variations across participants’ response latencies were attributed to the presence of and response to near miss trials. The implications of the near-miss on game preference, resistance to extinction, and the development of a behavioral treatment for pathological gamblers are discussed.