Interesting topic.
I will tell you now, I have already tried to master these games and it doesn't work.
Before the age of the internet, it was possible but now I don't believe it is. Because you can find everything about these games on websites, in addition to a slew of cheaply priced books through Amazon, the carnival barkers have turned the tables on the once gullible, but now educated and fully aware public (with regard to the 'tricks' it takes to win a 'choice' prize). They also know everything you will try to do win and have already altered the rules to eliminate the tips on these websites and in these books.
What's the problem and how do I know this?
Well I attempted to beat some of these games a few summers ago. I researched several, understood all the tricks these stands utilize to take your money, and actually set up some mock games in an attempt to master them.
So what was the end result?
I ended up spending DOUBLE the amount I would have spent if I wouldn't have prepared myself.
How did that happen? Slight variations in the game make them virtually impossible to win.
Example:
Shot the Star game - I can definitively say the paper is now ever so slightly thicker and the star is slightly bigger. That's the difference between a hanging chad and a loss, and a win. Also, the guns they give you are in no way accurate. The barrel can be bent to send the BB's in just a bit to the right or left, for which after you compensate, you are out of shots.
Milk Bottle Pyramid - I'm convinced even Randy Johnson would lose at this game 100 out of 100 times. One of the bottom bottles is weighted and you'll never topple it. Unless of course they put in a regular weighted bottle for a big crowd to see a winner, only to replace it with the heavier one when the money starts pouring in.
Softball in a basket game - One of the worst if not the most rigged carnival game of all time. The stand worker will convince you you can win because he stands at an angle and tosses it in. From the angle you are at, the basket is tilted in such a way (the naked eye telling you you have a chance) that they already know you will not be making a winning shot. It doesn't matter how many times you set this up and practice it at home. It's a sure loser.
Toss the quarter on a plate game - MASSIVE waste of money and huge profit maker for the fair since everyone who passes pulls out a quarter or two and takes a shot. They won't let you throw multiple quarters so they can hit off each other and stay on a plate so you literally will have to hit another quarter in mid-air to make this work. Also, they hang those giant boa constrictor stuffed animals in the way of a semi-high throw so, you guessed it, you hit the prize on a toss get frustrated and have to spend even more money. (This is extremely duplicitous, since you wouldn't win anyway but because you are pissed off after hitting it, you break out another dollar).
Ring toss - There's a reason why they give you 200 rings to throw at those jugs. It wouldn't matter if they gave you 20,000. You're still losing at this game. The only way to win it is to throw the entire bucket at a bottle and they won't allow this.
In a down economy, people will go to the carnival less and spend less money there if they do go. This brings out the shrewdest carnys who will fight for every nickel and dime from the masses while giving up nothing in the process.
My advice on the games to play:
The Crane Game - It's cheap and you may win a very small prize. NEVER go for the cranes with fake rolex's, x-box's, and ipads. You can spend the entire summer at those cranes like a village idiot and never win at them. Go for cranes with ugly t-shirts or really tiny stuff animals that could be tied to the front of your car grill. You have a shot with those. (after spending $5 bucks at least...)
Basketball - If you are accurate, a high arc and a good shot will win it. Just wait for someone else to win and use that hoop. Only a swish wins, not a bank.
The wheel - At a minimum, while the other games are literally impossible, at least there is a number on the wheel that is a winner. Give them a buck and you'll get 4 attempts which will waste time and provide a rush. You'll still be a loser at the end of the night but at least you had a shot.
On that note, I would like to say I will be a corpse before I pay $10 for a gyro.