There may be a couple of thoughts I could add to this:
The vast majority (I have seen stats ranging from 80-90%) of programmers out there get paid to maintain code.
The other 20% that write new code usually do it in-house.(Like banks writing a new jdbc app so cutomers can access their data online) Only a fraction of those that write new code are writing it for a product that will be marketed.
Now enter the game larket, where for every 5 million dollar production that is successful, there are several (if not more) 5 million dollar productions that bomb. Investors lose their money. Programmer gets laid off.
But who really loses? Not the programmer. Until that programmer got laid off, he/she got paid every other week. If paychecks were sporadic, the programmer had better jump ship.
So who puts up the money for the blockbuster game?
The investor.
Who is placing more on the line for the game?
The investor.
Who gets the big bucks if it pays off?
The investor.
Who is going to pay less and demand more in order to mitigate the risks?
The investor.
Unless the investor (be it a company owner, stock holder, or venture capitalist) can gurantee a 100% chance of making their investment back, the employees, including programmers, are going to get the short end of the stick.
The pay and conditions of the game market will never equal the stability and average pay range of those that work in the “established” markets because you can never gurantee your backers that your game will make them money.