We analyze a game of strategic experimentation with two-armed bandits whose risky arm might yield payoffs after exponentially distributed random times. Free-riding causes an inefficiently low level of experimentation in any equilibrium where the players use stationary Markovian strategies with beliefs as the state variable. We construct the unique symmetric Markovian equilibrium of the game, followed by various asymmetric ones. There is no equilibrium where all players use simple cut-off stra...