6 Facts About Slot Machines You Didn’t Know

They’ve been entertaining everyone from your grandmother to the excited couple walking into the casino for the first time. They’ve also generated billions of dollars in revenue for “the house” for more than a century. I’m talking, of course, about slot machines!

These loud, often brightly-colored contraptions promise a chance at the jackpot, which can be life-changing…if you’re lucky. For many, a modest win is enough to feel successful.

For all their familiarity, what do people really know about slot machines? In this article, I’ll lay out interesting facts you’ve likely never heard.

1 – They Go Way Back

It might seem like slot machines are a somewhat-modern invention, given that they include lights, sounds, and other technological accessories. However, the first slot machine was developed all the way back in 1891!

The very first slot machine included a 52-card deck. Players would place their nickel in the machine and would get paid out based on the poker hand that the machine produced. Unfortunately, it was very difficult for the designers of the machine to determine which combinations should result in which payouts.

When Charles Fey invented a machine in 1895 that more closely resembles what we know today as the slot machine, he incorporated a three-drum system that had just 5 symbols instead of the 52-card deck. This made it much easier to standardize the payouts. With Mr. Fey’s new invention, the modern slot machine was born.

2 – Video Killed the Mechanical Slot Machine

The slot machine powered by electricity burst onto the scene in 1963. It would be several years until the video component would also come into play.

It was with the invention of the video slot machine in 1976 that the country’s obsession with the casino staple truly began to take off. The new video slots started popping up in casinos all over Las Vegas, and their potential for making huge amounts of money was starting to become more obvious.

3 – The Average Cost to Play Varies Greatly

Most casino-regulars are familiar with slots that require hardly any money. For this reason, there’s an argument to be made about their effectiveness for those players who are conscious about their bankroll (which should be everyone).

The lowest amount that a slot will accept in order to allow a spin is a penny. These appropriately named “penny slots” are fairly common, and are a staple in major casinos across the world.

The penny slots are obviously as low as it goes, but what about the other end of the spectrum?

For the high rollers who want to really take a shot at winning the big bucks, some machines take up to $100…just for a single spin! Yes, the payout is certainly going to be attractive, but for most players this amount of money is simply too much to risk.

Now that you’ve seen the least amount that can be played, as well as the insanely higher amounts that can be played, what’s the typical slot look like? For most players, somewhere between a quarter and a dollar would be the standard risk. This will give you a shot at winning healthy jackpot, but won’t put your bankroll in jeopardy in the process.

4 – A High Percentage of Money Is Returned

If I were to tell you that slot machines rake in billions of dollars annually for casinos, it’s hard to imagine that the players’ odds are too favorable. In fact, more than 90% of money that is put into a slot machine is returned to players.

Now, it’s important to keep in mind that this is just an average number, so don’t think that just because you put $100 into the machine that you’re guaranteed to get at least $90 back. The RTP (return-to-play) indicates that out of all the money put in, 90% of it will be paid out to a number of different players over the life of the machine. Because of the huge jackpots, there is plenty of room for huge losses as well.

As a side note, if you visit a casino to play slots, always check to see if you can find a better deal on your overall return. Some slots have an RTP that dips below 90%, while some can get as high as 94%.

If you’re wondering how casinos can make such a huge profit off of a game that returns the vast majority of its money to gamblers, all you have to do is think of the volume of spins. Each active machine can be responsible for several hundred spins per hour.

This immense number will slowly but surely build up huge revenue over time. To give some numbers, the slot machines on the Las Vegas strip earn roughly $226 per day, per machine. That means that with nearly 40,000 machines in operation, revenues come out to more than $3 billion…and that’s just in Vegas.

5 – Pros Actually Exist

Slot machines seem like the ultimate game of chance, but apparently some devoted players have found a way to turn the tides in their favor, with some even making a living from the machines.

Although there are people out there who managed to put together slot betting strategies that somehow pay the bills, it’s important to mention that there is no agreed-upon system. If I had to take a guess, I’d say that these people are just riding a lucky streak. The unfortunate reality with lucky streaks is that they always run out.

The bottom line is that while you might hear about these pro slot machine players from time to time, it’s probably going to be a better use of your energy to focus on games like blackjack or poker…or you know, a real job.

6 – Online Slots Are Huge

First there were the 52-card mechanical machines, then the upgrade to Fey’s system, before finally settling on the video version most players know and love. The future of slots might be found on the device you’re currently reading this article on.

Real money online slots have taken off in the past decade as they’re able to offer certain perks that just can’t be beat by their physical casino counterparts. First, online systems don’t require any machine upkeep. Most slots don’t require a great deal of maintenance, but they do break down occasionally.

Another reason why online slots are gaining so much popularity is simply due to the odds. While the 90% (or more) return-to-player that you’ll find in your downtown casino sounds attractive, online casinos can offer up to 98% RTP.

Finally, online slots, or rather the platforms that offer them, are able to include very favorable bonuses that just real casinos just cannot compete with. For example, upon signing up for an online gaming platform, a player might receive a deposit match in which the site will give them the same amount of money as their initial deposit in the form of a credit.

These online bonuses can be used just like real money, with the only difference being you can’t actually cash them out. Some online sites even give out a not-insignificant amount of free spins.

How do they do it? The online sites simply don’t have the same overhead costs of maintaining rooms, paying staff, building repairs, and everything else that comes with running a huge hospitality operation.

If you have tried online slots for yourself, give it a try! Most offer relatively low-risk options for first timers, and you might just hit it big.

Conclusion

Slot machines are the quintessential casino game, and have been for the last half-century. Although I wouldn’t necessarily recommend making it your main money-maker at the casino, it can’t hurt to take a few spins and see what happens.

One final word that I must mention: they aren’t rigged. If you find yourself losing, it’s just not your day. Come back tomorrow and try your luck again…at least that’s what they’ll tell you.