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A slot machine is a certain type of gambling machine.
The slot machine was invented in 1895 by Charles Fey of San Francisco, California. The first machine, known as Liberty Bell, had pictures of diamonds, hearts, spades, and cracked Liberty Bells on three mechanical reels. Liberty Bell was a huge success and spawned a thriving mechanical gaming device industry. Another early machine gave out winning in the form of fruit flavoured chewing gums with pictures of the flavours as symbols on the reels. The popular cherry and melon symbols derive from this machine. The "BAR" symbol now common in slot machines was derived from an early logo of the Bell-Fruit Gum Company . In 1964, Bally developed the first fully electromechanical slot machine called Money Honey.
A person playing a slot machine purchases the right to play by inserting coins, cash, a debit card, or in newer machines, a bar-coded paper ticket (known as "ticket in/ticket out" machines), into a designated slot on the machine. The machine is then activated by means of a lever or button, or on newer machines, by pressing a touchscreen on its face. The game itself may or may not involve skill on the player's part -- or it may create the illusion of involving skill without actually being anything else than a game of chance.
The object of the game is to win money from the machine. The game usually involves matching symbols, either on mechanical reels which spin and stop to reveal one or several symbols, or on a video screen. The symbols are usually brightly colored and easily recognizable, such as images of fruits, and simple shapes such as bells, diamonds, or hearts.
Most games have a variety of winning combinations of symbols, often posted on the face of the machine. If a player matches a combination according to the rules of the game, the slot machine pays the player cash or some other sort of value, such as extra games.
There are many different kinds of gambling slot machines in places such as Las Vegas. Some of the most popular are the video poker machines, in which players hope to obtain a set of symbols corresponding to a winning poker hand. There are standard 5-card draw machines, all the way up to 100-play machines, where you can play 100 hands at a time.
Becoming more popular now are the 9 line slots. Usually these are themed slots ( Addams Family, I Dream of Jeannie, etc.) with a bonus round. Most accept variable amounts of credit to play with 1 to 5 credits per line being typical. The higher the amount bet, the higher the payout.
Of course, there are the standard 3 - 5 reel slot machines, of various types. These are the typical "one-armed bandits".
Larger casinos offer slot machines with denominations from $.01 (penny slots) all the way up to $100.00 a pull. Large denomination slot machines are usually cordoned off from the rest of the casino into a "High Limit" area, often with a separate team of hosts to cater to the needs of the high-rollers who play there.
It is a common belief that the odds on a machine have something to do with the number of each kind of symbol on each reel, but this is not the case. Modern slot machines are computerized, so that the odds are whatever they are programmed to be. For instance, if the jackpot combination is "7-7-7", slot machine owners can fool/tease people by making "7-7-(non-7)" come up frequently. Even if the machine uses real wheels, the symbols shown by the wheels are chosen by computer.
Slot machines are typically programmed to pay out around 82-94% of the money that goes into them as winnings. This can often be changed by the owner with the aid of DIP switches on the motherboard. The winning patterns on slot machines, the amounts they pay, and the frequency at which they appear are carefully selected to yield a certain percentage of the cost of play to the "house" (the operator of the slot machine), while returning the rest to the player during play. Suppose that a certain slot machine costs $1 per spin. It can be calculated that over a sufficiently long period, such as 1,000,000 spins, that the machine will return an average of $950,000 to its players, who have inserted $1,000,000 during that time. In this (simplified) example, the slot machine is said to pay out 95%. The operator keeps the remaining $50,000.
Slot machines common in casinos at this time are more complicated. Most allow players to accept their winnings as credits which may be "spent" on additional spins.
Often machines are linked together in a way that allows a group of machines to offer a particularly large prize, or "jackpot". Each slot machine in the group contributes a small amount to this progressive jackpot, which is awarded to a player who gets (for example) a royal flush on a video poker machine, or a specific combination of symbols on a regular or 9 line slot machine. The amount paid for the progressive jackpot is usually far higher than any single slot machine could pay on its own. As of this writing, Megabucks (a 5-reel dollar slot machine) pays a minimum jackpot of several million dollars when a player bets $3 and get the symbols for the top jackpot.
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