Online gambling and slot machines have a rich and exciting history, and there are many interesting facts about these machines which have shaped the gambling world we know and love today. Join us in this Spin Genie article where we’ll be busting myths and looking at some exciting and intriguing facts about the humble slot machine.
Slots are the Most Popular Casino Game
According to estimates, the global gambling industry is worth more than $450 billion dollars.
Global online gambling revenues are expected to reach $127 billion by 2027, with a compound annual growth rate of just over 11%. This is an incredible rate of growth, especially considering the market appeared to be approaching saturation before online gaming really took off in the last few years. Online slots, which have proven a steady hit with both new and more seasoned online casino enthusiasts in recent years, are one of the best-performing game categories within this much broader trend.
There are many reasons why online slots have become so popular, and many center around the huge variety of online slot titles in so many themes, and play styles, meaning that there is quite literally a slot for everyone.
The First Slot Machine Was Called Liberty Bell
While there are arguments for other machines to have been the first official slot machine, due to its mechanism that is still seen in modern slots today, the Liberty Bell, created by Charles Fey is deemed to be the first proper slot machine created. Made in 1895, this slot machine featured many of the iconic fruit machine symbols we know and love today such as the bell (which is what gave this slot its name), BAR symbols, and fruits too. In fact, the design of the slot machine remained largely unchanged until the 60’s when electronic slots started to be created.
Slots Have Different Names in Some Countries
Slot games are referred to as slots or slot machines by Americans, Canadians, and certain Europeans. Other countries, on the other hand, refer to slots by various names. Slot machines are known as "poker machines" or "pokies" in Australia. The pokie is an acronym for a poker machine, which is related to the history of slots. Fruit machines (also known as fruities) are popular in the United Kingdom, and they relate to the frequent slot technique of employing fruit as symbols. Apuggy is how the Scots refer to a fruit machine. Pachinko is the Japanese variant of slot machines. This is a slots-pinball hybrid that starts with a ball being shot into the playing field.
Online Slots Use Random Number Generators
A random number generator is used in almost every game, whether it's a video or online slot machine (RNG). The RNG rotates over simulated random number sequences. Thousands of number sequences per second are frequently generated by the RNG. When you press the spin button, the result is determined by the most recent number combination. This means that the most important factor in determining your outcome is when you choose to spin. To summarise, the outcomes of slots are completely unpredictable. And you have no choice but to devise a complex cheating scheme in order to obtain assured profits.
Slot Winning Strategies are Only Myths
Myths, cheats, and 'top strats' abound in the world of online slots. There's always someone with a system, but they're all myths, unfortunately. On the premises, there are no hot or cold machines. They aren't made in that manner. It's all controlled by a random system that, with luck, may allow you to win twice in a row. It would be extremely tough to program the computer to win or lose based on coin quantity while being fair to the players. As previously stated, slots still payout 90% of their earnings, so it's all down to luck, which has kept us on our toes since the 18th century.
Slot Bonus Rounds Were Introduced in the 1990s
WMS Industries Inc. created a slot machine featuring a bonus round in 1996. Today, you may be used to playing video slots with bonus rounds, but in the 1990s, introducing bonuses was a big breakthrough. Winners of the bonus round on the WMS Industries machine received additional payouts. Following that, bonuses became frequent in slot machines.
Online Casinos Can’t Change a Slot’s RTP
The payout % determines your chances of winning on a slot machine. This statistic, also known as return to player (RTP), represents the amount of money you will hypothetically win back from your wagers. If you bet $1 on a slot machine with a 95% payout, you'll get $0.95 back. A minimum slot RTP is required in several land-based casino jurisdictions. A minimum repayment of 83 percent is required in New Jersey, 80 percent in Mississippi, and 75 percent in Nevada. The RTP of modern online slots is usually between 95% and 97 percent. Because online slots do not have the same overhead costs as casinos, they usually pay out more. A common misconception is that online casinos can choose whatever RTP they'd like for their slots, leading to rigged games; however, all official online casinos are regulated in the same way as brick and mortar casinos and do not have access to the coding of the game's that they host.
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