Back in the day slot machines used to pay out only on 3% of spins. The ones that are manufactured today though return at a rate of 45%. Here are a couple of interesting facts about the history and economics of slot machines:
1. The first slot machine was invented at the start of the 20th century
The Liberty Bell Machine was invented in 1898 and had three reels with 10 symbols and would pay out in coins. This makes it the first ever slot machine. It gave players a one in 1000 chance of hitting the jackpot.
2. Slot machines are dominant nowadays in casinos
Even though you might imagine a casino as a place filled with cards, croupiers and chips, table games occupy just 20% of the space in a modern casino. Everything else is dedicated to slot machines, which sometimes account for up to 70-80% of a casinos revenue.
3. Curved screens attract players
A curved screen on a slot machine will attract more players by 30% to 80%. The only reason this happens is because “It looks cool.” That fact alone says a lot about human psychology.
4. Small gamblers can gain as much money as high rollers if they keep at it
Over a lifetime of gambling, regulars who keep coming back to play each week can be worth as much as those who go to the big tables in Vegas.
Slot machines have truly evolved through the years and so did the technology behind them. Probably what makes them so attractive is their simplicity when you compare them to other games which might require a fair amount of skill on the player’s part.