There is no such thing as a penny slot machine, that is, a slot in which you insert pennies. Penny slot machines are those that require coins starting at one cent and go as high as $500 or more. Some slot machines may start at two cents up to 25 cents. This is the basis of a penny slot machine. Most of these machines require a specified number of coins to be inserted. For example, if you are betting the max and the slot calls for a $10 max bet, then you would be wagering 100 coins. Moreover, if the slot calls for 50 coins, this would amo0unt to $1 a spin. Literally, with the thousands of slot machine available online and at land-based casinos, the bet amount varies tremendously. However, if the slot machine is set at $1 and the slot amount is a must play 3 coins; then wager per spin would amount to $3.
I have reviewed 100’s and 100’s of slot machines and I can attest to the fact that some “penny” slot machines do not pay out more than you wager. For example, I might bet 100 coins and only get a return of 18 coins. And this is not only for penny slots, this can occur on higher priced slots as well. When the first penny slot machine was invented, it required only a nickel. The player had the choice of betting one coin or, as I have indicated, a must play 3-coin wager. The same type of slot is still available today. The coins sizes range from one cent to 50 cents. In some cases, the slot IS a 25 cent or 50 cent slot. So the idea that penny slots exist is not the case.