Abstract
The three-reel slot machine, invented in San Francisco in 1898, underwent substantial evolution over the course of the 20th century. For example, while classical slots were purely mechanical or electro-mechanical, modern ones are electronic and controlled by microprocessors with random-number generators. Slot machines are the only casino games for which evaluating the house advantage requires information not generally available to the gambling public. In this chapter we consider three slot machines, two classical ones and a modern one, for which the required information is available. In Section 12.1 we evaluate the expected payout for each machine. In Section 12.2 we address volatility and ruin issues.
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