Since they were invented and until this day, slot machines have been one of the most popular games at brick-and-mortar casinos around the world. They appeal to a wider audience when compared to traditional table games such as roulette or blackjack. You need to understand different rules when playing table games, whereas anyone can play slot machines. Often, playing slots involves nothing more than putting money into a slot and pushing a button or pulling a lever.
That is just one reason slot machines dominate casino floors and the lobbies of online casino websites. In fact, these casino games usually generate as much as 80% of the revenue that a casino makes.
Over the years, slot machines have evolved. As technology has improved, slot machines have become more entertaining, more aesthetically pleasing, and have implemented exciting bonus features. We can now play them online at online casinos and even play crypto slots using Bitcoin, Ethereum, Litecoin, and other popular cryptocurrencies.
In this article, we take you through the history of slots, starting from their humble beginnings to what we have available to play today.
The History of Slots – When Were They Invented?
Slot machine technology dates back to the 1880s, but as most games developed back then did not involve gambling, many historians do not consider them the first slot machines. They were just mechanical games you operated by putting a coin in a slot. You could not win money from playing them.
Some historians have gone on record suggesting the 1891 one-armed bandit machines developed by the Sittmann and Pitt Company are the first-ever slot machines. However, as the game offered was poker and the machines did not payout any money, others disagree. If you played these machines in establishments and won, you usually received free goods and merchandise rather than cash.
The Liberty Bell Machine – The First Ever Slot Machine?
For most, the first true slot machine arrived a few years later in 1894. Often referred to as the Father of Slot Machines, Charles Fey invented the Liberty Bell slot machine, the first to produce actual payouts. It was also the first to use symbols such as those we’re accustomed to on modern-day video slots. That 3-reel machine has symbols such as playing card suits, horseshoes and bells. The biggest-paying symbol was the Liberty Bell symbol, which if you landed three in a row, would pay you 50 cents.
Unfortunately, Fey never got around to patenting his invention and that led to many companies coming in and copying his idea. Still, Fey was responsible for the birth of the slot machine, something nobody can take away.
Over the next 60-70 years, slot machines continued to involve and increase in popularity in the US. In Las Vegas, Nevada, in particular, many thousands would go into operation. In fact, by the 1960s, many estimate that there were 22,000 slot machines within the state. Within the next 20 years, that number had grown to over 100,000.
It wasn’t just the increase in the quantity of the slot machine throughout the years, but also the quality. 1963 saw the introduction of the first electromechanical slot, while video slots, much as we know them today, first appeared in 1976. The latter eventually led to the introduction of more reels, bonus features, progressive jackpots, and random number generators (RNGs).
History of Online Slots
While it is nice to look back at where slot machines came from, most of you (ok, all of you) will not have been around to see them. If you are here at mBitcasino reading this page, then it is likely you’re more interested in online slots and Bitcoin slots.
Well, surprisingly, even online slots have been around for longer than many of you will realise. The invention and adoption of the internet eventually led to the birth of online casinos in 1994 and along with them came online casino games, including video slots.
Microgaming and NetEnt were among the first companies to launch online casinos and develop slot games. Both are still around today (although Microgaming has moved away from developing casino games). Initially, the selection of games available was small, but over the years until the present day, there are literally thousands upon thousands of slots available at online casinos.
Obviously, the online casino industry has become an enormous beast since, but why is that? Well, there are many reasons people prefer playing online slots compared to their land-based compatriots.
- There are more games and online casinos to choose from
Simply put, there is so much more choice available to casino fans. We can play thousands of slots ranging from video slots, progressive jackpots, and Bitcoin slots. Today, there are over 200 iGaming development companies churning out new games regularly. Just last year, over 1,300 new casino games made their debuts at online casinos. You also have a ton of choices in terms of online casinos, but as you’re already here at the best, you do not need to worry about that!
- Online slots have higher RTPs
As online casinos do not have the overheads of land-based casinos, they can offer slot games with higher RTPs. The return to player percentage is how much money a slot gives back out of the sum total it receives over time. The average RTP of an online slot is 96% which means over an extended period, it will pay back $96 out of every $100 it takes. Some online slots even offer RTPs of 98% and above.
- You can play anywhere with an internet connection
Let’s be honest, we live in a world of convenience where we can get anything we want much quicker than we ever could before. The same goes for online slots. We no longer have to dress up and travel to a swanky land-based casino situated miles away. Instead, we can sit in our boxer shorts in bed with our tablets or smartphones playing any slot we want. We can play on the bus, on the toilet, or while sunbathing on a beach – just as long as we have an internet connection.
History of Crypto Slots
Crypto and Bitcoin slots are the latest addition to online casinos. The first crypto casinos appeared in 2012. Since then, many more, including mBitcasino, have sprung up.
Essentially, most of the crypto slots you can play on platforms such as ours are the same games as those offered in fiat currencies. Essentially, the developers have just configured them to accept cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), and Tether (USDT).
One of the most important innovations that has come along with Bitcoin slots was the development and implementation of the provably fair algorithm. Working on blockchain technology like cryptocurrencies do, this technology enables players to verify their game rounds to ensure they are fair and random. This gives you peace of mind when compared to playing fiat-based online slots. You can check the fairness manually rather than having no choice but to trust third-party testing companies have not missed a trick when testing the game.
Why Play Crypto Slots?
There are many reasons why Bitcoin and crypto slots have consistently grown in popularity over the last decade. We mentioned the provably fair algorithm and that is one of those reasons. However, playing Bitcoin slots bring other benefits as well:
- Anonymity: Using cryptocurrencies to play slots does away with the need to deal with KYC (know your customer) policies that involve you sharing all your personal information.
- Faster Transactions: It is widely known that cryptocurrency transactions complete faster than fiat transactions. Less red tape and middlemen means there are fewer hurdles for your transaction to jump on its way to its destination. Simply enter a crypto wallet address and the digital currency of your choosing usually arrives there instantly.
- Better Bonuses: As you will see at mBitcasino, you can claim better bonuses and promotions when using cryptocurrencies. These bonus offers also come with fairer terms for players.
Conclusion
The history of slot machines has taken us from penny slots to video slots and to the booming online slot vertical. It has since culminated in crypto slots that are now part of a cryptocurrency gambling industry predicted to be worth $93 million at the end of 2023. However, there is still plenty to look forward to as the future continues to look bright. Could metaverse crypto gambling become the next big thing? We wouldn’t bet against it!
