New Report Shows That Nevada Slot Machines Pay Back Less Than They Did 20 Years Ago

Anyone who has spent time on a casino floor has likely heard the phrase tighter slots. New research from Las Vegas gives that idea some data behind it.

A study from the UNLV Center for Gaming Research found that slot machines across Nevada now keep a larger share of wagers than they did two decades ago. Players still receive payouts well above the legal minimum, yet average returns have slowly drifted downward.

Good to Know

• Nevada law requires slot machines to return at least 75 percent of wagers
• Modern machines usually return around 90 percent over time
• Average slot holds have increased statewide since the early 2000s

The study tracked slot machine performance over a 20 year period. In 2004, statewide slot holds averaged 6.55 percent. By 2025, that figure rose to 7.1 percent. A higher hold means casinos keep more money from each dollar wagered.

Location mattered. The Las Vegas Strip recorded the highest average hold at 7.5 percent. Reno posted the lowest at 5.21 percent. Other regions landed between those two extremes.

Why Hold Percentage Are Important

The UNLV report explained why small changes carry real impact. The report said:

“Hold percentage – the portion of money gambled that the casino retains – has a huge impact on casino revenues. Even if handle (overall play) rises in a period, a decline in hold percentage can mean a drop in casino revenues. Players naturally prefer a low hold percentage, which returns on average more money to them, while casinos look to balance higher hold with the need to keep players happy.”

Even modest shifts can affect both sides of the equation. Players tend to stay longer on machines that return more. Casinos rely on higher holds to support operating costs.

The Las Vegas Review-Journal noted that Nevada regulators place strict limits on how machines operate. Slot machines must meet payout rules set by law and approved through testing.

Regulators Push Back on Fairness Concerns

Officials with the Nevada Gaming Control Board say players should not worry about hidden adjustments. Regulators stress that modern slot machines run on pre-approved configurations. Casino staff cannot manually tweak payout rates on the fly.

Any deviation would show up quickly through audits and machine data logs, according to the board. Regulators say the gradual rise in hold reflects long-term trends in game design rather than manipulation.

The findings highlight a quiet shift rather than a sudden change. Slot machines still pay back most wagers. Yet compared to two decades ago, players now give up a slightly larger share with each spin.

FAQ

What is a slot machine hold?

Hold refers to the percentage of money wagered that a casino keeps over time.

Are Nevada slot machines legal at current payout levels?

Yes. State law requires at least a 75 percent return, well below current averages.

Which area had the highest slot hold?

The Las Vegas Strip posted the highest average hold at 7.5 percent.

Can casinos secretly adjust slot payouts?

Regulators say no. Machines operate under approved settings and audits detect changes.

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