I'm amazed at the amount of slot machine myths that still exist considering how much money is spent on slots and the fact that we're living in the "Informational Age." Just from talking to people and reading online forums where people discuss gambling, easily most of them have some sort of slot machine misconceptions.
It's incredible how little knowledge slot players have of what they put their money into. Even more incredible is the amount of myths that they believe in - how can you spend hundreds of dollars a year and not find out if what you're doing makes any sense at all?
The fact that about 70% of US gambling revenues come from slot machines speaks for itself; slot players have little idea of what they're doing and (perhaps due to popular myths) believe that they have the edge in certain situations.
Knowing better than to trust these popular slot machine myths helps you to save a lot of money in the long run and to focus on the right things.
Hot and Cold Streaks, or "Gambler's Fallacy"
Not long ago one of my relatives decided to go play a slot machine; I curiously followed, and am glad I did because I was once again reminded of the fact that some people believe in "hot" and "cold" streaks. (My relative chose a machine based on the size of the last win.)
Slot machines have random number generators; every result, regardless of what's happened before, is completely random. You're just as likely to win a lot of money the next time you play a slot machine if someone had won a jackpot on it during the previous spin than if a 100 spins had been lost.
Speed Influences Your Chances of Winning
If you take the time to learn how slots work, you'll know exactly why you're just as likely to win if you pressed Spin or pulled the lever fast or slow.
Every spin of the reels produces a random results, just as likely to win as the last or the next one, and again, what happened before (or when something happened before) has no effect on your chances to win.
Slot Club Cards Lower the House Edge
Slot Club (or "Player's Club") cards have no impact on the house edge of a slot machine; they simply help casinos to track your play so you could get cashback and complimentaries when you deserve them. Using a Slot Club card allows you to get more out of the casino, but it does nothing to the house edge of a slot machine.
High Payback Slots Are Located in High Traffic Areas
Nobody has been able to prove that casinos would locate their slot machines based on the payback of the machine. And when people have asked slot managers, they've said the same; if you can find one reputable source claiming this, I would love to hear about it.
Betting Systems Work
Betting systems never reduce the house edge, and even though you'll often win by using them, the one time you lose wipes out all of your money. Not a good slot machine strategy.