A slot is an opening in a surface or object, especially one that accepts a screw or bolt. It can also refer to the opening into which a piece of material is cut or machined. The term is often used in the context of computer hardware, as in the slot on a motherboard or other component that provides room for expansion. The phrase is also sometimes used in the context of a graphical interface, as in the menu bar at the top of a window or the area where icons are located on a computer screen.
While Hirsch is considered an innovator in terms of casino financial management, it was another pioneer named William “Si” Redd who led the transformation of slot machines from a marginalized industry afterthought to one of gaming’s most important engines of growth. UNLV’s Oral History Research Center includes an extensive interview with Redd, whose company eventually became the giant International Game Technology.
During his interview with UNLV’s Oral History Research Center, Hirsch discussed how his early papers were dismissed by the industry as being insignificant and even demeaning to slots. However, his later work in the 1970s and 1980s is credited with changing the way that casinos approached their financial operations, enabling them to become major drivers of revenue growth.
Many of the concepts that Hirsch explored are still used today. The notion of a “hot slot” is a prime example. Hot slots are those that have paid out the most money over a given timeframe. They are typically found in high traffic areas and can be identified by their brightly colored glow. While the idea of hot slots is appealing, it’s important to remember that there are a lot of factors beyond your control when playing a slot machine.
The most important factor in determining whether a slot is hot or not is the percentage of times that it pays out. This can be calculated by dividing the total amount of money paid out by the number of spins. A higher percentage means that the slot is more likely to pay out on a single spin than a lower percentage. This doesn’t take into account the fact that different machines have different payout frequencies, which could result in a lower percentage being more or less desirable depending on the machine type and your own personal gambling preferences. The key is to focus on the factors that you can control, such as variance and RTP, and to avoid machines with low payout locations.