A narrow notch or groove, especially one for receiving something, as a keyway in machinery, a slit for a coin in a vending machine, etc. A position in a group, series, sequence, or other arrangement. Also, informal A place or assignment; a job opening. [Wordnik]
In casino games, a slot is a place where the payback percentage of the game resides. While this varies between machines, it is generally difficult to alter during the course of a single game or even a day. This is because slot is dictated by a number of factors, including the way a game is configured and its payout structure.
Players who enjoy high limit slots can expect to find greater payout values on their spins than those playing lower-limit machines. This is due to the fact that the higher-limit slots are designed to allow for larger amounts of bets per spin. These bet levels can also offer better odds at scoring a jackpot, although this will still be based on chance.
As a general rule, it is advisable to only risk a small amount of your bankroll on a single penny slot session. This will help you manage your losses if you do happen to hit a bad streak, and it will ensure that you don’t spend more than you can afford to lose in any given session. You should also consider the structure of the penny slots you play to determine if they are appropriate for your budget and gaming style.