#1 Hot/Cold Slot Machines: People often categorize slot machines into HOT or COLD. A hot slot machine is believed to be one that has just recently or previously paid out big money while a cold slot machine has not paid in quite a while. The fact is there is no such thing as that. Slot machines use a random generator that makes each individual spin unique and independent of the previous spins.
I do not see this as Myth because if a slot machine gives huge return, especially like two times or three times within a short period of time, people will prefer to use a good word to describe the machine. And hot can be used for it. Also if a machine is not giving high yield return but giving small amount and people are losing, people can say such machine is not hot. Just a fast meaning to understand how a slot machine has given return in the recent past.
What I know is that slot machines use a random number generator that ensures each spin so that a unique result independent of the previous spin is created, and this means that there is no statistical basis for categorising a machine as hot or cold because indeed each spin is completely random, slot games basically only require luck and no one can understand or even analyse each result issued by the machine even if he is a great gambler, however, sometimes we see someone who can continuously win on the slot and I think they are just lucky or maybe they have manipulated the slot system, I think the player perspective with the term hot or cold can help in describing their gambling experience and it is not something that gives someone the certainty of winning or losing which using the machine.