How Much Does a Slot Machine Cost?
Do you ever think up weird questions, such as ‘How much does a slot machine cost?’ Did you know the most expensive slot in the world is worth over $12 million? In this article, we are going to take a look into the costs of slot machines and give you a better idea of how the price fluctuates greatly in the world of slot machines. Read more for details.
Investigating the Costs of a Slot Machine
If you are thinking “How much does a slot machine cost?”, the price varies in lots of different ways. You’ll be able to get one for a few hundred pounds if it’s for the garage or you can pay up to £50,000 if it’s for a posh casino. Whichever slot you require, just remember it can cost a small fortune to repair, should it take a turn for the worse.
Maybe you’re thinking of creating your very own slot paradise? Maybe you have an ancient slot you would like to return to its former glory? Let’s take a look together at the price of slot machines. It will help you decide for yourself if it worth it or you should pursue another project.
The History of Slot Machines
First, we will start by looking back at where it all started. Invented by the American Charles August Fey, “The Liberty Bell” was the very first slot machine to hit the marketplace in 1894. Ever since, slot machines have varied dramatically in price and features. From your local pub’s fruit machine to the high-rolling MegaBucks slot in Las Vegas, the range is vast, and so are the price points.
Throughout the years, slot machines have significantly changed in software, design, quality, and the features they have to offer. In the table below, we have summarized for you some of the most iconic slot machines, which are considered the founders of modern-day slots as we know them.
| Year | Inventor | Slot Machine | Feature |
|---|---|---|---|
| 1894 | Charles August Fey | The Liberty Bell | First Slot Machine |
| 1907 | Herbert Mills | Operator Bell | First Fruit Machine |
| 1964 | Bally | Money Honey | First Electromechanical Slot |
| 1976 | Fortune Coin Co | Fortune Coin | First Video Slot |
| 1996 | WMS Industries Inc | “Reel em” | First Video Slot with Bonus |
Each of these slot machines has its valuable contribution and left its mark on the gaming world. They have been played by billions of people time and time again throughout centuries and provided inspiration for the building of the new and updated versions we enjoy playing today.
Why Does the Price Vary when Purchasing a Slot Machine?
Ever since their invention, slots have evolved into some of the most complex gambling devices the world has ever seen. The days of the “one-armed bandit” are long behind us and as with most things in life, technology has changed the slot machine out of all recognition.
If you’re looking to buy a slot machine, it is likely that there is going to be a slot machine that fits your budget. After checking some online auction websites, you can find an array of slots starting from around a hundred pounds and going up into the tens of thousands depending on the features, design, manufacturer, quality of the device and what games can be played on it.
A Breakdown of Slot Pricing
So you’ve purchased the perfect slot machine for your man cave and disaster strikes, it’s no longer working as it should. How much are the replacement parts for a slot? Depending on the machine, we have a breakdown to give you a rough idea of the pricing for some of the most common parts that need replacing.
- LCD Screen – An LCD screen will set you back anywhere between £100 – £500.
- Integrated Game Board – The integrated game board is an integral part of any modern-day slot. It will cost you between £150 – £400 for a replacement.
- Gaming Software – The slots gaming software is the most expensive to replace or update and can cost up to £5,000, especially if you need a developer to come and install it.
Why are Casino Slots So Expensive to Buy?
It’s true that casinos can pay anything up to £50,000 for a single slot machine. So why don’t they just fill their halls with cheap slots and make more profit we hear you ask? The answer is straightforward. Have you ever walked into a casino with old and dated furniture? Have you ever seen a Blackjack dealer without a suit? The answer should be a resounding “no,” and there’s a very good reason for it.
Casinos are very much aware that their punters are attracted to big bright lights – like moths to a flame. The more extravagant and shiny the slot machine, the more its punters want to play it. Casinos need to have the latest technology to keep people coming through their doors. They simply cannot afford to look like an arcade on the seafront.
How to Set Up an Online Slots Business?
Online slots have been the biggest generator of income for online casinos, ever since they hit the net back in 1994. Almost every big-name gambling website will have an online slot in some way or another. A massive 80% of all profits generated from an online casino come from its online slots. It’s easy to see why slots are a “must-have” commodity if you are thinking about setting up a website.
The price of online slots is generally determined by the software provider. They will simply rent out their software (the slots) to the online casinos for a certain monthly amount (i.e. up to £3,000 for a newer slot version) and also ask for a certain percentage of commissions. In return, the gaming provider will ensure a smooth and profitable relationship. As it’s so costly, most of the providers will offer their clients a bulk deal – add all their versions of slots and you can have up to 50% off.
FAQ on Slot Machine Prices and Related Costs
Now we have reached the conclusion of our article, let’s answer some of the most common questions relating to purchasing slots. These machines are a lot of fun to both play and own. However, their maintenance is not as simple as it may seem, so let’s look at some of the specifics together.
1️⃣ Why do slot machines cost so much?
One only needs to take a look at a slot machine to see how much work has gone into it. Whether that’s the exquisite mechanics of the older designs or the fancy LED screens and software of the modern-day slots, it’s easy to see why they can be very expensive.
2️⃣ Can I purchase an antique slot?
You will be surprised at the number of specialist sellers that are online. Whether you are looking for an antique slot or parts for an antique slot. We don’t believe you would have to dig that deep to find an old slot machine seller. That said, it is interesting to note that the first slot game was the Liberty Bell.
3️⃣ Where can I buy a cheap slot machine?
There are a lot of well-known online auction sites that sell cheap slots that are now surplus to requirements. They will help you save money on brand-new machines as well as second-hand spare parts. Jump online and place your bid and grab yourself a bargain.
4️⃣ Do you have to pay to add slots to your own online casino?
The short answer is yes. Online slots have significant running costs and usually the software provider rents them out to online casinos. The provider handles the maintenance side to ensure a smooth and profitable relationship with the casino. However, opening up an online casino is still much cheaper than
5️⃣ How much does it cost to fix a broken slot?
Depending on the part that needs fixing, neither an antique nor a modern-day slot would be cheap. For the old slot, the issue would be locating replacement parts as these could be hard to come across. For the newer version, you would most likely need to hire a software engineer.