Las Vegas Slot Machines Becoming 'Tighter' as Hold Percentage Rises
Frustrated gamblers in Las Vegas who feel slot machines are becoming less generous with their payouts are not imagining things, according to new research. A comprehensive report from the UNLV Center for Gaming Research reveals that the "hold percentage" – the portion of money wagered that casinos retain – has been climbing steadily across Nevada for nearly two decades.
Steady Increase in Casino Retention
The data shows that since 2004, the hold percentage has increased almost every single year statewide. This metric has a substantial impact on casino revenues, as even when overall gambling activity rises, a decline in hold percentage can lead to reduced earnings for establishments. Players naturally prefer lower hold percentages, which translate to better average returns, while casinos must balance higher retention against maintaining player satisfaction.
"Hold percentage has a huge impact on casino revenues," the report emphasises. "Even if handle rises in a period, a decline in hold percentage can mean a drop in casino revenues."
Regulatory Limits and Actual Returns
Nevada state regulations permit slot machines in Las Vegas and surrounding areas to hold a maximum of 25 percent of the money inserted, theoretically allowing players to expect a 75 percent return. However, the current reality presents a different picture. As of last year, the average hold percentage stood at 6.55 percent, with players receiving a 93.45 percent return on their wagers.
While this might appear favourable at first glance, the UNLV data indicates a significant shift: players are now winning over 25 percent less frequently than in previous years. In 2025, the state's average hold percentage reached 7.15 percent, up from 5.72 percent in 2004 – representing a 26 percent increase over the two-decade period. December's figures have yet to be released.
Geographical Variations in Hold Percentages
The report highlights considerable geographical disparities in how tightly slot machines are set across Nevada. The Las Vegas Strip exhibited significantly higher hold percentages than other reporting areas, followed by Downtown Las Vegas, South Shore Lake Tahoe, and Laughlin. This suggests that players' experiences can vary substantially depending on their location within the state.
Technical Limitations and Configuration Options
Jeremy Eberwein, chief of the Technology Division which oversees the Control Board's gaming lab, explained that it would be virtually impossible for casinos to set their slot machines to hold more than the permitted 25 percent maximum. "They have set configurations," he told The Las Vegas Review-Journal. "For example, one might have a configuration for a 90 percent return to player or a 10 percent hold. It's just fixed. That's your only option."
Eberwein elaborated that operators cannot make minor adjustments to these settings. "You can't tweak it a little bit this way or that way. There are just very specific options. And that's all in the program. So you physically can't pick something with, say, a 40 percent hold. It's just not there." He added that it's "pretty common" for games to include a "loose option" with higher player returns, while the tightest configurations typically offer around 86 percent returns.
The Role of Random Chance
Despite the clear upward trend in hold percentages over the past twenty years, the UNLV report stresses that random chance remains a significant factor in monthly outcomes. "Though slot hold has increased, on average, since 2004, there has been a great deal of fluctuation in the monthly hold, and from month to month there is little predictability about exactly which way slot hold is trending." This means that while the long-term pattern shows machines becoming tighter, individual sessions can still produce unexpected results due to inherent randomness.
The findings provide empirical evidence supporting what many Las Vegas visitors have suspected: slot machines are indeed returning less money to players over time, even as casinos operate within strict regulatory frameworks. This gradual tightening reflects the industry's ongoing balancing act between maximising revenues and maintaining the appeal that keeps gamblers returning to the casinos.
