Nevada’s slot machines are keeping a larger share of the money players wager, according to a new report from the UNLV Center for Gaming Research. The study reveals that the “hold percentage” — the portion of money retained by the casino — has risen significantly since 2004. This trend has sparked concerns among players who feel that machines are paying out less than in the past, but state regulators insist that these changes are well within the legal framework.

The Mechanics of Nevada’s Gaming Regulations

In Nevada, state regulations mandate that slot machines must return at least 75% of the money wagered, meaning the maximum a casino can hold is 25%. The data, however, shows a gradual tightening over the years, with the statewide average hold rising from 6.55% in 2004 to 7.15% in 2025. This increase has led to some frustration among regular gamblers, but experts say the changes are primarily the result of shifting market conditions and casino strategies, not illicit behavior.

While some may be tempted to believe that casinos are setting machines to retain more than they’re legally allowed, Nevada regulators strongly refute this theory. The Nevada Gaming Control Board (NGCB) has clarified that any such attempts would be impossible to execute unnoticed due to frequent audits and monitoring of gaming machines.

Under Nevada law, slot machines are designed with pre-set configurations that dictate their hold percentage. As reported by the Las Vegas Review-Journal, Jeremy Eberwein, Chief of the NGCB’s Technology Division, explains that these configurations are fixed, meaning casinos cannot manually adjust the hold percentage for individual machines. While certain machines may offer different payout configurations — such as options with a 90% return to the player and others with a tighter 86% payout — the adjustments must remain within the established legal bounds.

“The tightest option for most games typically hovers around an 86% return to player,” said Eberwein.“But you can’t adjust the machines to hold more than the legally permissible 25% of the wagered amount. The configurations are preset, so it’s physically impossible to exceed the allowed hold percentage.”

These regulations ensure that slot machines operate transparently and fairly, which is crucial for maintaining the integrity of Nevada’s gaming industry. The NGCB’s rigorous auditing process includes unannounced visits to casinos and thorough reviews of machine logs to ensure compliance with these standards.

A Decline in Payouts: The Long-Term Impact on Players

The UNLV report highlights that while the hold percentage has increased, the returns to players have decreased over time. In 2004, the average hold percentage was 6.55%, meaning players received 93.45% of the money they wagered. In 2025, that percentage had risen to 7.15%, meaning players now win back only 92.85% of their wagers. This shift represents a 26% increase in the hold percentage over the past two decades.

While this change may seem minor, the cumulative effect on players’ winnings is noticeable. Gamblers naturally prefer a lower hold percentage, as it means more money is returned to them over time. Casinos, on the other hand, seek a balance between offering a competitive gaming experience and generating enough revenue to support their operations. The report points out that while overall gaming activity has increased, casinos are adjusting the hold percentages in response to evolving economic pressures and consumer demand.

The Las Vegas Strip, in particular, stands out as having one of the highest average hold percentages, recorded at 7.57% in the UNLV study. In comparison, Reno had the lowest hold at just 5.21%, offering better returns to players. Other areas, including Laughlin and South Shore Lake Tahoe, also reported higher hold percentages than Reno, further highlighting the variation in payout practices across different Nevada gaming markets.

Despite the concerns of players, regulators maintain that any tightening of slot machines is occurring within the legal limits. The Nevada Gaming Control Board’s audit division, led by Rusty LeBlanc, asserts that adjusting the hold percentage above the legal threshold would not go unnoticed. The system in place involves regular audits and data checks, ensuring compliance with the state’s strict gaming laws.

LeBlanc and Eberwein also discussed the technical challenges casinos face in adjusting machine settings. With the development of server-based gaming, casinos can adjust game themes and settings across multiple machines with minimal effort. However, Eberwein noted that making changes to the hold percentage for individual machines would still require adherence to set configurations that cannot be altered without risking penalties.

Ultimately, while Nevada’s slot machines are indeed becoming “tighter,” there is no evidence to suggest any violations of state law or manipulation by casinos. The changes in hold percentage appear to reflect broader trends in the gaming industry, including the rising costs of operating large-scale casinos and the need for casinos to balance profitability with customer satisfaction.