pay line: most slots have a single (or multiple) horizontal line at the middle of the visible playing section. If a proper combination falls on that line, you get paid. Hence, this line is the pay line.
reels: the cylindrical
spinning pieces around which all of the symbols are displayed. Most slot machines
usually have three reels but sometimes you will find a two reel, or four reel
or even higher. The more reels in the machine, the more permutations or possible
combinations are able to hit the pay line. This means, in a multiple reel machine
with a single jackpot line (to hit it big you need to get just the right combo),
your chances of hitting that combo are slimmer than normal.
pay cycle: a period of time following a minimum number of bets (or coin 'takes') during which the machine pays out coins in larger percentages. This cycle is supposedly programmed into the slots software to meet the minimum payout schedule as per state law.
take cycle: the opposite of the pay cycle.
loose slot: a slot machine that comes nearest to paying out 100%
hold: the hold is
the percentage of coins played that are kept by the machine, or the house. In
the average case, it is between 3% to 15%.