Penny slots are, by far, the most popular slot machine denomination in Las Vegas. While easy to play, and requiring quite a small wager, the low bet amount can be deceiving as penny slots generally have a lower Return-to-Player (RTP) than higher denomination machines.
Easy to Play, Low Risk
The advantage of penny slots is that they are comfortable for players who don't feel comfortable with the rules of some gambling activities like poker or baccarat. Penny slots, like any slot machine, are pure games of chance that do not require any specific knowledge to play.
Further, the low wager amount, a coin value of 1¢, means that even betting all the paylines is a sub-dollar affair, generally just a fraction of that.
For casual players that just want to get the experience, or who might be travelling with people that have higher risk tolerances, the penny slots might be just the place for those players just looking for a bit of entertainment.
The major disadvantage of penny slots is that they usually have a lower RTP than the higher value machines. RTP is referred to as a percentage. A machine that returns 94¢ for every dollar would have an RTP of 94%.
Nevada has a minimum RTP of 75%. It doesn't seem like any casinos are setting the RTP anywhere near that low limit, but it is common for penny slots to have RTPs in the mid to high 80s. For Las Vegas casinos, that equates to tens of millions in profits each month.
If a visit to the casino is nothing more than an entertainment experience, and you aren't interested in dropping large sums of cash down, the penny slots are a good option. Just be aware of the nature of these games. If a higher return is what you are after, you will need to play some of the more expensive machines. Naturally, the risk there is that a bad streak can quickly deplete your bankroll in a way a penny slot would not.