It may, in some other instances, refer to a game with these features in addition to a few bonus rounds and free spins and occasionally allows you to bet anywhere from 1 to 3 coins. It is a term that has expanded to encompass both offline and online slots that have a single payline and 3 reels. However, these types of penny slot machines are nonexistent nowadays and the term penny slot machines has borne a different meaning in itself. In some cases, others would refer to them as ‘mechanical slot machines’ simply because you’d have to pull a lever to get the reels spinning. Penny slot machines are those that are considered to have 3 reels, and 1 payline. History of Penny Slots – How They’ve Evolved Overtime