This means that a $0.01 wager might actually be $0.20 or even $0.50 depending on the number of lines that are made mandatory. However, there can be a catch – many penny slots require a minimum number of lines that have to be played. In many online slots, this wager can be as low as $0.01. When you play slots online, you’re able to set your stake to whatever suits your bankroll. Want to know how to play penny slots? You’ve come to the right place. Nowadays the prizes are much bigger, and so are the stakes – or are they? Penny slots are still some of the most popular games out there. The very first slot machines, omnipresent in bars throughout late 1800s New York City, awarded prizes such as free beer and packs of cigars to patrons for a nickel (five cent) wager.