Slot machines stop on any possible set of stops with equal probability As explained above this is not true of modern slot machines. Some stops are much more likely than others. Slot machines are programmed to go through a cycle of payoffs. Although the cycle can span thousands of spins once it reaches the end the outcomes will repeat themselves in exactly the same order as the last cycle. This is not true at all.
Every trial is random and independent of all past trials.
Slot machines are programmed to pay off a particular percentage of money bet. Thus after a jackpot is hit the machine will tighten up to get back in balance, and when a jackpot has not been hit for a long time it is overdue and more likely to hit. The only part of this that is true is that they are designed to pay off a particular percentage. However the laws of probability dictate that the longer the machine is played the closer it will come to its target payoff, even with every trial being completely random. A jackpot is equally as likely to be hit right after the last one and if it has been fifty million spins since the last one.