This is not quite as much of a rip-off as it appears at first. The cards must be distributed among the five wheels so that the odds of a given "hand" are similar to those found when playing with a deck. At the same time, the cards must be distributed so that "impossible" hands (for example, two aces of spades in the same hand) do not occur.
With five wheels, and 15 cards per wheel, the possible number of hands is 15^5 (15 raised to the 5th power), so the odds of getting any given hand are 1 out of 759,375. In a "normal" poker game (playing with a deck) the odds of getting a royal flush are 1 out of 637,000. So if the poker slot machine had only one possible royal flush (rather than the four possible with a deck of cards) it would not be to unreasonable, as this would give about the "right" odds of getting a royal flush. Having zero possible royal flushes, while advertising a payout for a royal flush, is patently false representation.
Modern poker slot machines are computer controlled and are programmed to produce hands with the same frequency as in playing with a deck, while eliminating "impossible" hands. Essentially the computer uses a "virtual" electronic deck rather than a physical deck. Slot machines are also now subject to inspection (a benefit of legalization). However, you can be sure that the payout tables of any slot machine have been set up so that the house will win more than it loses in the long run.
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