The term slot is a general description of a narrow opening. It is also used to describe a place in a series or sequence, a job opening, or an assignment. An aircraft wing that has a slot in its wingtip improves airflow. However, slots have a more specialized meaning. A slot is a space used for receiving objects. In some sports, slots are used to separate two pucks on the ice.
There are several differences between video slots and conventional slot machines. Modern slots have a higher level of sophistication and are programmed into computers. They are also more flexible, meaning that they are not limited by the size of the reels. An old mechanical slot machine could only fit so many symbols on each reel, whereas a computer-powered slot machine can display up to 20 symbols on each reel. This type of complexity makes it much harder for the average person to win.
An airport’s slots are valuable assets. They allow airlines to operate at certain times, and can be traded. In 2016, one slot sold for $75 million. Air traffic management slots are issued by EUROCONTROL’s Network Manager, and are part of its flow and capacity management role. The number of slots that a pilot has at any given time can increase or decrease, making them a highly valuable commodity. They are valuable and are worth a high price.