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A whole lot has been written about the honesty of land-based slot machines. An excellent article by Steve Bourie is titled, "Are Slot Machines Honest?" and originally appeared within the 1999 American Casino Guide. (It may be found online by searching for the title in Google or Yahoo!.) Physical, land-based slot machines have a great deal of "variations" (being polite) than can deceive the player. Keep in mind, they're all illegal and do not happen. But read the article, closely.
On the flip side, online casino slots use an electronic "random number generator" or RNG, operating inside a very large computer program that manages the game graphics, the player accounts of men and women who join the game, the statistics of every hand played, as well as more. The random number generator is hard-coded software instructions that don't change. There's no "sense switch" (see the Bourie article) that may be flipped to give players worse odds. Regarding control parameters, each use of the RNG matches the last use, and will be the same as the next use. The numbers will come out randomly, although the pattern of randomness never changes. This is a true benefit of software-based online casino slots.
Land-based slot machines can also have payout percentages as low as 83%, which isn't true with online casino slots. In online gaming, each machine has the same winning percentage as the other machines. You may see the payout percentages for many online gaming sites, and you will see which it rarely drops below 95% - that is, the home makes a 5% profit, on a normal. In reality, most casinos can document that their payout percentages will be in the 97% - 98% range. This means that you may spend an hour, gamble your $100 stake about 3 times, and also on the regular it will cost you $7.50. But players do not gamble to be average: the true reward is the well-paying win. And the well-paying win is balanced, simply, by a number of players who lose and finance that win.
So are online casino slots fair? Yes, they clearly are. The software that operates the games is tested regularly by independent testing laboratories (look for logos at the bottom of the casino website), and no game is individually controllable to be biased. That's a far cry from the specific situation with land-based slot machines, appropriately called "one-armed bandits".
Players get better odds, they get absolute consistency across all games - but nobody can guarantee a win every time. That is just the nature of gambling, and that's a component of the thrill.
So the next time you want to play a slot machine, even if there is a land-based casino right next door, you are better advised to go to your computer and play the online casino slots gamble (This Internet site). They're a far better bet.