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Higher denomination slot machines pay out at the same rate as penny slots.
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One clear fact is that higher denomination machines (not bet amount, but denomination) have higher payout percentages. Pennies are the lowest, followed by 2cent, 5c, 10c, 25c, 50c, $1 and so forth up to $100 and above.
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My figures are the average for all denominations, but lower-denomination games tend to pay worse and higher-denomination tend to pay better.
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While higher denomination slots generally have higher payout percentages, this does not guarantee more frequent wins. The odds remain random, and playing within one’s budget is more important than chasing higher stakes for better returns.
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