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If the slot machine gives you more than two times the payout when you put in two times the number of coins, for example, you should max it out instead of playing single coins because you increase your chances of winning a bigger pot, and the expected value is higher.
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Can and do casinos change the payout on slot machines? Based on my research that varies on the casino, jurisdiction, type of machine, etc. With the machine it sounds as simple as changing the weight on the reels or swapping out a chip.
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Slots Q & A : How do Slot Machine Payout Percentages Work? A one coin $1 machine is not that much more per spin than say a quarter machine with a three coin max bet but most probably has a higher payout percentage. Of course even playing the games with the highest payout percentage does not guarantee you walking away a winner. Can casinos alter slot machine payouts - answers.com Yes, all slot machines do have what is called a "theoretical payout percentage." The "payout percentage" is the percentage of coins taken in by the machine that is paid back to customers. How to Win at Slots Everytime - Winning Slot Machine Tips