I think it has something to do with 'Probable Odds' or numeric patterning in the random number generation system. The way you seem to be looking at it
[ quote/ wouldn't a machine that gives up a jackpot go "cold" if it looks to be going over the pre-programmed payout? ] the machine would be focused on a narrow window of time and adhering to a set schedule. It technically doesn't " look " but reacts to established numerical calculations with the 'random' numbers. If it actually "looked" and reacted based on what it 'saw" - it wouldn't be random, or legal either. From what I understand the % payout is calculated based on a given number of spins ( quite a large number ) over a certain amount of time. The actual payout % fluctuates at any given moment ( thanks to the random, or luck factor ), but establishes itself near the 'set' % overall. That's why a machine paysout 114% this week and 98 % the next. But averaged over a year (or whatever) it will be your 92 %.

That's my general understanding of it anyways. I think the technical explanation would involve some of that Advanced Calculus I didn't do so well with in school. Hope that helps in some way.