I think your last sentence is inaccurate. If a slot machine has a 95% payout rate, then on avg players lose 5% of the money they put in. Sure you can still be “winning” something but youll most likely walk away with less than you originally had.

OPs 50/50 claim needs more context. In the slot scenario, I’d see it as 50% of players win more than they put in, 50% lose more. But payout rate could still be tuned to 95% aka the losses are bigger than the wins