A slot that hasn't paid out for a while is due.
What's true
Every spin is generated independently by a random number generator that keeps no record of what came before. A machine that hasn't paid in two hours is exactly as likely to pay on the next spin as one that just did — the drought is a pattern your memory imposes on the results, not a debt the game is carrying.
The same logic disposes of "hot" and "cold" machines. There's no mechanism in a certified slot for a warm streak to exist, because nothing in the game is tracking your session.