Interesting, i am by no means a math wiz, but i could see how the concept of said Markov chains be applied to slots in a simple logical conclusion:
As Mathsboy says there is a finite number of outcomes from certain points in a chain (i do not know this to be a fact but lets go from there) and if we then look at the pool of outcomes for a certain slot, we must conclude that if the number of outcomes from certain points where to be finite, the pool of outcomes from the slot's rng is most definitely limited to all the possible combinations of the symbols and values on the "paytable", in this regard i see no disadvantage of a chain's possible limitations, as long as the numbers correspond/ are covered.
I think most slot developers can apply models in a proper way, and put in code that for instance would make such a pool of outcomes loop, or even randomize, so that even those points in the chain with the least possible outcomes (provided it "goes from that last state" like you said) could be repeated and this would mean it negates the limits.
I often have pondered about the "last state" of a slot: take MG, if you log in, and open a slot you've played, it will be in this "last state", exactly like you left it.
Does this come into play when theorizing about the application of these Markov chains?
I am just theorizing myself, theorizing on a theory with an element that is new to me
@ Gooney: do you have a background in slot development or any ties to the industry that would explain your knowledge, or are you also theorizing?