LogFAQs > #911004178

I tried to look up what lore could inspire the slot machine and found nothing on it, but something more interesting!

Everything in this level is a homage to the fighting game Street Fighter.
Their appearances are probably based on Ryu and Ken from the Street Fighter series, because of their attire: Ribby wears white pants, red boxing gloves and a belt, similar to Ryu wearing a white gi, red gloves and headband; while Croaks wears red pants, brown boxing gloves and a belt similar to Ken wearing a red gi and brown gloves.
In their intro before the match starts, Ribby and Croaks will respectively perform Ryu and Ken's taunts from Street Fighter III: 3rd Strike. Ribby's taunt may also be similar to that of Akuma from Super Street Fighter II Turbo.
Ribby, when on the same side with Croaks, gives an attack that combines Ryu's Hadoken and E. Honda's Hundred Hand Slap.
Croaks' animation when spitting firebugs looks rather similar to that of Dhalsim, a different Street Fighter character, when using the Yoga Flame.
Ribby's animation when rolling at the player looks similar to Blanka, when doing his Rolling Attack move.
Ribby, when throwing his ball-shaped projectile attack, does so with an animation that looks uncannily similar to another Street Fighter attack, in this case, Guile's Sonic Boom.
Croaks, when spinning his upper body like a fan, looks somewhat similar to Zangief's Double Lariat.
The symbols on the slot machine supposedly references three Street fighter characters:
The Bull references Balrog with his attacks Charging Buffalo and Bursting Buffalo. It could also reference M. Bison in terms of name seeing as how the bull, the buffalo, and the bison are all bovine.
The Tiger references Sagat with his attacks Tiger Shot, Tiger Uppercut, and Tiger Knee.
The Snake references Vega with his snake tattoo.
The background of a crowd of flies cheering is a reference to the background of Street Fighter which usually have a crowd in the background, also cheering when a character is defeated.

Also Ribby and Croack besides being a play on frog noises is a play on Rocky and Apollo Creed
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https://imgur.com/iuSjE6B