The Slip Sinker Rig is very similar to the carolina rig. If you decided to swap out the split shot for a swivel, it would be the same rig with a different weight. There are a couple of reasons why the rig that you see to the left is used over the traditional carolina rig. The first reason is that the walking sinker works great for holding on the bottom, even in current. By using a split shot instead of a swivel, you can easily move the split shot to change how much line there is in between the split shot and the hook. When you use a swivel, like in the carolina rig, you have to re-tie to change the length of line between the hook and the weight. The slip sinker rig is typically used with live bait, but you can also use artificial lures.
Watch the rigging video below to learn how to set this up.