You may have noticed that two slot games can both claim to have ‘great payouts’, yet one seems to pay out small wins all the time, while the other makes you wait, only to award a massive prize out of nowhere. The secret behind this difference lies in two key terms that every player should understand: volatility and RTP (return to player). They determine how a slot behaves, how risky it feels and the kind of experience you’ll have.
What is RTP?
It’s a measure of how much of the total money wagered on a slot machine is paid back to players as winnings over time. However, it is important to understand what this really means:
- This isn’t a guarantee of what you’ll win or lose — it’s just a mathematical average based on millions of spins.
- A high RTP does not automatically guarantee that you will win big or quickly deplete your balance.
- RTP does not indicate how often wins will appear or how large their prizes will be, but only the theoretical ratio of payouts built into the slot’s mechanics.
Every online casino holding a UK Gambling Commission licence must display the RTP of each game clearly and accurately. This provides transparency and helps players make informed decisions, as they can understand a slot’s payout potential before playing.
What is Volatility?
Volatility, also known as variance, is a measure of how risky a slot is and how its payouts are distributed. It indicates whether the game pays out smaller prizes frequently or larger prizes infrequently.
There are three general levels of volatility:
- Low: Frequent but small wins. Great for long sessions and casual play. Examples: Starburst or Blood Suckers by NetEnt.
- Medium: A balanced mix of regular and larger wins. Examples: Book of Dead by Play’n GO.
- High: Rare wins, but when they come, they can be substantial. Examples: Dead or Alive II or Money Train 4.
The Relationship between These Concepts
Although RTP and volatility are often mentioned together, they are not the same thing and one does not determine the other.
| Slot Game | RTP | Volatility | Experience |
|---|---|---|---|
| Starburst | 96.1% | Low | Frequent small wins, smooth gameplay |
| Dead or Alive II | 96.8% | High | Long dry spells, massive potential wins |
| Book of Dead | 96.2% | Medium | Balanced risk and reward |
In other words, an RTP of 96% doesn’t tell you whether you’ll be collecting small wins or chasing jackpots; that’s where volatility comes in.
Why Does This Matter for Players?
Understanding a slot’s RTP and volatility can help you do the following:
Choose the right game for your bankroll. Low-volatility slots are better suited to smaller budgets and longer playtime. High-volatility games require patience and a larger bankroll to survive dry streaks.
Set realistic expectations. High volatility means long gaps between wins, so if you expect constant rewards, you’ll become frustrated. Similarly, low volatility might feel repetitive if you’re looking for big, adrenaline-pumping moments.
Adjust your strategy. You can adapt bet size and session length depending on the slot’s volatility and RTP. For example, smaller, consistent bets work well on volatile slots to help you ride out losing streaks.
Example: Same RTP, Different Experience
Imagine two online slots with an RTP of 96%.
- Slot A (low volatility): You could win £5 or £10 every few spins, but never more than £50.
- Slot B (high volatility): You could spin 30 times with no win, then suddenly hit £500 in one go.
Over thousands of spins, both slots could return roughly £96 for every £100 wagered, but the journey to that point would be completely different. This is why experienced players often choose volatility based on mood or bankroll rather than just RTP.
How to Find RTP and Volatility Information?
In most licensed casinos, both figures can be checked directly in the game’s info panel or paytable.
Look for:
- RTP: 96.5% or similar, which is sometimes expressed as ‘Theoretical Return to Player’.
- Volatility: Low/Medium/High or descriptive phrases such as Extreme or Very High.
If a slot doesn’t display these details clearly, it’s a red flag — regulated casinos must disclose such information under UKGC rules.
Myths to clear up
- A high RTP means easy wins. A slot with a 97% RTP can still quickly drain your balance if it’s highly volatile.
- Low volatility does not necessarily mean low payouts. However, you can still land decent wins — they’ll just be smaller and more frequent.
- Volatility affects RTP. Developers can adjust volatility without altering the RTP percentage.
Understanding the difference helps you avoid these common misconceptions and play smarter.
Matching Volatility to Your Play Style
Here’s a simple guide to help you choose:
| Play Style | Recommended Volatility | Why |
|---|---|---|
| Casual / Entertainment | Low | Keeps the balance steady with frequent wins |
| Balanced / Strategic | Medium | Good mix of risk and reward |
| High Roller / Jackpot Hunter | High | Bigger variance, higher adrenaline |
If you enjoy games such as Gonzo’s Quest, Sweet Bonanza or Razor Shark, you’ll see how their pacing and risk levels align with their volatility profile.
Think of RTP as the engine of the slot machine, and volatility as the driving style. Two cars with the same engine power might offer different driving experiences: one might provide a smooth cruise, while the other might feel like a rally race.
Neither is better or worse — it just depends on the kind of ride you want. Savvy players don’t just look at the flashing jackpots; they consider the mathematics behind the entertainment.
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