Understanding Slot Volatility
One thing about slot volatility, many players intuitively understand before they realize they do. You spin a few dozen times, and your account balance barely moves; or you get hit with a string of losing spins and your account balance takes a serious hit. And then you get a single win and your balance doubles. This intangible force that influences your gaming experience is called volatility.
Whether you’ve noticed the differences in Starburst’s “forgiving” nature compared to Book of Dead’s tendency to go quiet for an extended period before producing a massive payout, you’re experiencing the effects of volatility firsthand.
To distinguish between casual spinning and strategic slot play, understanding volatility is important. This volatility overview will break down how slot risk/reward actually functions, highlight which slots offer the best risk/reward balance, and explain how to pair volatility with your bankroll and objectives.
Understanding Slot Volatility Fundamentals
What Is Slot Volatility?
Slot volatility, often referred to as slot variance, is used to determine how often a slot machine pays and how large the winnings are likely to be. Volatility does not affect the long-term RTP percentage; instead, it affects the distribution of winning and losing spins.
Think of volatility as the “personality” of a slot. Low-volatility slots are friendly and talkative. They pay out small wins frequently and keep your bankroll moving.
High-volatility slots are quiet and erratic. They may remain silent for long periods of time, but when they do speak, they can be loud.
Both types of slots can have the same RTP (usually in the 95-97% range), however they distribute that RTP very differently.
Explaining Low vs Medium vs High Variance Slots
Low-volatility slots emphasize consistency. Starburst by NetEnt is the ultimate example of a consistent-paying slot. While you won’t often hit huge wins, you’ll rarely go on a losing streak that lasts for long.
Medium-volatility slots aim to find a balance. Gonzo’s Quest is a great example of a slot that provides enough wins to keep the player engaged while also providing occasional large bonus wins and multipliers.
High-volatility slots maximize the potential for large wins. Dead or Alive 2 and Bonanza from Big Time Gaming are examples of slots that can produce wins exceeding 5,000x or 10,000x your bet, however these huge wins occur infrequently and usually after a prolonged losing session.
The above represents the central theme of slot payout volatility.
Breaking Down Risk and Reward Based On Volatility
Volatility is directly related to the risk-reward ratio of a slot game. The greater the volatility, the larger the potential payout, and the greater the risk of losing all of your bankroll.
Low-Variance Slots – Steady Wins For Beginners
Low-volatility slots are designed to provide extended playtime. These slots provide a consistent flow of small wins to keep your balance growing, thus reducing the amount of loss in a session, and providing a smooth experience.
Starburst is the quintessential example of a low-variance slot. The expanding wild feature provides numerous wins, and even modest spins often result in some type of win. You probably won’t hit a massive win, but you can play for hours on a limited bankroll.
Microgaming has been developing low-volatility slots for many years. Their classic video slots all operate using low-volatility models since this appeals to casual players who want to experience longevity over explosive wins.
Low-volatility slots are best suited for:
- Casual players seeking a relaxing experience.
- Small bankroll players trying to stretch their limited budgets.
- Players clearing wagering requirements.
- Players who enjoy a predictable flow of wins to their bankroll.
The drawback of low-volatility slots is obvious. Large multipliers are rarely seen.
High-Variance Slots – Chasing Massive Jackpots
High-volatility slots are the domain of legendary wins and bankroll busters.
Dead or Alive 2 is infamous for its brutal losing streaks and sudden large wins. The free spins feature with stacked wilds can generate wins exceeding 10,000x your bet. However, getting to this point may require hundreds of spins.
Bonanza was the first slot to utilize Big Time Gaming’s Megaways mechanics, which increased the number of possible ways to win to 117,649. The combination of rising multipliers and multiple ways to win created the possibility of massive wins. However, the lack of consistent wins may leave the player frustrated.
Sweet Bonanza has become popular with streamers due to its large multipliers and explosive bonus rounds.
Gates of Olympus continues this trend with multipliers building to potentially massive payouts.
These slots represent the epitome of high-risk slot games.
Medium-Variance Slots – Finding Balance
Medium-volatility slots attempt to achieve a perfect balance between offering consistent rewards and large bonus wins.
Book of Dead is a prime example of a slot that achieves a balance between accessibility and large wins. The expanding symbol mechanism during the bonus round creates large win opportunities.
Gonzo’s Quest is a timeless example of a slot that strikes a perfect balance between consistent rewards and large bonus wins.
Many NetEnt and Pragmatic Play titles also exist in this medium-volatility range, providing consistent entertainment while maintaining the potential for large wins.
Medium-volatility slots are the best fit for the majority of players.
Choosing the Right Volatility Level For Your Playstyle
Finding the right volatility level to suit your gaming style is much more important than finding the right game.
There are two types of players. Those that love taking risks and those that prefer a stable experience. Both types of players can have success.
The key is to match the volatility level of the game to your ability to handle large swings in your bankroll.
Matching Volatility To Bankroll And Goals
If your bankroll is small, then playing low-volatility slots extends your playtime and reduces your risk.
If your goal is to hit large wins, then high-volatility slots are the best way to achieve this.
If you want a balance of both, then medium-volatility slots are the best option.
Many players make the error of playing high-volatility slots without a bankroll to support the variability in the game. These slots require patience and a financial safety net.
RTP and Volatility Combination Strategies
RTP and volatility work together to create the final outcome of a slot game. RTP refers to the long-term return percentage that a game returns to players, whereas volatility refers to how the return is spread out.
A high RTP, high volatility slot may still result in a long series of losing spins before returning to the statistical return.
On the other hand, a low RTP, low volatility slot may feel more rewarding due to the consistent stream of small wins.
Using the above explanation, consider the example of a slot with a 96.5% RTP and high volatility. This slot is likely to produce fewer large wins, but when they do occur, they may be significantly larger. Conversely, a low RTP (95.8%) low volatility slot is likely to produce a steady stream of small wins.
Understanding the relationship between RTP and volatility helps set realistic expectations.
The Influence Of Volatility On Real Player Experience
After thousands of spins across a variety of slots, volatility becomes apparent very quickly.
High-volatility slots initially feel slow and expensive. Spins produce little feedback. However, once the bonus rounds trigger, the rush of excitement is unlike anything else.
Low-volatility slots provide a continuous experience. Your bankroll experiences gentle fluctuations, creating a relaxed experience.
Medium-volatility slots provide rhythm. Wins occur often enough to keep the player engaged, while bonus rounds continue to provide significant wins.
This rhythm sustains player engagement.
The Megaways mechanic is worthy of special consideration. It creates extreme variability in the win-size of individual spins. Some spins produce zero wins. Other spins produce massive cascades.
Big Time Gaming’s innovation of the Megaways mechanic has had a lasting impact on the volatility of slot machines.
Managing Your Bankroll According To Volatility
Your bankroll strategy must adjust according to the volatility of the game. Betting excessively in high-volatility slots is the quickest way to lose money.
The following guidelines can help you maintain control:
- Bet larger percentages of your bankroll relative to your bankroll size on low-variance slots
- Use moderate bet sizes on medium-variance slots
- Use smaller bet sizes on high-variance slots to endure dry spells
- Assume high-variance slots may go through lengthy losing sessions
- Decrease your bet size when attempting to hit large multipliers
Adhering to these principles protects your bankroll while maximizing the opportunity to hit large multipliers.
A player with $100 can safely bet $1 on each spin on a low-volatility slot. The same player would decrease their bet size to $0.20 or $0.40 on a high-volatility slot to greatly increase the time they can survive the dry spells prior to hitting the bonus rounds.
The Importance of Volatility Ratings
Many modern slot developers now provide volatility ratings in the slot information panel.
NetEnt, Pragmatic Play, and Play’n GO labels slots as either low-, medium-, or high-volatility.
While volatility ratings can provide helpful insight, there is no strict correlation between the rating and actual volatility. Two slots labeled as high-volatility can exhibit vastly different behavior. Some focus on producing extremely rare large wins, while others provide more frequent smaller wins.
The best teacher is experience.
Over time, players develop an internal sense of volatility merely by viewing the frequency of payouts and the balance fluctuations.
Jackpot Volatility and Progressive Slots
Progressive jackpots add a new dimension to volatility.
These jackpots grow over time and can be triggered either randomly or through specific game features.
In general, progressive slots are classified under high-volatility slots since a significant portion of their RTP is dedicated to building the jackpot.
Microgaming’s progressive slots demonstrate this clearly. While they rarely provide large base-game wins, the potential to hit a life-changing jackpot creates an immense upside.
Players looking for the largest possible payouts accept increased risk and decreased frequency of wins.
Testing Volatility Using Demo Mode
Demo mode is the safest method of evaluating a slot machine’s volatility.
When you test a slot machine for hundreds of spins without risking any money, you can evaluate the payout patterns.
Observe how frequently the bonus rounds trigger. Note the average win size. Recognize the rate at which your balance grows or declines.
This hands-on experience will reveal the volatility of a slot machine more accurately than any written description.
Additionally, demo mode allows you to identify games that meet your personal comfort level.
The Psychology Behind Preference for Volatility
Preference for volatility is highly subjective.
Some players enjoy the constant reinforcement of frequent small wins. This generates a sense of satisfaction and reduces anxiety.
Other players prefer to experience a dramatic moment. They will endure long periods of losing spins to potentially experience a large win.
No preference is superior to the other.
Ultimately, selecting a game that matches your emotional threshold is essential.
Playing high-volatility slots without emotional preparedness may lead to frustration.
Playing low-volatility slots while pursuing large wins may lead to disappointment.
Understanding your preferences improves your overall experience.
Why Developers Create Different Volatility Levels
Developers create various volatility levels to satisfy diverse markets.
NetEnt generally creates accessible and balanced games.
Pragmatic Play frequently produces high-volatility games that provide explosive wins.
Big Time Gaming’s innovative Megaways mechanic creates extreme variability in the win-size of individual spins.
Microgaming creates a wide array of volatility levels, from classic low-variance slots to high-variance progressive slots.
This diversity ensures every player can locate a suitable option.
The Best Volatility Level For Maximum Wins Depends on Timing and Patience
There is no one “best” volatility level.
High-volatility slots can produce the largest maximum wins per spin.
Low-volatility slots can provide the highest probability of frequent wins.
Medium-volatility slots can provide the best balance between the two.
Ultimately, success depends on pairing the correct volatility level with your bankroll, goals, and patience.
Some players prefer consistent small wins. Other players will wait for extended periods for large wins.
Both of these styles of players can succeed.
Slot Risk Reward Truth
The way RTP is applied in slots (the math) does not change by how volatile a game is. What does change is the experience. Low Volatility – Spreads out RTP to make many small wins. High Volatility – Concentrates RTP to create a few big wins. Medium Volatility – Mix of both.
Knowing these differences allows for better decision making.
Rather than chasing myths or relying solely on luck, players can make strategic choices about which games they play based on their desired level of volatility.
Volatility is no longer a mystery, but a choice.
When you have an understanding of volatility, each spin makes a little more sense.
