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Understanding Slot Machine Volatility
Jul 28, 2023 8 min read Last updated Nov 09, 2023
What does volatility mean in slots gaming?
Put simply, when we are talking about Slots, the volatility is the frequency that payouts occur. 'Volatility' is just a measure of risk because it determines how often you win or lose and the amounts you win. A slot game’s volatility can be described as high, medium or low, with each category having its own strengths and weaknesses, so it’s hard to say what the ideal volatility is. It comes down to personal preference, as we’ll explain in the following sections.
Before we go into specifics, it’s important to note that volatility isn’t the only thing that determines a slot machine’s payout potential. Other factors you need to consider when assessing the overall potential of a game are:
All of these variables work together to determine a slot’s payout potential.
Something else you need to know is that volatility, just like a slots RTP value, is theoretical. It’s theoretical because the ratings are based on statistical averages from thousands of spins, meaning that volatility is an overarching rating. It doesn’t determine how often you’ll win in a given session.
For example, you might go 50 spins without hitting a win on low volatility slots. Similarly, you might hit 10 wins from 30 spins on high volatility slots. Basically, anything can happen in a single session. If you look at all of your sessions over time, you’ll see that the results move in a certain direction i.e. low volatility or high volatility.
Determining the Right Volatility for You
You should now know that volatility is based on how often, in theory, a slot machine pays out money and how much those prizes are worth on average. Higher volatility means you might have to wait longer to win a prize. This means you may have to wager more money. Put another way, you may have to risk more on high volatility slots.
In theory, the payoffs when you do hit a prize can be significant. Conversely, lower volatility means you should be winning more frequently which is lower risk, but the prizes will be smaller. Therefore, you need to ask yourself two questions to find the best volatility slots for your playing style:
Do I want to use a high-risk, high-reward strategy?
Do I want to use a low-risk, low-reward strategy?
Now, we’re not saying you can’t win big prizes with low volatility slots and small prizes with high volatility slots, you absolutely can. But, when it comes to devising a strategy, you need to look at a game’s potential. If the game has more payout potential but it could take a while for that potential to be realised, the financial risk is greater. If the payout potential is lower but the wins come more often, the financial risk is lower. You need to base your decisions on whether you prefer high-risk or low-risk games.
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Finding the Best Volatility for Different Situations
Finding the best volatility slots all depends on personal preferences, situations and timing. You might prefer high-risk strategies to low-risk ones. You might be in the mood to play for big payouts, or you might be happy to stack up lots of little wins. There’s never a single answer for every situation. The best thing you can do is understand the nature of volatility and how it applies to casino gaming.
Knowledge gives you the power to pick and choose. It gives you an understanding of what to expect and, if necessary, how to switch things up. Keep this in mind when you play at recommended online slots sites such as 888Casino and LuckyLand Slots, the latter of which is a Social Casino site which means you can play for free.
Impact of Volatility on Slot Payouts
You might not notice the impact of volatility on the payouts you receive during a single session. You might not notice any difference in the amount you win on low volatility slots compared to high volatility slots over 10 sessions. Over a long enough period of time you should start to see differences in how often you win and the average size of the payouts.
Medium Volatility Slots
Medium volatility in slots sit in between those in the high and low categories. In theory, you’ll get a regular stream of medium-sized payouts. A lot of the best volatility slots fall into this category because developers understand that most players want an even balance between risk and potential rewards. In other words, people like a certain amount of anticipation but they don’t want to wait too long for payouts to hit.
Of course, there are never any certainties in casino gaming. If we go back to our original definition of volatility, you’ll remember that we’re talking about statistical averages here. So, with medium volatility slots, you can expect mid-sized payouts on a fairly regular basis. One final thing to note is that slots can be categorised as “medium-low” or “medium-high” as well as “medium”.
Some of the most popular medium volatility slots are:
What does volatility in slots mean when the rating is “low”? A low volatility slot has, on average, a high payout frequency. This means payouts hit more often than they do for medium and low volatility slots. The average value of the payout is lower than it is in higher volatility games.
For example, a low volatility slot might have an average payout frequency of 70%. The average prize might be worth 60% of your bet size e.g. if you stake £1 the average prize would be worth £0.60. A high volatility slot might have a payout frequency of 40% but the average prize is 200% of your bet size (e.g. £1 bet = £2 average prize).
Some of the most popular low volatility slots are:
High Volatility Slots
What does volatility in slots mean when the rating is “high”? A high volatility slot is one that, overall, has a low payout frequency. This means payouts hit less often than they do for medium and low volatility slots.
The counterpoint to lower payout frequencies is that, once you do hit a win, the average value is higher than it is for other types of slot game. So, what we can say is that high volatility slots don’t pay out very often but, when they do, the prizes are usually bigger than your bet (i.e. a greater than 100% return).
Some of the most popular high volatility slots are:
