Slot Volatility Explained and How It Affects Your Bonuses

Imagine two slots that both have an RTP of about 96%, okay? On the first one, you get small, frequent wins, while on the second one, you spin the reels dozens of times but don’t win anything until… Surprise! A substantial prize appears. Are you wondering why two games with the same RTP offer such different gaming experiences? You’ll find out in this article! It’s not about bad luck, it’s about slot volatility!

What Slot Volatility Actually Means

The volatility of a slot also known as variance shows you how winnings are distributed in the game. You can have many small wins at short intervals, or large wins with longer gaps in between.

Low-volatility slots give you small wins, but at short intervals. There are also medium-volatility slots that fall somewhere in between.

Keep in mind that volatility refers to how winnings are distributed, not to the long-term return to player (RTP) value. There can be two slots with the same RTP, but their volatility can be completely different.

Each provider presents slot volatility in its own way. Hacksaw Gaming uses a scale from 1 to 5 on its game pages. On the other end of the spectrum, Nolimit City uses labels such as Insane. Pragmatic Play also uses a scale from 1 to 5. Unfortunately, there is no standard scale in the industry, so you can’t directly compare one provider’s high volatility with another provider’s.

Volatility vs RTP vs Hit Frequency

Volatility is easy to mix up with two other numbers you will see on a slot. Here is what is really going on.

An RTP of 96% means that for every 100 C$ you bet, the game returns an average of 96 C$, assuming you play a large number of spins. Please note that this figure does not apply to a single gaming session!

If you check the official Starburst page, you’ll see that NetEnt lists a hit frequency of 23.00%. That means one winning spin every 4-5 spins, on average! We also checked out the Tombstone RIP page from Nolimit City and saw that it lists a frequency of 9.08%, meaning one winning spin every 11 spins. However, a win doesn’t necessarily mean you’ll receive more than you bet. You can win an amount smaller than your initial bet and still end up in the red.

This is where it gets interesting. Starburst and Tombstone both have an RTP of 96.08%. We’re not the ones saying this, it’s on the official websites, right? Although they have the same RTP, wins occur at different rates. Even though the frequency of wins gives you a clue about the slot’s volatility, the game can offer frequent wins that are smaller than your bet.

What to Look for When Choosing a Slot’s Volatility

• The rating provided by the developer. You should check the game’s official page and the information section available within the slot. Some developers even mention the slot volatility level there.
• Maximum payout. A very high maximum payout indicates that a significant portion of the winnings is concentrated in rare but substantial prizes.
• How the winnings are distributed. If you notice a difference between the payouts for regular symbols and premium symbols, or if the largest wins only appear during bonus rounds it’s likely a high-volatility slot.

If you go through the table from top to bottom, you’ll see that there’s a clear pattern. The maximum payout increases from a few hundred times the bet to hundreds of thousands of times the bet. Furthermore, where the payout frequency is listed, it decreases.

The game mechanics tell the same story. Slots with features such as symbol cascades, resizing reels and progressive multipliers are designed specifically to deliver greater variance in payouts. We’ve explained this in our guide on how Megaways slots work.

Always check which RTP version the game uses. We’ve noticed that Hacksaw Gaming lists several RTP variants for Wanted Dead or a Wild namely, 96.38%, 94.55%, 92.33%, or 88.42%. Here, the casino decides which variant to offer you, and you can check it directly in the game’s information panel.

Same RTP, Different Gaming Experiences: A Closer Look

Let’s see how the difference between the two slots plays out during gameplay. We’ve put together an illustrative example using two fictional games, these aren’t actual results, okay?

Here, both slots have an RTP of 96%, and each playing session consists of 100 spins with a bet of 1 C$ per spin. The total amount wagered is just 100 C$.

In Game A, we see that the balance remains stable there aren’t any major fluctuations. Game B behaves completely differently. We can see that in one session, it offers almost no winnings. In contrast, in the next session, a single winning spin of 150x, with a bet of 1 C$, changes the outcome of the session.

However, you can see that one thing remains unchanged: the RTP. This is the average return calculated over a very large number of spins. High-volatility slots can have much more unpredictable results. However, don’t forget that none of the results in this example should be considered typical. The goal is to illustrate just how much winnings can vary from one session to the next.

High vs Low Volatility Slots and Your Bankroll

It is precisely these differences in winnings that explain why volatility matters when setting your budget for a gaming session.

Low-volatility slots: Your balance fluctuates less, which means your budget can last for more spins. The main drawback is that the maximum winnings are generally smaller.

High-volatility slots: Your budget can run out faster when you go through a losing streak. Players prefer to bet smaller amounts per spin so they can play longer. Keep in mind that this is a personal choice, not a rule. However, these games can offer much larger maximum payouts.

Medium-volatility slots: This is the middle ground between the two. First, set your budget for the gaming session, and then choose your bet size based on the slot’s volatility. Never the other way around, okay? It depends on which game you prefer and how much you can afford to lose!

How Slot Volatility Shapes Your Bonus Play

A slot’s volatility can affect how the game plays out when you’re using a bonus. Well, there might be a few surprises here that you should be aware of.

Bonuses with wagering requirements. When you receive a bonus like this, you must meet the wagering requirements before you can withdraw your winnings. Low-volatility slots offer a more consistent pace of play. High-volatility slots, on the other hand, can cause your bonus to run out more quickly. You can check out our guide on wagering requirements, where we’ve discussed betting limits and the rules regarding how games contribute to the wagering requirements in more detail.

Free spins are offered with a predetermined bet amount. In fact, the stake is often quite small, and the free spins can only be used on a slot selected by the casino. If a game has high volatility and a small number of spins, you may end up with small winnings or even no extra money at all. Don’t forget that the value of each spin varies from one casino to another, so you should read the terms of the offer carefully.

A no-deposit bonus also comes with a maximum withdrawal limit. Even if you hit a very large win on a high volatility slot the amount you can withdraw will be limited to the cap set by the casino. So it’s worth checking in advance what limits apply and which games you can use the bonus on.

Volatility Mistakes to Watch Out For

• Don’t confuse the RTP with a guarantee for every session. The RTP is an average calculated over the long term.
• Don’t set your expectations too high for a few low-value free spins on a high-volatility slot. The winnings here will be modest. Before taking advantage of a free spins offer, check which games they can be used on and what the value of each spin is.
• Believing that after a long streak without wins, a big one is coming next. This is false. Each spin is completely independent, and the outcome is determined by a random number generator.
• If you try to increase your bet on a high-volatility slot to recoup your losses, that’s not a good idea. That way, you risk depleting your budget even faster.
• Don’t assume that the term “high volatility” means the same thing across all providers.

Tips for Choosing and Playing Slots at Different Volatility Levels

• Try the demo version first, if one is available, of course. It’s the best way to discover how the game works, whether it has special features, and how bonus rounds are triggered.
• Before you start your session, set a budget. Decide how much you’re willing to spend and when you should stop. This way, you’ll avoid making impulsive decisions and have more control over your spending.
• You should choose your bet size based on the slot’s volatility. If you prefer a high-volatility game, keep in mind that there will be long stretches without a win. That’s why we always tell you not to bet more than you can afford.

A no-deposit bonus is a good choice if you want to try out a slot without risking your own money. You can explore the game and see how it works.

If you’ve looked into no-deposit bonus offers you should always check the eligible games and the maximum withdrawal limit. Don’t forget that the terms and conditions vary from one casino to another.

Slot Volatility FAQ

Is high volatility better than low volatility?

Not exactly. The two types of volatility offer different experiences, but that doesn’t mean one is better than the other. Both can have the same RTP, and the difference lies only in the frequency and size of the wins, not in the long-term return rate.

Can a casino change a slot’s volatility?

No, volatility is determined solely by how the game was designed. However, you should be aware that the RTP can vary depending on the version you’re playing. A version with a lower RTP also means lower mathematical odds in the long run.

Where do I find a slot’s volatility?

Check directly on the game’s official page published by the developer. If you don’t see the volatility level listed, look for clues such as the paytable or the maximum possible win.

Choosing the Volatility That Fits Your Play

You’re probably sitting there now, wondering which game suits you best.

Low volatility is suitable for long sessions, where you have small but frequent wins and play with a somewhat smaller budget.

High volatility is right for you if you don’t mind long stretches without wins, hoping to hit a big jackpot.

No matter which option you choose, it’s best to set a budget before you start playing. Every casino provides deposit limits that you can use. The important thing is to have fun, but at the same time, to play responsibly.

Slots are designed for this for entertainment. Not to make money! That’s why you should only bet amounts you can afford to lose without feeling like your budget is being affected. If you feel that gambling has started to affect your life, you can contact ConnexOntario or the Alberta Addiction Helpline, depending on the province where you live. There’s a local support service for every province!

We’ve also put together a self-exclusion guide that walks you through, step by step, how to take a break from gambling when you feel the need.