Volatility (also called variance) is one of the most important characteristics of any slot game, fundamentally affecting your gambling experience, bankroll requirements, and potential outcomes. Understanding volatility and choosing games that match your preferences, goals, and financial situation can mean the difference between enjoyable entertainment and frustrating losses.
This comprehensive guide explains what slot volatility means, how low and high volatility games differ, their respective advantages and disadvantages, and most importantly, how to determine which volatility level suits you best.
What Is Slot Volatility?
Volatility describes the risk level and payout pattern of a slot game – essentially, how the game pays out over time.
Basic Definition
Volatility/Variance: A measure of how often a slot pays out and the size of those payouts relative to your bet.
Not to Be Confused With:
- RTP (Return to Player): The percentage returned over millions of spins (e.g., 96%)
- Hit Frequency: How often any win occurs (including very small wins)
Key Distinction: A low volatility and high volatility slot can both have 96% RTP, but they’ll deliver that return in completely different ways.
The Volatility Spectrum
Low Volatility (Low Variance):
- Frequent wins
- Smaller payout amounts
- Steady, predictable gameplay
- Lower risk
Medium Volatility (Medium Variance):
- Moderate win frequency
- Balanced payout sizes
- Mix of small and occasional larger wins
- Moderate risk
High Volatility (High Variance):
- Infrequent wins
- Large payout potential
- Dramatic bankroll swings
- High risk
Very High Volatility (Extreme Variance):
- Very rare wins
- Massive payout potential
- Extreme bankroll swings
- Very high risk
How Volatility Is Determined
Volatility isn’t directly measured by a single number but results from a game’s mathematical design:
Factors Contributing to Volatility:
- Paytable structure (ratio of top prize to average win)
- Frequency of bonus features
- Bonus feature potential
- Hit frequency
- Symbol distribution
- Number of paylines or ways to win
Not Always Published: Unlike RTP, developers don’t always specify exact volatility ratings, though increasingly they do.
Low Volatility Slots Explained
Low volatility slots provide steady, consistent gameplay with frequent small wins.
Characteristics
Win Frequency:
- Wins on 25-35% of spins (sometimes higher)
- Multiple small wins every 10-20 spins
- Rare to go 50+ spins without any win
Payout Sizes:
- Most wins return 0.2x to 5x your bet
- Occasional 10-20x wins
- Rare 50-100x wins
- Maximum wins typically 500-1,000x bet
Bankroll Behaviour:
- Gradual, predictable decline
- Occasional recoveries
- Less dramatic swings
- Longer playing time per bankroll
Bonus Features:
- Trigger relatively frequently
- Modest payouts from bonuses
- Consistent feature performance
Advantages of Low Volatility Slots
Extended Play Time:
- Your bankroll lasts significantly longer
- More spins and entertainment per pound
- Can play for hours on modest budgets
Lower Risk:
- Reduced chance of quickly losing your entire bankroll
- More predictable outcomes
- Less stressful experience
Frequent Gratification:
- Regular wins maintain engagement
- Positive reinforcement throughout session
- Less frustration than long dry spells
Smaller Bankroll Requirements:
- Can play comfortably with 50-100x bet size
- Accessible to budget-conscious players
- Less financial anxiety
Beginner-Friendly:
- Easier to understand game behaviour
- Less intimidating for new players
- Builds confidence and understanding
Disadvantages of Low Volatility Slots
Limited Win Potential:
- Rare massive wins (1,000x+ unlikely)
- Top prizes modest compared to high volatility alternatives
- Won’t produce life-changing payouts
Slower Excitement:
- Less dramatic moments
- Can feel repetitive or boring
- May lack adrenaline rush
Still Lose Money:
- Gradual decline means you still lose over time
- House edge applies regardless of volatility
- Just lose more slowly
Psychological Factors:
- Frequent small wins can create illusion of “almost breaking even”
- May encourage longer sessions
- Death by a thousand cuts
Best Low Volatility Slots
Examples:
- Starburst (NetEnt): The quintessential low volatility slot, 500x max win
- Blood Suckers (NetEnt): 98% RTP with steady gameplay
- Aloha! Cluster Pays (NetEnt): Frequent cluster wins, 1,000x max
- Jack Hammer (NetEnt): Sticky win re-spins, consistent pays
- Thunderstruck (Microgaming): Classic low variance gameplay
Who Should Play Low Volatility Slots
Ideal Players:
- Beginners learning how slots work
- Budget-conscious players (£20-£50 sessions)
- Risk-averse individuals
- Those prioritising playing time over big wins
- Players seeking relaxing entertainment
- Anyone wanting to minimise rapid losses
High Volatility Slots Explained
High volatility slots offer infrequent but potentially substantial wins, creating a high-risk, high-reward experience.
Characteristics
Win Frequency:
- Wins on 10-20% of spins (sometimes lower)
- Can go 100-300+ spins without wins
- Long dry spells normal and expected
Payout Sizes:
- Many spins return nothing
- Occasional 10-50x wins
- Regular 100-500x potential
- Maximum wins often 5,000-50,000x bet
Bankroll Behaviour:
- Rapid, dramatic swings
- Can lose 50-80% of bankroll quickly
- Potential for full recovery or profit with single feature
- Unpredictable session outcomes
Bonus Features:
- Trigger infrequently (200-400+ spins between features common)
- Wide variability in feature payouts
- Potential for massive bonus wins
Advantages of High Volatility Slots
Massive Win Potential:
- Wins of 1,000x, 10,000x, even 50,000x possible
- Life-changing payouts from modest stakes
- Potential for spectacular moments
Excitement and Thrill:
- Adrenaline-inducing gameplay
- Dramatic swings create engagement
- High stakes feel
Chance to Beat the House:
- Whilst RTP still applies long-term, variance allows big wins
- Possible to profit significantly in single sessions
- Recovery from substantial losses possible
Satisfying Big Wins:
- Landing a massive feature is incredibly rewarding
- Memorable wins compensate for dry spells (sometimes)
- Dopamine rush from large payouts
Lower Play Rate:
- Forces slower, more considered play
- Fewer spins per hour means lower total wagered
- Can actually cost less per hour despite higher bets
Disadvantages of High Volatility Slots
Rapid Bankroll Depletion:
- Can lose entire session bankroll in 50-100 spins
- Devastating losing streaks
- High risk of going broke quickly
Extended Droughts:
- 200-500 spins without features is normal
- Psychologically challenging
- Can feel like the game is “broken” or rigged
Large Bankroll Requirements:
- Need 300-1,000x bet size as session bankroll
- Inaccessible to budget players
- Financial stress if playing beyond means
Emotional Rollercoaster:
- Extreme highs and lows
- Frustration during droughts
- Potential for tilt and poor decisions
Not Beginner-Friendly:
- Confusing for new players
- Can quickly sour first experiences
- Requires understanding of variance
Risk of Problem Gambling:
- Chase mechanics particularly dangerous
- “Just one more spin” psychology
- Can encourage betting beyond limits
Best High Volatility Slots
Examples:
- Bonanza Megaways (Big Time Gaming): Up to 50,000x, very high volatility
- Book of Dead (Play’n GO): 5,000x max, high volatility classic
- Dead or Alive 2 (NetEnt): Extreme volatility, 100,000x potential
- Razor Shark (Push Gaming): 50,000x max, high volatility
- Money Train 2 (Relax Gaming): 50,000x max, extreme volatility
- San Quentin xWays (Nolimit City): 150,000x potential, insane volatility
Who Should Play High Volatility Slots
Ideal Players:
- Experienced players understanding variance
- Those with large bankrolls (£500-£2,000+ sessions)
- Risk-tolerant individuals
- Thrill-seekers wanting adrenaline
- Those specifically chasing big wins
- Players with patience and emotional discipline
- Those who can afford to lose their entire bankroll
NOT Suitable For:
- Beginners
- Budget-conscious players
- Risk-averse individuals
- Those prone to chasing losses
- Anyone with potential gambling problems
- Players seeking steady entertainment
Medium Volatility: The Balanced Option
Medium volatility slots offer a middle ground, balancing frequency and payout size.
Characteristics
Win Frequency:
- Wins on 20-30% of spins
- Moderate dry spells (30-80 spins)
- Regular but not constant action
Payout Sizes:
- Mix of small (1-5x) and medium (10-50x) wins
- Occasional larger wins (100-500x)
- Maximum wins typically 2,500-5,000x
Bankroll Behaviour:
- Moderate swings
- More stable than high volatility
- More exciting than low volatility
- Reasonable playing time
Bonus Features:
- Trigger every 100-200 spins typically
- Variable but usually reasonable payouts
- Occasional very good features
Advantages of Medium Volatility
Balanced Experience:
- Neither too slow nor too fast
- Excitement without extreme risk
- Suits widest player base
Accessible Bankroll Requirements:
- 100-200x bet size sufficient
- More accessible than high volatility
- Better value than low volatility
Decent Win Potential:
- Meaningful wins possible (500-5,000x)
- Won’t produce millions but can be substantial
- Better than low volatility limits
Broad Appeal:
- Most popular volatility level
- Satisfies most player types
- Defaults for many major games
Best Medium Volatility Slots
Examples:
- Gonzo’s Quest (NetEnt): 2,500x max, medium volatility classic
- Fishin’ Frenzy (Blueprint): Balanced gameplay, UK favourite
- Wolf Gold (Pragmatic Play): 1,000x base + jackpots
- Book of Ra (Novomatic): Medium volatility, highly popular
- Big Bass Bonanza (Pragmatic Play): 2,100x max, medium-high
Who Should Play Medium Volatility Slots
Ideal Players:
- Most players seeking balanced experience
- Those transitioning from low to high volatility
- Players with moderate bankrolls (£100-£300 sessions)
- Anyone wanting decent win potential without extreme risk
- Regular players seeking variety
How to Identify Slot Volatility
Volatility isn’t always clearly labelled, but several indicators help identify it.
Official Information
Developer Specifications:
- Increasingly, developers publish volatility ratings
- Check game information sheets
- Look in game help/paytable sections
- Provider websites often specify
Casino Information:
- Some casinos display volatility ratings
- Game filters by volatility level
- Information pages detail characteristics
Paytable Analysis
Maximum Win Indicator:
- 500-1,000x max win: Usually low volatility
- 2,000-5,000x max win: Typically medium volatility
- 10,000x+ max win: High to very high volatility
Top Prize Ratio:
- Compare highest paying symbol to second-highest
- Large ratio (10:1 or more) suggests higher volatility
- Similar values suggest lower volatility
Payout Distribution:
- Many similar-value symbols: Lower volatility
- Few very high-paying symbols: Higher volatility
Game Features
Bonus Frequency:
- Free spins every 50-100 spins: Low volatility
- Free spins every 150-250 spins: Medium volatility
- Free spins every 300-500 spins: High volatility
Bonus Potential:
- Maximum bonus win relative to trigger frequency
- Massive bonus potential = higher volatility
- Consistent moderate bonuses = lower volatility
Practical Testing
Demo Play:
- Play 100-200 spins in demo mode
- Note win frequency and sizes
- Experience gives you direct feel
Bankroll Behaviour:
- Track balance over demo play
- Dramatic swings = higher volatility
- Steady decline = lower volatility
Community Knowledge:
- Check player reviews and forums
- Experienced players share volatility experiences
- Multiple sources provide consensus
Matching Volatility to Your Situation
Choosing the right volatility depends on multiple personal factors.
Bankroll Size
Small Bankroll (£20-£100):
- Recommendation: Low volatility exclusively
- Reasoning: High volatility will destroy small bankrolls quickly
- Bet Size: £0.10-£0.50 on low volatility extends play
Medium Bankroll (£100-£300):
- Recommendation: Low to medium volatility
- Reasoning: Can handle moderate swings
- Bet Size: £0.20-£1.00 balances exposure and entertainment
Large Bankroll (£300-£1,000):
- Recommendation: Medium to high volatility
- Reasoning: Can survive dry spells
- Bet Size: £0.50-£2.00 provides appropriate exposure
Very Large Bankroll (£1,000+):
- Recommendation: All volatility levels accessible
- Reasoning: Can absorb extreme variance
- Bet Size: £1.00-£10.00 based on preference
Goals and Objectives
Goal: Extended Play Time:
- Choose: Low volatility
- Why: Maximises spins per pound
Goal: Big Win Potential:
- Choose: High volatility
- Why: Only high volatility offers massive wins
Goal: Balanced Entertainment:
- Choose: Medium volatility
- Why: Best overall experience for most
Goal: Minimum Risk:
- Choose: Low volatility
- Why: Lowest risk of rapid losses
Goal: Excitement/Thrill:
- Choose: High volatility
- Why: Adrenaline from dramatic swings
Risk Tolerance
Risk-Averse:
- Low volatility only
- Prioritise stability and predictability
- Accept limited win potential
Moderate Risk Tolerance:
- Low to medium volatility
- Balance safety and excitement
- Reasonable win opportunities
High Risk Tolerance:
- Medium to high volatility
- Comfortable with swings
- Chasing larger wins
Very High Risk Tolerance:
- High to extreme volatility
- Embrace variance
- Accept potential total loss for massive win shots
Experience Level
Beginners:
- Start with low volatility
- Learn mechanics without devastating losses
- Build understanding before graduating
Intermediate:
- Experiment with medium volatility
- Understand variance firsthand
- Develop preferences
Advanced:
- All volatility levels appropriate
- Understand and manage each type
- Choose strategically
Emotional Factors
Patient Personality:
- Can handle high volatility droughts
- Willing to wait for big features
- High volatility suitable
Impatient Personality:
- Prefers constant action
- Frustrated by droughts
- Low volatility better
Disciplined:
- Can stick to limits regardless
- All volatility levels workable
- Self-control prevents chasing
Prone to Tilt:
- High volatility may trigger problematic behaviour
- Safer with low volatility
- Reduced chase temptation
Mixed Volatility Strategy
Many players benefit from mixing volatility levels strategically.
Session Splitting
Approach:
- Divide session bankroll between volatility levels
- Example: 70% low volatility, 30% high volatility
- Balances longevity with win potential
Benefits:
- Extended play from low volatility portion
- Big win chances from high volatility portion
- Psychological variety
Sequential Play
Start Low, Increase Gradually:
- Begin session with low volatility
- Build bankroll or at least extend play
- Switch to medium volatility
- If profitable, try high volatility with “house money”
Benefits:
- Conservative approach protects initial bankroll
- Only risk high volatility with winnings
- Structured progression
Budget Allocation
Dedicated Budgets:
- Separate bankrolls for different volatility levels
- Example: £50 for low volatility fun, £100 for high volatility shots
- Prevents high volatility from consuming entire budget
Common Volatility Mistakes
Avoid these errors when choosing and playing different volatility levels.
Playing High Volatility on Small Bankroll
Problem: Insufficient funds to survive normal variance
Consequence: Rapid bust-outs, frustration, potential chasing
Solution: Match volatility to bankroll size
Expecting Low Volatility Big Wins
Problem: Disappointed by modest maximum wins
Consequence: Dissatisfaction despite game working as designed
Solution: Align expectations with game type
Chasing Losses on High Volatility
Problem: Increasing bets or deposits to recover from droughts
Consequence: Catastrophic losses, problem gambling behaviour
Solution: Accept variance, stick to limits rigidly
Not Adjusting Bet Sizes
Problem: Betting same amount regardless of volatility
Consequence: Inappropriate exposure
Solution: Lower bets on high volatility (higher risk), can increase slightly on low volatility (lower risk)
Ignoring Volatility Entirely
Problem: Choosing games only by theme/features
Consequence: Mismatch between game and preferences/budget
Solution: Consider volatility as primary selection criterion
Volatility and RTP Interaction
Understanding how volatility and RTP work together is crucial.
Same RTP, Different Experience
Example:
- Slot A: 96% RTP, low volatility
- Slot B: 96% RTP, high volatility
Long-Term: Both return 96% over millions of spins
Short-Term Experience:
- Slot A: Steady, predictable decline to -4%
- Slot B: Wild swings from -80% to +500%
Implication: RTP tells you long-term expectation; volatility tells you how you’ll get there
Prioritising One Over the Other
If Forced to Choose:
For Most Players: High RTP + low volatility
- Best long-term value
- Lowest risk
- Optimal for regular play
For Thrill-Seekers: High volatility even with lower RTP
- Excitement matters more than mathematical edge
- Accept worse value for big win potential
Ideal: High RTP + preferred volatility
- Best of both worlds
- Requires research but worthwhile
Conclusion
Volatility is arguably more important than RTP when choosing slots because it directly affects your gambling experience, emotional journey, and bankroll requirements. Understanding whether you should play low, medium, or high volatility games depends on your financial situation, goals, risk tolerance, and personality.
Key Takeaways:
- Low Volatility: Frequent small wins, extended play, lower risk, modest maximum wins
- High Volatility: Infrequent large wins, rapid swings, high risk, massive win potential
- Medium Volatility: Balanced frequency and size, accessible to most players
- Match volatility to your bankroll size (small = low, large = high)
- Align volatility with your goals (longevity = low, big wins = high)
- Consider your risk tolerance and emotional response to losses
- Beginners should start with low volatility
- High volatility requires large bankrolls and strong discipline
Recommended Approach:
- Assess Your Situation: Bankroll size, goals, risk tolerance
- Choose Primary Volatility: Low, medium, or high based on assessment
- Research Games: Find high-RTP games within your volatility preference
- Test in Demo: Play 100+ spins to confirm volatility matches expectations
- Set Appropriate Limits: Stricter limits for higher volatility
- Monitor Your Response: If volatility level causes stress or problematic behaviour, switch
Most importantly, be honest with yourself. Playing high volatility slots on a £50 bankroll is setting yourself up for frustration and potential chasing behaviour. Similarly, playing only low volatility when you have adequate funds and crave excitement may leave you unsatisfied.
The right volatility level is the one that provides entertainment within your budget, matches your goals, and doesn’t encourage gambling beyond your limits. Sometimes the most responsible choice is recognising that high volatility slots, despite their allure, aren’t appropriate for your situation.
Choose wisely, play within your means, and remember that all slots – regardless of volatility – have a house edge that ensures the casino wins long-term. Volatility only determines how you’ll experience that mathematical reality.
Gambling should always be entertainment, never a financial strategy.
For support: National Gambling Helpline 0808 8020 133 (24/7)
GamCare: www.gamcare.org.uk
Choose volatility levels that match your budget and goals. When gambling stops being fun, stop gambling.