What is game volatility?

How can two bets have the same edge but different volatility?

The edge is the average cost. Volatility is how the money comes back. On double-zero roulette:

Our own count from 38 pockets. Edge from Wizard of Odds.

What does volatility mean for slots?

A high-volatility slot pays rarely but can pay large amounts, and a low-volatility slot pays smaller amounts more often. Wizard of Odds gives Dead or Alive as an example of a high-volatility slot, with a 96.82% RTP and a top prize of 12,000 times the bet. Most slots do not publish a volatility figure, though some lobbies label games low, medium or high.

How does volatility affect your budget?

With the same budget, higher volatility usually means a session ends sooner. A 2007 simulation study at the University of Nevada, Las Vegas, held the house edge constant and found that games with a higher pay table standard deviation gave losing players fewer spins. The authors called a game's standard deviation "a crucial determinant" of a slot player's experience.

Which should you choose?

The right volatility depends on what you want from a session, not on which is better value. Volatility does not change the average cost, which is set by the RTP or house edge.

• Low volatility: more small wins, longer play on a fixed budget.
• High volatility: long dry spells, with a chance of a large win.
• Either way, check the RTP first. See how to find a slot's RTP.