Slot volatility vs. variance: Key differences explained for players

Volatility vs variance

Technically, ‘variance’ tells you the deviation of payout characteristics from the average, and ‘volatility’ tells you the expected application of variance over a specific time period. In terms of slots, they are often used interchangeably.

Variance is more grounded in mathematics, as it includes a calculation of how far the results can differ from the average. However, volatility is what makes a difference to your experience as a player. It is how the math from the variance affects your wins. 

	Low	Medium	High
Volatility	These games give you frequent, small payouts with a maximum reward of 500x a player’s stake.	The payouts will be less frequent but more bonus features will be available. With this level, you could win up to 5000x your original stake.	You don’t win very often on these games but there is a chance to win large amounts of money.
Slot variance	Frequent wins with small payouts, you will be able to have a long, steady gameplay session.	With these games, you will only win every so often but there is a chance for extra bonuses.	High variance games have infrequent wins but this is where you will get the jackpot.

What is volatility?

Volatility is the term you will see most frequently referenced for slots. It is one way of measuring the pattern of risk and reward. At its core, volatility defines the frequency of payouts to expect during a short period of gameplay. 

Slots are usually described in three levels: 

• Low

• Medium

• High

Low volatility casino games

Games with low volatility are generally recommended as a good starting point for beginners. These games will give you frequent, small payouts, and the maximum reward will be around 500x a player’s stake.

Some good examples of low volatility games include:

• Starburst

• Jack Hammer

• Blood Suckers

• Jumanji

Medium volatility casino games

Games that offer medium volatility give the best of both worlds as they are the perfect balance of getting semi-frequent, sizeable payouts. This middle ground means you’ll get payouts less frequently than games with low volatility, but more often than games with high volatility. These games will likely offer a lot more bonus features and the tantalising possibility of reaching prizes of up to around 5,000x.

Some good examples of medium volatility games include:

• Gonzo’s Quest

• Thunerderstruck

• 86 Fortunes

• Big Bass Bonanza

Big Bass Bonanza is a front-runner in the slot game scene, and this fish-themed game is a great example of medium volatility.

High volatility casino games

For those thrill seekers amongst us, high volatility is your chance to win big. These games require patience as the payouts aren’t frequent, but the winning potential far surpasses 5,000x. 

Progressive slots are a great example of high volatility games, with payouts hitting less frequently, but the prizes can be life-changing when they do land. 

Examples of high volatility slots include:

• Deal or alive

• Money Train

• Book of Dead

• Sweet Bonanza

• Wanted Dead or a Wild

What is slot variance? 

Slot variance is slightly trickier to understand, but it essentially looks at how often and how much the slot game pays out. 

Variance looks at the math behind every game, including:

• The odds of winning

• Potential winning streaks

• The impact on your bankroll

Variance is separate from RTP%, which concentrates on how much money is expected to return from bets over a theoretically infinite period of play, while variance (as applied to slots) tends to be a time-dependent statistical measure.

Similar to volatility, this is broken down into three tiers: 

Low variance

You will notice frequent wins throughout the game, but these will be relatively small. These games are ideal for players who want to sit down and play for long durations and aren’t necessarily chasing those high-thrill, larger payouts, but are happy with little and often. 

• Frequent, smaller wins

• Great for long, steady gameplay sessions

• Ideal for casual players not chasing huge jackpots

Medium variance 

This is the perfect combination of winning enough to avoid a boring experience, but still putting in the work for payouts. These games usually have bonus features to add to the excitement. 

• Balanced experience: not too frequent, not too rare

• Payouts are decent and exciting enough to avoid monotony

• Often includes bonus features for extra entertainment

High variance

These slots will consist of a lot of spinning, with irregular wins. However, the main appeal here is that when the wins come, they reach jaw-dropping numbers. These games are recommended for experienced players or anyone trying their luck at chasing big jackpots. 

• Infrequent wins, lots of spins between payouts

• Potential for massive rewards when wins land

• Best for experienced players or those chasing big jackpots

Where can you find this information?

This type of information can be researched before you begin playing a game.

Volatility is more likely to be advertised than variance, so keep this in mind. You can find this information in these places:

• The information section on each game 

• Slot reviews websites

• The game description on the casino site

• Game provider’s website 

How to use this information to gamble responsibly? 

Here are a few tips to help you use this information to have a more responsible gambling experience: 

1. Play games that match your budget. Understand that low/medium games will likely allow you to play for longer periods..

2. Have realistic expectations. The mindset before playing any of these games needs to view a win as a bonus, rather than the intention of playing. High volatility games especially can have bankroll-depleting periods of low or no payouts.

3. Set smart limits. Be aware of how much money you’re willing to lose before you begin. Responsible casinos offer tools to further implement these boundaries, like session limits and loss limits. 

How might this work in the future?

There are mixed opinions on how features like variance and volatility will work in the future. 

The positives look at moving towards more transparency with these statistics and making them less game-specific, with users being able to adjust the volatility on each game they play.

However, one article on Forbes outlines that predictive AI intends to introduce “...highly personalised gaming experiences…” which aim to increase player satisfaction, meaning “...they’re more likely to revisit and spend more time and money.” 

AI might raise volatility if it detects you chasing losses, which regulators could see as exploitative. If AI begins to control the volatility of a game, players might find the likelihood of a loss increasing.

The battle between empowering players with transparency and control, versus AI-driven personalisation that aims to maximise profit, emphasises how polarised the future of variance and volatility in casino games may be.

Final say on volatility vs variance

Once you have chosen an online casino (we will give you help choosing the best), it is important to consider volatility and variance. Having an understanding of them will help you to manage your expectations, bet the right amount of money, create a strategy and choose the right games for you.