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Volatility is one of the most important characteristics for understanding how a game may behave over a limited number of rounds. In a casino environment, two titles can show the same theoretical RTP of 96% while producing completely different short-term experiences. Low-volatility models tend to distribute returns through smaller and more frequent wins, whereas high-volatility models may produce long periods with little or no return followed by occasional substantial payouts. Analysts who study probability models emphasize that volatility does not determine whether a player will win overall; instead, it describes how widely individual results can fluctuate around the expected mathematical value.
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