Volatility
Volatility describes how a game distributes its payouts: high-volatility games pay rarely and large, low-volatility games pay often and small. It is independent of RTP.
Two games can both return 96% and feel completely different. One drips small wins continuously; the other pays nothing for hundreds of spins and then returns a large multiple. Volatility, not RTP, is what a player actually experiences.
For an operator it is a catalogue-balance question. High-volatility titles attract players chasing large multipliers and produce violent swings in daily revenue; low-volatility games keep sessions steady and bankrolls alive longer. A catalogue weighted entirely to one extreme serves one audience and loses the other.
Related terms
Launching a casino?
The platform side of these terms — catalogue, payments, back office — is on the white label page, and the commercial side is on the pricing page.