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I think you are right. I asked this question when I first joined here. I was confused about the games.
Yes its pretty much like that in practice. In theory you could have a low volatility machine that just sucks your money and never pays anything, but people would be unlikely to keep playing it.
Volatility refers to the range between the high and low payouts on the game. High volatility machines generally speaking have 1 or 2 major payouts, and lots of losses or only small wins. Low volatility machines have a much smaller difference between the higher and lower wins, and the higher wins may pay out more often.
Volatility doesn't directly reflect the payout rate though. For example you could have a high volatility machine that pays out at 98%, and many times you could play it and get creamed without winning anything. And you could have a low volatility machine that has a low payout rate like 90% where you never seem to win but never seem to lose everything either, but you always end up with less than you started with,
Does any of that make sense?
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That is actually a really good explanation of volatility. Thanks for the post, Ed.
I thought I remembered this being discussed before, but I couldn't remember who and where, lol. I should have paid more attention at the time. 🙂
Yes, it does make sense. I had forgotten what it meant, and I went researching on the web, but thought it easier and quicker to ask here.
Thanks for the explanation, CL-Ed! 🙂