The word "variance" refers to the fluctuations in the outcome of games of luck, particularly when it comes to slots. In this case, variance describes how often a slot wins or loses, and what the wins or losses are. A high variance slot will rarely win, but the wins are usually higher, while a low "variance" game will win more often, but the winnings for the player are usually less in sum (thus, smaller). It's important to note that variance is not an indicator of a slot's long-term RTP, but it can help predict the type of gaming experience that can be expected. Players who tend to prefer smaller wins should choose low-variance slots, while players who like to take greater risks and hope for big winnings are better off selecting high variance slots.