What is RTP? Return to player explained (and why 96% isn't 96% back)

Every slot has a number attached to it: RTP, or return to player. You'll usually see something like 96%. So what is RTP? It sounds like a promise that you'll get 96% of your money back. It isn't, and knowing the difference is the first step to judging any bonus.

What RTP (return to player) actually measures

RTP is an average over millions of spins. A 96% RTP slot pays back $96 for every $100 that goes into it across all players, over a very long time. The other $4 is the casino's cut, called the house edge.

So a 96% slot has a 4% house edge, a 97% slot has 3%, and a 94% slot has 6%. Small differences, big effect once you bet a lot.

RTP is measured on money bet, not money deposited

This is the part most people miss. The house edge applies to every dollar you stake, and the same dollar can be staked many times. Deposit $50, spin $1 a time and keep re-betting your winnings, and after 500 spins you've wagered $500, not $50.

On a 96% slot, $500 of spins has an expected loss of $500 × 4% = $20. That's the average across many sessions like yours, not a prediction of tonight.

A worked example: what an hour of slots costs

Say you play 600 spins an hour at $0.50 a spin. That's $300 staked per hour.

• At 97% RTP: $300 × 3% = $9 an hour on average
• At 96% RTP: $300 × 4% = $12 an hour
• At 94% RTP: $300 × 6% = $18 an hour

Thinking of RTP as an hourly cost of entertainment is more honest than thinking of it as a "payback".

Why your session can look nothing like 96%

In one evening you might win double your money or lose it all. That's volatility, the swinginess of a game. RTP tells you where things end up on average; volatility tells you how bumpy the ride is on the way.

Two slots can both be 96% RTP. A low-volatility one pays small wins often, so your balance drifts down slowly. A high-volatility one pays rarely but bigger, so you'll see long losing runs broken by the odd large hit. The average cost is the same; the experience isn't.

Why RTP matters so much when you calculate a bonus

When you clear a bonus, you're betting a lot of money. The house edge applies to every bet, so the cost of clearing grows with the wagering requirement:

That's why a $100 bonus with 45× wagering usually costs you more than it gives: $4,500 of bets at 96% RTP loses about $180 on average. Our guide on working out what a bonus is really worth turns this into one simple formula.

RTP vs bookmaker margin

Sportsbooks don't publish an RTP, but the idea is the same. Their cut is built into the odds and is called the margin or overround. A market with a 5% margin works roughly like a game with 95% RTP. See our bookmaker margin calculator guide to work it out from any set of odds.

Where to find a game's RTP

• Open the game's info or paytable screen, it's usually listed there.
• Some slots come in several RTP versions, so the same game can pay a different RTP at different casinos. Check the info screen at the site you're actually playing on.
• Not sure? Use 96% in our bet calculator. It's a fair middle ground for most popular slots.