
Since I have relatively less experience in iGaming, I researched the terms associated with iGaming and will be putting them here before I use them in the document.
RTP (Return to Player) - the % of all wagered money returned to players over infinite spins. Usually 94–97%, often with multiple certified variants for different markets.
Volatility/variance - how big the wins are, usually rated 1–5.
Low volatility = frequent small wins high volatility = long droughts with no wins, huge spikes.
Hit frequency - % of spins that produce any win. This governs perceived pacing, independent of RTP. Keeps players engaged by making things happen instead of just empty spinning.
Max win - usually expressed as a multiple of stake (5,000x, 20,000x), and its own probability (often quoted as 1-in-X-million spins).
This document has two parts.
Once the racoon is removed from the equation, the whole game is just one state that is repeating in a cycle:
Once you strip the raccoon and the sepia filter off, the whole game is one state machine repeating.
Some Terms that I will define here, before explaining: