Four numbers decide what a slot does to a bankroll: the return to player, the volatility, the hit frequency and the maximum win. They are published inconsistently, quoted out of context constantly, and each of them is easy to read backwards.
RTP is the worst offender, because it is a property of a build rather than of a game. Studios ship the same title in several configurations, and the operator chooses which one to license. A figure quoted in a review can be accurate and still not describe the copy in front of you, so these entries explain where to find the version a casino is actually running.
Volatility and hit frequency describe how that return arrives — in many small pieces or in rare large ones — and they are what make two games with identical RTP feel nothing alike. Max win is a ceiling expressed as a multiple of the stake, usually reachable only through a feature, and frequently misread as something a session might plausibly produce.
Read together these figures tell you what a stake is likely to do over a session, and nothing at all about the next spin. Each spin is independent; the maths describes the long run, and the long run is longer than anyone plays.
Two habits make the difference between reading these numbers and being led by them. The first is to check which build you are playing before you trust a figure, because the version is a property of the copy the operator licensed and is usually printed in the game's own information screen rather than in any review. The second is to treat a stated maximum as a cap rather than a target: it is the largest multiple the maths allows, it is normally reachable only through a feature, and a ceiling nobody in a sample of millions of spins has touched is still honestly published as a ceiling.
Studios publish the figures; this is whose documentation we read.