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A low-volatility slot machine has regular but smaller wins, while a high-variance slot machine has fewer but bigger wins.
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In other words, volatility is the level of risk associated with slot gameplay. When slot machine games are created, they are given low, medium or high volatility.
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A high volatility slot is one that, overall, has a low payout frequency. This means payouts hit less often than they do for medium and low volatility slots.
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A high volatility slot pays out less often than a low volatility slot, but it usually pays out big prizes when you do win.
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The low volatility slot machines allow players to risk more and play aggressively; this is what the Davinci Diamonds slot machine was designed for.