What is the difference between '96% payout' and '96% chance of winning'?

How to use this answer

This answer is based on the mathematical principle or published rule identified in the source below. If the question involves a live betting market, confirm its settlement definition before applying it to a specific bet.

Return-to-player and volatility are statistical properties, not promises for an individual session. A streak or a near miss does not establish that a particular spin is more likely to pay.