Logo image for Mustang Gold

Mustang Gold

95.5-96.5% RTP

Play with 96.5% RTP

Robin Sandgren

Published: June 20, 2024·Updated: July 31, 2026

RTP Levels

96.5%, 95.5%

Volatility

Medium

Max Win

12 000x bet

Release Year

2019

Developer

Pragmatic Play

Mustang Gold rides into the Pragmatic Play stable with a tried and tested formula: coin loaded horseshoes, a spinning jackpot wheel, and a cast of cowboys who look like they have not slept a single night in the saddle. Since its release in 2019, the game has become a real workhorse in the lineup.

As always, our focus in this article is on RTP.

Before you saddle up though, check out which casinos currently offer the highest average RTP across all casino games:

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Casinos with the highest RTP for Mustang Gold

We track which RTP setting every casino runs on Mustang Gold. The top rate sits at 96.53%, though some sites run the slightly leaner 95.54% version, so it pays to pick your casino carefully before you spin.

How the wins actually feel

Mustang Gold is billed as a medium volatility slot, and that shows fairly quickly once the reels start spinning. The base game hands out steady smaller wins through the horseshoe symbols, while the real prize money hides in the jackpot feature and the free spins round. The maximum win sits at a solid 12,000 times your stake, a decent ceiling for a game that otherwise plays at a fairly relaxed pace.

General gameplay moment from Mustang Gold, showing the horseshoe symbols on the reels. The image shows Mustang Gold being played with the highest RTP.

Money symbols and the Jackpot Reveal

Reels one through four can carry golden horseshoes worth anywhere from 1x to 25x your stake. Land a Collect symbol on reel five at the same time and every visible value gets swept into your balance in one go. If one of the horseshoes carries a jackpot marker instead, the Jackpot Reveal picking game kicks in, where you flip horseshoes until three matching jackpot symbols appear. Mini, Minor, Major and Grand pay out 50x, 100x, 200x, and a full 1,000x your stake.

Free spins with unlimited retriggers

Three campfire scatters on reels two, three and four hand you 8 free spins straight away. Land another three scatters during the round and you bank 8 more, with no cap on how often it can happen. Horseshoe and Collect symbols show up more often during the bonus, which pulls both the jackpot chances and the bigger wins noticeably closer.

How many spins do you actually get

Curious how much the different RTP tiers actually chip away at your bankroll on Mustang Gold? We have run the numbers for you below.

If you start playing with $200 and bet $1 per spin, we can compare how many spins you get depending on the payout level.

At the highest level of 96.5%, you theoretically lose 3.5% of your bet per spin, which equals $0.04 per spin. That gives you approximately 5 714 spins before your budget runs out.

At a lower payout level of 95.5%, the theoretical loss is 4.5%, which is $0.04 per spin. That means you can spin approximately 4 444 times before the money runs out.

The difference is 1 270 spins between these levels – quite a significant difference when you think about it!

Symbols on the reels

Mustang Gold runs eight regular symbols plus a wild and a scatter. The lowest paying symbols are the card values from J to A, while the cowgirl, the cowboy, and a black and a white mustang cover the bigger wins. Five of a kind on one of these high symbols pays between 4x and 20x your stake, with the white mustang sitting at the very top. The wild is the Mustang Gold logo itself and can land fully reel stacked on reels two through five, which can light up entire paylines in one go.

The studio behind Mustang Gold

Pragmatic Play built Mustang Gold, one of the most prolific studios in the industry with hundreds of titles to its name. You can check out the official page for Mustang Gold straight from the developer, where the mechanics are broken down in full. The studio is known for blending classic western flavour with modern mechanics like Money Collect and jackpot wheels, a combination that keeps popping up across several of its most popular releases.

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Before you head off, check out which casinos currently offer the highest RTP on Mustang Gold:

All casino RTPs