Paper Lanterns has been catching plenty of attention, so we put it through its paces to see how it really holds up. Mascot Gaming are the provider behind it, tuning the title for a medium high volatility profile, with a published RTP of 94.91%. You get a 5-reel grid running 30 paylines, all finished with a clean, modern look. The maximum win sits at 5,000x, so there's serious upside on the table. Dating back to 2023, it remains a regular pick. So does it deliver? Let's get into it.
Written by Michael Torres · Last updated: January 2026
At its core, Paper Lanterns is a slot game produced by Mascot Gaming, wrapped in polished, characterful visuals and powered by 5 reels and 30 paylines. The result is a medium high-variance maths model paired with an RTP of 94.91%.
Its medium high variance balances steady wins with the odd larger payout. All told, it's a solid entry in the Mascot Gaming catalogue.
The RTP of 94.91% is below the industry average of ~96%. This is common for older slots or those with special features. The lower RTP may be offset by unique mechanics or higher maximum win potential.
Medium-high volatility means wins come less frequently but tend to be larger when they hit. Players should be prepared for dry spells between bigger wins, requiring a moderate bankroll.
About 1 in 3 spins results in a win. This is a moderate hit frequency that balances win frequency with payout size.
3.0 / 5 — Good
Paper Lanterns by Mascot Gaming is a solid offering that delivers good entertainment value. The 94.91% RTP combined with medium high volatility creates a well-balanced gaming experience.