Various embodiments of the present disclosure provide a system and method for determining the volatility of a game based on one or more external data feeds. Generally, the system is configured to communicate with and collect data from one or more external data feeds, use the collected data to determine volatility data representing the volatility of a game, and provide one or more plays of the game having the volatility represented by the volatility data. In various embodiments, the system includes a volatility determination system including a data accumulator, an external feed data analyzer, and a metric data analyzer; and a gaming system. The volatility determination system collects the data from the external data feeds and uses the collected data to determine the volatility data representing the volatility of the game, and the gaming system provides a play of the game having the volatility represented by the determined volatility data.