In Great Britain, online gambling games must display warning information about people’s chances of winning. Different ways of framing the information can influence people’s understanding. In this study, adults who played online games were shown either return-to-player or house-edge warning labels. Both labels communicated the same information about the chance of winning. Experiment 1 tested if different labels with varying payout sizes influenced what people thought about their chances of winning. Participants who saw the return-to-player labels consistently thought their chances of winning were higher than participants who saw house-edge labels. Experiment 2 explored how the two warning labels were understood. More participants correctly understood the house-edge label than the return-to-player label. Thus, house-edge warning labels could better help people to understand their gambling risks and chances of winning.