I'm (slightly educated) guessing here, but I suspect that it is "losslessly compressed", so rather than be just a bitmap of the bayer array, it looks through the pixels line by line for ones with identical values and, in my 5 pixel example; rather than sending 216, 222, 222, 222, 234 it sends 216, 3 x 222, 234 ...
So the % amount of saving is likely to be image content related, shots of finely detailed forests are likely to give less saving than say, one of Fernando's images with large areas containing the same tone.
However, unlike jpg compression, the image can be faithfully reconstructed in it's entirety.
What I describe is called
Run Length encoding, don't go further than their Example, or your head may hurt.
Cheers,