Variance

Variance (or standard deviation) measures how much your actual results deviate from the expected (average) outcome. High variance means results swing wildly — big wins and big losses. Low variance means results stay close to the average. In slots, variance is synonymous with volatility. In poker, high-variance strategies involve lots of bluffing and big pots. In sports betting, longshot accumulators are high-variance plays. Understanding variance helps set realistic expectations: even with a positive edge, you can experience long losing streaks due to variance. A large enough bankroll absorbs variance swings.