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High and Low Variance Games
Variance is a word used in statistics, and it refers to how far a set of numbers is spread out in a bet. This is a mathematical thing, and it is relevant in gambling because casinos use math to determine the house edge when it comes to casino games that they run in their establishments. This means that there is no such thing as luck. This is because the variance of a casino game, can be used to calculate the probability of a gambler winning or losing a bet, in terms of percentage.
Calculation of variance
Using a coin flip variance can be explained as follows. The flip of a coin is likely to provide two outcomes. This means there is a 50% percent chance of winning or losing based on a possible two outcomes. The higher the variance, the higher the number of opportunities a casino has to beat a player and vice versa.
So the success of a gambler in a casino game is based on reducing your variance in order to lift up your chances of winning.
How do you lower your variance in gambling?
You have to improve your winnings and keep an eye on your bankroll and the number of bets you make. The focus should be to stay in the game because the casino is focused on getting you out. Your bankroll dictates the wagers you can make and your limits. This is because you have to be part of the players in the game to win it. You can’t be in the game without a bankroll. By lowering your variance, you have control over your bankroll. With a high variance, there is a need to have a big bank roll to handle the potential for aggressive bets from other players so that you do not go broke.
Generally, a game with a high variance pays more hands at the top of the schedule. A game with low variance pays more at the bottom of the schedule than a game with high variance. To reduce your variance, you have to select the game you decide to play, and the table you play at carefully. Set limits when it comes to making bets and absorbing losses and modify your way of playing according to the flow of the game.
Setting limits and sticking to them
Once you choose a game to play, decide that regardless of whether you win or lose you will stop after a set number of games. Stick to this limits and you will avoid being drawn into the game beyond your ability to manage your bankroll. Avoid games with big pots, because the kind of aggressive play involved here will put your bankroll at risk. Go for games that allow you to make manageable bets that do not have the potential to clean you out.
To manage your variance, you should be familiar with any strategies and statistics concerning the game at hand. This will allow you to handle any kind of play comfortably whether it’s aggressive or not. This will go a long way toward maintaining a low variance and increasing your wins. These are a few factors to consider when it comes to playing high and low variance games.
