When a bet has high variance, it means that there is a wide range of possible outcomes, and the chances of winning or losing the bet are less predictable. High variance in betting refers to a high level of risk associated with a particular bet. Let’s discuss these two extremes in more detail.
On the other hand a low risk strategy is likely to produce steady, more predictable results with less aggressive fluctuations to the profit this is known as a low variance strategy. A high risk betting strategy is likely to produce erratic results, with a profit that heavily fluctuates this is known as a high variance strategy. In sports betting, variance refers to the degree of uncertainty or risk attached to the bets placed. So how does this translate to sports betting? A high variance indicates that the data is more spread out, while a low variance indicates that the data is more clustered around the mean. It measures the average distance of each data point from the mean (average) of the data set.
In statistics, variance is a measure of how spread out a set of data is.
