![]() 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.
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