Do most gambler calculate their betting variance so well?

[swift]

I feel Calculating variance is an advanced statistical technique that involves a complex understanding of mathematics and probability theory. As such, it is unlikely that most gamblers have a deep understanding of how to calculate variance in their betting strategy. However, some experienced and professional gamblers may have a solid understanding of variance and its potential impact on their betting outcomes.

 

[CR7]

You are correct in pointing out that calculating variance is indeed an advanced statistical technique that requires a strong grasp of mathematics and probability theory. It is not a common practice for most casual gamblers to delve into the intricacies of variance calculations as they may not have the necessary knowledge or skills to do so.

However, as you mentioned, experienced and professional gamblers often have a deeper understanding of variance and its implications on their betting strategies. These individuals may be more inclined to calculate variance in order to assess the risk and potential reward associated with their betting decisions.

By calculating variance, gamblers can gain insight into the dispersion of their betting outcomes and assess the level of risk they are taking on. This can help them make more informed decisions about their betting strategies and bankroll management.

While it may not be common for most gamblers to calculate variance, those who do so can potentially gain a competitive edge in their gambling pursuits by using this statistical measure to optimize their betting strategies and mitigate risk.

 

[Lazza]

How gamblers view and respond to variance is also significantly influenced by psychological factors. Without realizing the shortcomings in their own betting strategies, many gamblers would chalk up their losses to variance or bad luck.