When you find yourself at the beginning of the career you'll most certainly face some new terms you've never heard about such as RTP, odds or house edge but the one that'll affect you most is variance. Without variance this industry would be completely pointless because it would be so predictable and boring. I'll try to explain this as simply as possible so that everyone can understand.
Let's say that you bet €1.000 on a game that has 91% RTP and no volatility, you'll end your session with a maximum winning of €910. You got to admit that this kills everything that makes gambling fun and exciting.
So you must surely understand by now that variance represents the short-term results that affect anticipated outcomes of a game. To put it plainly, if a game has 91% RTP and you bet €1.000 and you get hit a progressive you can win hundreds of thousands and all this thanks to variance.
Variance is closely related to volatility and they basically don't function without each other and they show how fickle and impermanent the game is. Kino for example can bring you both significant losses and winnings in a very short period of time and that's what gamblers call a high volatile game. On the opposite side you have Baccarat which has a low volatility because there's not much difference between winning and losing.
This is something that a lot of players like to investigate a bit better but if you and maths don't get along then the only thing you need to know is that the higher the pay outs go the more volatile a game will be.
Variance's And Volatility's Influence On You
This is definitely one thing no one can control and it can go both ways – it can either work for you or against you. Every time you hear someone say he's on a roll, which you undoubtedly have, it just means that variance is working in your favour. If you get reckless in choosing games, managing your money, variance will easily leave your bankroll depleted in a short period of time.
When you decide to choose a casino game consider first how much risk are you willing to take and then go casino "shopping". Once you've cleared this up with yourself everything else is easy. If you like to risk and have a chance to win huge amounts then choose high volatile games and if you like to be on the safe side and take little to no risk, then low volatile games are your thing.
Don't fool yourself and thing that all games have good and bad runs because things are not as simple as that. If you start believing this you'll most definitely start betting big as soon as you think that the good run has started, and that way you risk losing everything you have. Trust me when I say that variance is not something anyone can control.
Games With High And Low Volatility
To take the edge off all of those novices backs who are just beginning their careers I will tend to explain the most popular games that can be found in casinos, in terms of the risk they entail.
Despite their volatility slots are the most popular games in an online casino.
If you choose slots, don't look forward to often winnings but once you do win, you'll definitely be satisfied with the pay-out. The problem arises when all of you with small bankrolls try to play slots because if you wish to win here you need to play long and invest a lot of money.
Video poker is also high variance game and if you want to get advantage you need to master the strategy because it will lower the house edge and lessen the risk. In this high volatile game group you can also count in Keno, Carps' proposition bets, and all lottery type games.
Low variance group includes table and card games such as Blackjack, Baccarat, Roulette and Pai Gow Poker.