I have often wondered why Variance is used so much anymore as it was a term I had never heard of before. My thoughts were that is the trade off for saying, "you're having a bad run" and as much as I dislike the term, I want to know what it really is. I know there has been threads regarding this issue, but instead of digging them up, thought I would start anew.
Definitions of 'variance' (vâŕē-əns, văŕ-)
Dictionary.com · The American Heritage® Dictionary - (5 definitions)
(noun)
The act of varying.
The state or quality of being variant or variable; a variation.
A difference between what is expected and what actually occurs.
The state or fact of differing or of being in conflict. See synonyms at discord
Law
A discrepancy between two statements or documents in a proceeding.
License to engage in an act contrary to a usual rule: a zoning variance.
Statistics The square of the standard deviation.
Chemistry The number of thermodynamic variables, such as temperature and pressure, required to specify a state of equilibrium of a system, given by the phase rule.
So then I look for more info and type in my search "Variance of slot machines" and come up with this link;
The word ‘Variance’ essentially refers to risk-over-time on a slot machine. In a nut shell; a low variance slot will give you a longer play time, at lower risk, than a high variance slot. BUT the chances for huge wins are quite slim. Whereas a high variance slot may not give as much play time, as each wager is higher risk, but the wins it provides can be staggering! There is the middle road as well – medium variance; on these slots you can play for a good long time (depending on your bankroll and bet size) and still stand the chance to make a crushing spin.
Find the Variance of a Slot Machine
One way to get a feeling for the variance of a game is to play it for a while in fun mode. If after a hundred spins or so you have gotten many small returns and your balance hasn’t decreased much – it is probably low variance. If on the hand your balance is depleting rapidly OR you have had a crushing win – it is probably high variance.
Another way is to look at the paytable for that game. The button to view it is labeled differently within each casino software, but with the game open; look for a button named, ‘Help’ or ‘Pays’, or ‘Paytable’.
If the pay for getting 3 of a kind is not much less than it is for getting four or even five of a kind, it is most probably low variance.
If four and five of a kind pay a lot more than three of a kind, it is most likely high variance. If four or five scatters pays several hundred times your bet or five wilds pay 7500+ coins it is probably medium to high variance. If there is a bonus round with triple or even four times pay during free spins it is probably not a low variance game. Some games just have to be played to know for sure.
Create your own Slot Machine Variance
If you have a favorite slot and you determine that it is a low variance game, but you wish to play high variance now and then, you don’t need to look for another game – you can create your own variance! Lets say you normally bet 20 lines at .05 each for $1.00 spins (this will work for any sized wager) to increase your risk as well as your possible return (increase the variance) and still bet $1.00 per spin, all you have to do is bet five lines at .20 each, or ten lines at .10 each. (Many slots have numbered lines alongside the reels so you can just click on the number you want. Many also have – and + signs or up and down arrows on the coin selection so you can do this with ease)
The winning combinations are just as likely to occur on line one, or seven, or twenty. The point is that you are increasing your risk to get a greater reward. As you are still betting $1.00 per spin (or whatever your usual wager is) but have increased your risk on the lines you have bet, you will get a greater return on each winning line – and this can be significant – if a certain combination pays 100:1 your previous payback on a one-line win would only return $5.00 whereas if you have reduced your lines to five lines and increased your wager per line to .20 it will now pay $20.00
Bonus rounds that are based on total bet will not be affected. Free spins bonuses may be – for better or worse… it’s all in the variance.
Play Slot Machines for High and Low Variance/Risk
For a leisure evening and a small bankroll – low variance is the way to go – you’ll get lots of spins for your money, many small wins and plenty of playtime. If you want to go for the gusto, all or nothing, and hope for a crushing win now and then – high variance is your game.
An example of high variance slot machines would be progressive slot machines where slot players can win the jackpot which is usually in the millions. While a low variance machine would be a 3 reel slot machine that generally has smaller payouts but a player will win on a more frequent basis.
Now this all sounds fine and dandy, but my question is, have all the games gone to High Variance, where did the low variance games go? Is there really such a thing as low variance anymore?
Definitions of 'variance' (vâŕē-əns, văŕ-)
Dictionary.com · The American Heritage® Dictionary - (5 definitions)
(noun)
The act of varying.
The state or quality of being variant or variable; a variation.
A difference between what is expected and what actually occurs.
The state or fact of differing or of being in conflict. See synonyms at discord
Law
A discrepancy between two statements or documents in a proceeding.
License to engage in an act contrary to a usual rule: a zoning variance.
Statistics The square of the standard deviation.
Chemistry The number of thermodynamic variables, such as temperature and pressure, required to specify a state of equilibrium of a system, given by the phase rule.
So then I look for more info and type in my search "Variance of slot machines" and come up with this link;
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The word ‘Variance’ essentially refers to risk-over-time on a slot machine. In a nut shell; a low variance slot will give you a longer play time, at lower risk, than a high variance slot. BUT the chances for huge wins are quite slim. Whereas a high variance slot may not give as much play time, as each wager is higher risk, but the wins it provides can be staggering! There is the middle road as well – medium variance; on these slots you can play for a good long time (depending on your bankroll and bet size) and still stand the chance to make a crushing spin.
Find the Variance of a Slot Machine
One way to get a feeling for the variance of a game is to play it for a while in fun mode. If after a hundred spins or so you have gotten many small returns and your balance hasn’t decreased much – it is probably low variance. If on the hand your balance is depleting rapidly OR you have had a crushing win – it is probably high variance.
Another way is to look at the paytable for that game. The button to view it is labeled differently within each casino software, but with the game open; look for a button named, ‘Help’ or ‘Pays’, or ‘Paytable’.
If the pay for getting 3 of a kind is not much less than it is for getting four or even five of a kind, it is most probably low variance.
If four and five of a kind pay a lot more than three of a kind, it is most likely high variance. If four or five scatters pays several hundred times your bet or five wilds pay 7500+ coins it is probably medium to high variance. If there is a bonus round with triple or even four times pay during free spins it is probably not a low variance game. Some games just have to be played to know for sure.
Create your own Slot Machine Variance
If you have a favorite slot and you determine that it is a low variance game, but you wish to play high variance now and then, you don’t need to look for another game – you can create your own variance! Lets say you normally bet 20 lines at .05 each for $1.00 spins (this will work for any sized wager) to increase your risk as well as your possible return (increase the variance) and still bet $1.00 per spin, all you have to do is bet five lines at .20 each, or ten lines at .10 each. (Many slots have numbered lines alongside the reels so you can just click on the number you want. Many also have – and + signs or up and down arrows on the coin selection so you can do this with ease)
The winning combinations are just as likely to occur on line one, or seven, or twenty. The point is that you are increasing your risk to get a greater reward. As you are still betting $1.00 per spin (or whatever your usual wager is) but have increased your risk on the lines you have bet, you will get a greater return on each winning line – and this can be significant – if a certain combination pays 100:1 your previous payback on a one-line win would only return $5.00 whereas if you have reduced your lines to five lines and increased your wager per line to .20 it will now pay $20.00
Bonus rounds that are based on total bet will not be affected. Free spins bonuses may be – for better or worse… it’s all in the variance.
Play Slot Machines for High and Low Variance/Risk
For a leisure evening and a small bankroll – low variance is the way to go – you’ll get lots of spins for your money, many small wins and plenty of playtime. If you want to go for the gusto, all or nothing, and hope for a crushing win now and then – high variance is your game.
An example of high variance slot machines would be progressive slot machines where slot players can win the jackpot which is usually in the millions. While a low variance machine would be a 3 reel slot machine that generally has smaller payouts but a player will win on a more frequent basis.
Now this all sounds fine and dandy, but my question is, have all the games gone to High Variance, where did the low variance games go? Is there really such a thing as low variance anymore?