Its about spread. Variance takes the difference between the average result and each data point and squares it and adds all this numbers together. The higher the difference between the average result and the extreme results the more some individual data points add to variance. Now in SD extreme data points are more common but the difference in outcome from the mean is less because the spread is small. Variance is more sensitive to a large spread than a small spread with more frequent extreme results because variance is the sum of the squares of the differences. So it is about spread rather than frequency of max bet. If both spread the same SD would have more variance. Variance is blind to runs so the argument that shoe games see streaks of max bets that are very long and SD has spread out max bets has nothing to do with variance. That will make much larger swings but swings and variance are totally different things. Swings rely on the probability of stacking up with similar results from round to round. Variance is a global view of difference between average win and each individual round squared so variance doesn't have a clue about whether you won or lost. Winning a round and losing a round for a two round push would have the same effect as winning or losing both rounds if the amount of the win or loss was the same and your average win was 0. Hopefully you have a positive per hand average win, so extreme negative results would contribute slightly more to variance than positive results of the same magnitude.
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