Variance

I understand the concept of variance in video poker but I do not know how to calculate it. Can you provide a formula or methodology that applies to any video poker game? Thanks.

Quote: JHH

I understand the concept of variance in video poker but I do not know how to calculate it. Can you provide a formula or methodology that applies to any video poker game? Thanks.

If it's single-line video poker, I copy the return table from Wizard of Odds onto an Excel sheet.

Then for each line, I do (pay - return)². (The return is the overall return of the game.)

I multiply each of the above numbers by its corresponding probability and add these products up. The sum is the variance.

Perfect. Thanks for your help

And if you want the standard deviation take the square root of the variance. We use the general term variance all the time but it seems we’re usually referring to standard deviation