Variance in the world of poker can make all the difference between a winning and a losing streak. The term "variance" is quite popular, particularly in the context of Poker tournaments. A Poker Pro explains in his post that the high variance associated with these tournaments may be the reason why some players prefer to quit them altogether. But what exactly does variance mean in poker and how does it apply to cash games? Let's dive deep into the game of poker and unravel the significance of variance. Firstly, variance in poker refers to the long-term outcome of a poker player's win rate. It's also known as the standard deviation of the poker player's win rate. Variance can be positive, which means the player is likely to earn more money than they lose, or negative, where the player might expect to lose more than they earn. This term is important because it lets players understand and account for the unpredictability of poker. In cash games, variance plays a significant role as well. However, it's important to note that it's not just the variance of a single hand that matters, but the collective variance over numerous hands. Understanding this concept can help cash gamers make more informed decisions about how they play their hands. Now, let's discuss the variance in poker tournaments. Tournament variance is often higher than in cash games because tournament winners often get all the chips. This means, a player can go from first place and chips lead to last place and no chips in a matter of just a few hands. This makes tournament play high in variance, hence, riskier compared to cash games. The high variance in tournaments can lead players to lose patience and try riskier plays to catch up. However, the best way to combat this is to stay disciplined and continue playing your game. The beginner's guide to a tournament suggests that players should keep playing their game but stay aware of the high-variance play. A concept closely related to variance in poker is the ICM (Independent Chip Model). This poker term refers to the idea that the stack sizes of players are independent of each other and that each player has an individual chip count. Understanding ICM can help players manage their variance better. Another aspect of variance in poker is the deep stack play. Playing deep stack, with stacks of 200, 300, or even 400 big blinds or more, can lead to extremely deep variant swings. These games in the city, as described by the Poker Pro, can have high variance swings, leading to large wins or losses. It's crucial for players to be aware of these swings when planning their game strategy. In conclusion, variance is a crucial aspect of poker and understanding it can enhance a player's game strategy. Be it for poker tournaments or cash games, recognizing the role of variance can help manage unpredictable outcomes effectively. So, next time you're on a winning or losing streak, remember, it's all about variance.