The term variance gets bandied around flippantly in poker circles, with people using it as an excuse to play badly and blame it on their losing streaks. It often has negative connotations, being connected to players going bust. But when you really understand variance, you should welcome it with open arms, embrace it and recognise what it means to you specifically – a student of poker.

Variance doesn’t affect everyone in the same way. Odd you might say, given that it is purely a mathematical measurement used for analysing data sets. But with regard to poker, the environment must be taken into account.