Standard deviation is a statistic used in gambling and other areas of decision making. It is used to measure the variability of a set of data, and is often used in gambling to determine how likely it is that a player will win or lose over a period of time.
In Blackjack, standard deviation is used to calculate a player’s chance of winning or losing over a particular number of hands. It is also used to help determine when it may be time to change strategies.
Standard deviation can be thought of as a measure of how much different hands (in Blackjack) a player will win or lose on average. A higher standard deviation means that the hands are more variable, and will tend to be won and lost at different points in time.
This means that a player with a high standard deviation may have more swings at winning or losing, and may need to change their strategy more frequently than someone with a lower standard deviation.
It is important to keep in mind that standard deviation does not always tell the whole story. For example, someone with a high standard deviation may only win or lose sometimes, but not very often.
In this case, their average outcome would still be positive (they would win on some hands), but their overall chance of winning would be lower than someone with a lower standard deviation.
