Quote:
Originally Posted by Pulazki
i have a Standard Deviation of $77 -- What does that mean exactly ?
In order to tell you exactly, we need to know what your average win or loss is.
Then if we know what your average win or loss is, we add $77 and subtract $77. And that gives us a range where we should expect about 68% of your future results to fall, assuming you and your opponents will play as relatively well in the future as you have played thus far.
For example, if your average win is $200, and if you and your opponents keep playing at the same level, then we expect 68% of your future results to fall between winning $133 and winning $277.
There's more. We expect 95% of your future wins to be within two standard deviations of the mean (average). For example, if your average win is $200, and if you and your opponents keep playing at the same skill level, then we expect about 95% of your future wins to range from $46 to $354.
And almost all (99.7% or something like that) of your future wins should fall within three standard deviations.
There's a bit more to it, but I think that's the general idea. I think if you go to the probability forum (under general gambling) you'll get a better idea.
Buzz