To give you an idea why variance matters, supposed you were offered a lottery which has two outcomes based on the flip of fair coin: Heads - $ 1 million, Tails - you lose your house and all your possessions. (canadiancapitalist.com)
Coin Toss is Heads / Tails (Sportsbook.ag) Heads -102 Tails -102 When flipping a fair coin the chance of it landing on -LSB-...] (betlabssports.com)