[Ganchrow]

Originally Posted by VideoReview

Thanks Chemist. Is p the no vig ML decimal odds?

So, if I have +150 odds, the variance would be .6*(1-.6)=.24?

If so, what do I do with several such numbers (i.e. .24, .25, .1, .6, etc.)?

p represents the expected win probability and could be calculated as (1+edge)/(decimal odds).

p*(1-p) represents the variance of a single binomial trial with success rate of p. Multiply that by the decimal payout odds squared and you'll get the variaance on a 1-unit risked bet. This is of course equivalent to the σ² = (1+edge)*(decimal odds-edge-1) formulation.

See Calculating Wager Variance.