Variance in poker, and especially in poker tournaments, can be maddening. This episode investigates the effects of variance in tournaments (where variance is insane) and cash games (where it can be milder). Your correspondent also reviews a recent $5/$10/$20 No-Limit Hold-Em cash game session.

0:00 Introduction

0:40 Jonathan Duhamel vs. Matt Affleck

7:53 Variance in tournaments

9:50 Tournament economics

13:30 Markup

16:55 Tournament delusion

20:34 Session review: $5/$10/$20 NLH

32:10 Variance in cash games