Variance: How to improve gambling strategies with risk tolerance Volatility is a big part of gambling, especially on online betting platforms, as it dictates the rewards you can win, and it can make a big difference to your gameplay. You might prefer the smaller wins or the big jackpots, but understanding variance and risk tolerance can help you discover the nuances of online gambling. KEY TAKEAWAYS Variance is a big part of selecting a game as you have a tangible number of how much you can risk for some good payouts.