Single-entry contests reside somewhere in between double-ups and the Milly Maker, as far as variance acceptance is concerned, with a clear bias towards lower variance acceptance. That isn’t to say we are completely risk averse and unwilling to accept any variance due to one particular aspect of single-entry play–field tendencies.
The field tilts this variance puzzle far too close to double-ups than they should, considering Nash equilibrium, which describes the state of a game where no player can generate a meaningful or material edge over any other. We would need an infinite sample size . . .
