Calculating SD
How does one calculate the standard deviation on a bet with uneven payoffs given the probability of those payoffs? For example,
50-1 with probability 0.01,
25-1 with probability 0.01,
10-1 with probability 0.02,
Lose with probability 0.96.
The expectation is 0.01*50 + 0.01*25 + 0.02*10 + 0.96*(-1) = -0.01. What is the standard deviation and how do you derive it?
