"Sometimes your CEV is comforting, but your bankroll is not."

Chapter 5: Why Your Graphs Lie to You

This chapter will explain why, in poker — and especially in Spin & Go — appearances can be misleading.

Written by Gandalf, professional Spin & Go player and co-founder of Poker Sciences.

By now, you have a solid grasp of Spin structure, rake, CEV, and you feel ready to start grinding.

You play for two weeks and then… this happens:

bankroll downswing image on Poker Tracker 4

Ouch — your poker bankroll goes up in smoke. Has Poker Sciences been lying to you?

⏪  Spoiler alert: this graph is taken from a session I played in 2023, at the €10 level, with a CEV above 60. It shows just how real this situation is—and that it can happen even if you're a winning player.

Not exactly. This graph is misleading, and for one simple reason: In poker — whether you're playing MTTs, Spins, or even cash games — short-term results do not reflect your actual skill level.

It's natural to start doubting yourself, to want to change your strategy after a losing streak. But the worst mistake would be to abandon a winning strategy just because variance is messing with you.

In Spin & Go, it's common to experience downswings of 20 to 60 buy-ins, even when you're playing perfectly.

👈  Remember what we saw in the previous chapter: due to variance, you need more than a thousand games to get a reasonably accurate idea of your CEV and therefore your skill level. The same applies to your bankroll. Even if you're a good player, variance can cause you to lose (a lot) in the short term...

Three Types of Players: The Curve Example

To better illustrate this, let’s look at three types of players through their results graphs.

These simulations show what could happen to three Spin players of different skill levels over 200 games.

📊  These simulations were run using Swongsim (you’re getting used to it by now). For each player profile, it gives an example of what could happen in reality. The red curve 🟥 shows the number of buy-ins the player should have won (or lost), and the green curve 🟩 shows what actually happened (due to variance).

They reveal just how much variance can give a false impression of success or failure:

  • A winning player can appear to be losing.
  • A losing player can appear to be crushing.

As counterintuitive as it may seem, these scenarios are real and must be understood if you want to avoid being fooled by variance.

1. The “Losing” Player

The losing player is the most common profile — commonly known as a fish.This player often thinks they’re good (or at least decent).

Over a sample of 200 Spins, they might look like a winner, but in the long run, their mistakes will catch up with them.

bad poker player but winning money chart
In this simulation: They were expected to lose 19 buy-ins (red curve). But by sheer luck, they won 20 buy-ins instead (green curve).

2. The “Breakeven” Player

The breakeven player is someone who has learned the basics of Spin strategy,but doesn’t actively seek improvement. This is often a reg-fish — a regular who knows the format but hasn’t gone deeper strategically.

breakeven poker player but winning money chart
Even breakeven players experience variance. As you can see, they can still gain or lose 25 buy-ins in a short time.

3. The “Winning” Player

This player knows how to play optimally — a true Spin regular. They avoid major mistakes and apply strong strategy.

At higher limits — €5, €10, €20 — this kind of player becomes more and more visible.

But even good players can find themselves in a massive downswing due to variance. It’s part of the daily grind for a serious Spin player.

📈  The good news is that in the long run, the player will always end up profitable—provided they can maintain a strong level of play during downswings (we’ll talk more about "mental game" later) and don’t go broke (i.e., they always keep a positive bankroll—we’ll discuss that too later on).
winning poker player but loosing money chart
This winning player is clearly going through a rough patch…

Bottom Line: Variance Hides Everything in the Short Term

Here’s the key takeaway:

In the short term, it is IMPOSSIBLE to judge a player's profitability just by looking at their winnings graph.

This is a trap many players fall into, believing their short-term losses or gains are directly tied to how well they’re playing — when in reality, it's often just the natural volatility of the game.

⏳  CEV is always a more reliable indicator than your bankroll, but as we saw in the previous chapter, even determining your true CEV requires a (very) large number of games.

So… Can You Still Beat Spins Despite the Variance?

Before we dive into that question in the next chapter, let’s take a look at the next part of the graph I showed you earlier:

winning spin poker player bankroll
Recognize the first 1,400 games and the -€500 downswing?

This extended graph proves an important point: Over time, even with all the variance, a skilled player will eventually turn a profit.