[micwawa]

I'd like to see someone describe how to do this in practice. Maximizing variance doesn't do you much if your high end doesn't beat the others, especially if you don't know how high you have shoot. If you overlap two candidate probability distributions and know what you have to beat in order to win, you can make a choice. In my dabblings in FanDuel, I've tried to maximize the expected value, and found that this produced surprisingly wild results - I've jumped from the 99 percentile one week to the .1 percentile the next.