Yes you can measuring both statistics and variance.
This is overrepresented events contra underrepresented events for even money bets.
At left side you have the overrepresented events and above you have the underrepresnted events.
You can do you own chart using the Z-Score and you don't need any math skills to do so, i don't follow Bayes math Formulas, so i made it easy for and attach excel sheet, build your own statistical variance chart :-)