It's simple statistics.
If you have a 10% chance of scoring on any shot and 30 shots per game your variance per game is higher than if 50% of shots go in and you have 100 shots per game.
So if in hockey one team scores on 9% of their opportunities and the other 10% the underdog has a much higher chance of upset than the the team that scores on 45% of there shots vs the team scoring on 50%.
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