Bookmaking Fundamentals - Maths & Profit
Bookmaking is a fascinating field of pure probability gaming. No wonder I had to explore its math fundamentals sooner or later. ‘Bookmaking Maths Explained Or In Greed We Trust’ is a highly recommended lecture for everyone, especially if you haven’t come across terms like margin or adjusted odds. Preparation of this article was an eye-opener for me as well. Betting oriented on profit is no different to a war between the bookie and the gambler, where Sun-Tzu rules apply. To know your enemy, you must become your enemy.
A short follow-up math analysis of accumulated (also known as combo, multi, parlay...) bets. Profit evaluation, margin propagation, the impact of dependent events. Practical advice for casual gambler.
A math guide to the fundamentals of bookmaking. Odds and probabilities. Expected profit. How to compute margin. Assymetric odds and how to beat a bookie thanks to their own greed.