Probabilities, odds, and vigorish

Probabilities, odds, and vigorish

This paper uses actual data on horse racing to illustrate probabilities, odds, and expected values, and offers cautionary remarks about applying textbook formulas to gambling on real‐world sporting events.

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Bibliographische Detailangaben
Veröffentlicht in:Teaching statistics 2022-09, Vol.44 (3), p.126-132
1. Verfasser: Eisenhauer, Joseph G.
Format: Artikel
Sprache:eng
Schlagworte:
Gambling
Games
Horse racing
Mathematical Formulas
odds
parimutuel betting
Probability
Statistics
Statistics Education
teaching
Teaching methods
teaching statistics
Textbooks
vigorish
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Beschreibung
Zusammenfassung:This paper uses actual data on horse racing to illustrate probabilities, odds, and expected values, and offers cautionary remarks about applying textbook formulas to gambling on real‐world sporting events.
ISSN:0141-982X
1467-9639
DOI:10.1111/test.12318