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Next: 11. Projects to Ponder Up: Excerpts from Calculated Bets: Previous: 9. Putting My Money

10. How Should You Bet?

The system described in this book retrieves and analyzes data each night, and employees a substantial amount of computational sophistication to determine the most profitable bets to make. It isn't something you are going try at home, kiddies.

However, in this section I'll provided some hints on how you can make your trip to the fronton as profitable as possible. By combing the results of our Monte Carlo simulations and expected payoff model, I've constructed tables giving the expected payoff for each bet under the assumption that all players are equally skillful. This is very useful information to have if you are not equipped to make your own judgments as to who is the best player, although we also provide tips as to how to assess player skills. By following my advice, you will avoid criminally stupid bets like the 6-8-7 trifecta.  

I hope you have enjoyed this excerpt from Calculated Bets: Computers, Gambling, and Mathematical Modeling to Win!, by Steven Skiena, copublished by Cambridge University Press and the Mathematical Association of America.

This is a book about a gambling system that works. It tells the story of how the author used computer simulation and mathematical modeling techniques to predict the outcome of jai-alai matches and bet on them successfully -- increasing his initial stake by over 500% in one year! His method can work for anyone: at the end of the book he tells the best way to watch jai-alai, and how to bet on it. With humor and enthusiasm, Skiena details a life-long fascination with the computer prediction of sporting events. Along the way, he discusses other gambling systems, both successful and unsuccessful, for such games as lotto, roulette, blackjack, and the stock market. Indeed, he shows how his jai-alai system functions just like a miniature stock trading system.

Do you want to learn about program trading systems, the future of Internet gambling, and the real reason brokerage houses don't offer mutual funds that invest at racetracks and frontons? How mathematical models are used in political polling? The difference between correlation and causation? If you are curious about gambling and mathematics, odds are this is the book for you!

This book is available in both hardcover and paperback.

Steve Skiena