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Decimal odds are a single value, greater than 1, representing the amount to be paid out for each unit bet. For example, a bet of £40 at 6 − 4 (fractional odds) will pay out £40 + £60 = £100. The equivalent decimal odds are 2.5; £40 × 2.5 = £100. We can convert fractional to decimal odds by the formula D = (b + a) ⁄ b.
Vigorish (also known as juice, under-juice, the cut, the take, the margin, the house edge or the vig) is the fee charged by a bookmaker for accepting a gambler's wager. In American English , it can also refer to the interest owed a loanshark in consideration for credit.
Example of the optimal Kelly betting fraction, versus expected return of other fractional bets. In probability theory, the Kelly criterion (or Kelly strategy or Kelly bet) is a formula for sizing a sequence of bets by maximizing the long-term expected value of the logarithm of wealth, which is equivalent to maximizing the long-term expected geometric growth rate.
Arbitrage betting involves relatively large sums of money, given that 98% of arbitrage opportunities return less than 1.2%. [2] The practice is usually detected quickly by bookmakers, who typically hold an unfavorable view of it, [3] and in the past this could result in half of an arbitrage bet being canceled, or even the closure of the bettor's account.
Poker calculators are algorithms which through probabilistic or statistical means derive a player's chance of winning, losing, or tying a poker hand. [ 1 ] [ 2 ] Given the complexities of poker and the constantly changing rules, most poker calculators are statistical machines, probabilities and card counting is rarely used.
In addition to head-to-head winning probability, a general formula can be applied to calculate head-to-head probability of outcomes such as batting average in baseball. [ 3 ] Sticking with our batting average example, let p B {\displaystyle p_{B}} be the batter 's batting average (probability of getting a hit), and let p P {\displaystyle p_{P ...
Casio V.P.A.M. calculators are scientific calculators made by Casio which use Casio's Visually Perfect Algebraic Method (V.P.A.M.), Natural Display or Natural V.P.A.M. input methods. V.P.A.M. is an infix system for entering mathematical expressions, used by Casio in most of its current scientific calculators.
Sturges's rule [1] is a method to choose the number of bins for a histogram.Given observations, Sturges's rule suggests using ^ = + bins in the histogram. This rule is widely employed in data analysis software including Python [2] and R, where it is the default bin selection method.