Search results for ""Author Joseph Buchdahl""

People have been gambling, in one form or another, for as long as history itself. Why? Money, entertainment, escape and a desire to win are all traditional explanations. Arguably, however, these are secondary considerations to a higher order purpose: a craving for control. Gambling offers a means of gaining authority over the unknown, granting us a sense of control over uncertainty. Almost always that sense is illusory - gambling, including betting and investing, is essentially random - yet for many it is nonetheless profoundly rewarding. This book attempts to explore the reasons why. Along the way, it examines: The science of probability and uncertainty Why gambling is often condemned The difference between expectation and utility The irrationality of human beings Evolutionary perspectives on gambling Luck and skill Market efficiency and the wisdom of crowds Why winners take all Cheating Why the process matters more than the outcome

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How do we know if we can beat the bookmaker? That's easy: just look at our bank balance. But how do we know if we've not just been lucky? More specifically, how do we know that someone who says he can do it, and who is selling his 'expertise', can keep doing it again and again, through talent, skill and hard work? This book examines the techniques available to answer that question, to identify those qualities and to help the punter find value for money in an industry that appears to be largely built on trust and the influence of chance; to uncover the truth about sports tipsters and ultimately how to find the best tipsters - the 'Black Cats'.

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Few people manage to make money from gambling; fewer still make a living from it. Written for hardened and novice sports bettors alike, Joseph Buchdahl's Fixed Odds Sports Betting examines, through various numerical techniques, how fixed odds punters may learn to beat the bookmaker, protect profits through a sensible approach to risk management, and turn high-risk gambling into a form of low-risk investment. Fixed Odds Sports Betting investigates: Markets in fixed odds sports betting The bookmaker's overround Value betting Ratings systems for sports prediction Profitability and risk Singles versus accumulators Staking plans and money management The favourite-longshot bias Sports advisory services Betting records and their significance testing

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Almost everyone is familiar with Monte Carlo's association with gambling, and its famous Casino. Many may also have come across the Monte Carlo fallacy, so-called after the Casino's roulette wheel ball fell on black 26th times in a row, costing players, who believed that the law of averages made such streaks impossible, millions of dollars. However, the Casino also lends its name to a tool of statistical forecasting, the Monte Carlo simulation, used to model the probability of uncertain outcomes that cannot be easily predicted from mathematical equations. This book provides a detailed account for how aspiring sports bettors can use a Monte Carlo simulation to improve the quality, and hopefully profitability, of their betting, and in doing so unravels the mystery of probability and variance that lies at the heart of all gambling.

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