Math behind gambling and sport betting

A lot of people love to play betting...

Table of contents:
  • Math behind gambling
  • Techniques based on mathematics in casino games
  • Counting cards
  • The model of probability
  • How does mathematical methods apply to sports betting?
  • Summary and conclusion
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Math behind gambling

A lot of people love to play betting and other gambling-based games simply because they find it attractive and the rush of adrenaline is, to say the least, gripping. Most of us played poker, roulette, or blackjack for sure. Of course besides adrenaline, there is always a chance to win huge prize and enjoy it without almost any efforts. However, it is worth to note that hardened players, the ones who spend hours a day on betting and gambling, know how important it is to include math. You see, it took many years for professional gamblers and bettors to realize that if we apply mathematical calculations, we can reduce the amount of luck we need and therefore we can enhance our chance for winning.

That is why if you wish to become the true master of online gambling or betting, you shouldn’t rely just on your luck. Truth to be told, since the beginning calculations and gambling/betting games were strictly connected. Casinos decided to implement it just to make sure that both players as well as casino owners can generate profit. When it comes to betting in sports events or any other event, we can notice that bookmakers use mathematics to calculate the potential results and to adjust the ratios in such way, they will always profit from a bet.

Of course we should also bear in mind that all these calculations and mathematics need to have a place to grow. This is why each and every slot machine and every system has got its own software. These software are responsible for calculating the odds and preparing potential pay outs in such way that it gives a pair of winning symbols every now and then, yet doing it in such rate that it is still profitable for the casino.

The reason why mathematics is of such great importance is because there are people who proved that it is possible to use maths to take advantage over bookmakers and casino owners. Thanks to math, we can not only predict the possible win, but we can also predict the profitable outcome in one of the parts of the event. Unfortunately, to do that, we have to possess huge knowledge and experience. Years of gambling and betting can result in learning methods and mathematical techniques that will enhance our game.

Techniques based on mathematics in casino games

There are dozens of mathematical methods that we can use in order to help ourselves out while playing some of the casino games. Of course some of them base purely on probability and predictions. Interestingly enough, there are such methods that offer much more. We can find techniques that offer us quite advanced, sophisticated mathematical calculations. Thanks to that we can support their legitimacy. Besides that, you can always read some articles about casino math and once you make the right calculations, take a risk on your own. If; however, you wish to learn more about the techniques mentioned above, here are a couple of manners!

Read also: Is AI going to dominate the betting market?

Counting cards

If you are to visit a casino and apply cards counting, then bear in mind that in some cases, people define it as unethical and they simply call it cheating. This technique; however, is applicable in some of the casino games and offer you quite a large head start. This method is possible to apply if you know the cards – both the ones that are about to be dealt with as well as the ones at your hand. What is more, if you observe the cards of your opponents very carefully, you will eventually come to realize what possible cards other players will have.

The model of probability

This particular technique is only applicable to games such as roulette or craps. It is mainly because The Probability Model makes use of games that base the chance of winning on the number of dice that we throw or on the number, which the ball will hit while playing roulette. If, for example, we have a dice with numbers from 1 to 6 and we know how many dices we throw, then it is possible to make predictions of what chance we have to win.

Read also: How to fight a gambling addiction?

The “standard deviation” that we can apply while playing roulette is very simple to calculate. The only thing we need to do is to apply binomial distribution formula. The formula is √npq, where n means the number of rounds that we play. P refers to the probably of winning, whereas q is simply the probability of losing. We should bear in mind that in spite of seemingly easy calculation, this formula is best used for short-term prediction. It is all due to the fact that the more rounds we play, the bigger expected loss we may get.

How does mathematical methods apply to sports betting?

When it comes to betting, we can notice that a lot of math is applied mostly by bookmakers. It is all just to make sure that bookies calculate the risk and settle the odds in such way, they will most often profit. However, luckily for bettors it is a double-edged sword. Mathematics can also help us to predict the potential win even better.

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There is a thing called Advantage Gambling. It basically is a method that lets bettors get better offers while placing bets. In order to show you how it works, we have got for you an example.

Let’s say that bookmaker is preparing odds for one of the most waited match. On paper, statistically both teams are equal and have the same chance for win. This is when bettor uses special software to calculate the odds and ratio in that way it is the most profitable for him. At this point, bettors are supposed to find another bettor with the same match but different ratio, which will be much more attractive for our bet. This is when we place a bet for a particular team at this particular bettor. Now we search for another bettor that offers us better odds for the second team and then we place second bet. In that way we place bets for both teams. No matter what is result, we can either get our money back or we can profit.

Summary and conclusion

The world of calculated gambling and betting is much more advanced and complicated than what we offered up above. It is just a small chunk of all the information that can help you understand how crucial it is to use math in these two areas of expertise. The article offered you a glimpse of some of the most important elements that bettors and gamblers studied in the past several years. Of course if you want to learn more about that subject, there are even books prepared by professors who describe ways of applying math in gambling and betting. This is why it is crucial to know that we cannot limit the chance of winning in one of the two described ways to simply luck.

Read also: How to deal with losing while betting?