Section 1: Variance (Part 1) A general understanding of the role that variance plays in betting and in life can help prepare advanced investors for the swings that naturally occur in betting. “Variance” has a very specific definition in statistics, but for our purposes it will be used to describe the naturally occurring, short term hot and cold streaks which …
Money Management
Section 1: Primer Tired of losing his money to the house, a bored millionaire in Las Vegas turns to you and offers you a proposition that you can’t refuse. He pulls out a stack of casino chips and declares: “I’ve got a 100-sided, evenly weighted die, which I am going to roll. If it comes up 1 through 57 you …
Sports Betting as an Investment
Section 1: Sports Betting as an Investment Making Money by Betting on Sports A lot of people think that sports betting is about finding ‘sure things,’ but in reality such ‘locks’ are nothing more than gamblers’ fancy. Just as in real estate, currency, stocks, or any other speculative market, ‘sure things’ simply do not exist. As a professional sports bettor, …