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Other Betting Systems

Betting systems have existed for as long as gambling has. A betting system is either bogus or clever depending upon whether it is based on a sufficiently deep understanding of the given game so that there is some method to the madness.   

Gambling systems, even bogus ones, are always interesting to hear about, because they say something about how people perceive (or misperceive) probability. My favorite bogus systems include:

On the other hand, there are well-founded betting systems available for certain games, if you know what your are doing:

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.

next up previous index
Next: 4. Monte Carlo on Up: 3. What is Jai-Alai? Previous: The Basques
Steve Skiena