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Due-column Betting
'Due-column Betting' (also: 'due column betting') is a type of fixed-profit betting strategy whereby a bettor increases the amount he wagers on a single proposition after each successive loss. According to this system, the bettor determines a target profit before he begins betting. Then he increases his bet on propositions following a loss in such a way that a win will recover the sum of all amounts he lost from his preceding bets plus gain him his predetermined profit. While similar to both the Martingale and Labouchere strategies, "Due-column betting" differs from other like betting systems in that it accounts for the odds variance in successive parimutuel propositions. Still, it is often used interchangeably with the casino gambling term "progression system", which refers to several similar betting systems typically employed at casino gaming tables. System explanation Due-column wagering is considered a fixed-profit system because the due-column bettor determines his desired p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Betting Strategy
A betting strategy (also known as betting system) is a structured approach to gambling, in the attempt to produce a profit. To be successful, the system must change the house edge into a player advantage — which is impossible for pure games of probability with fixed odds, akin to a perpetual motion machine. Betting systems are often predicated on statistical analysis. Mathematically, no betting system can alter long-term expected results in a game with random, independent trials, although they can make for higher odds of short-term winning at the cost of increased risk, and are an enjoyable gambling experience for some people. Strategies which take into account the changing odds that exist in some games (e.g. card counting and handicapping), can alter long-term results. This is formally stated by game theorist Richard Arnold Epstein in ''The Theory of Gambling and Statistical Logic'' as: Examples Common betting systems include: * Card games – Card counting * Roulette – M ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Martingale (betting System)
A martingale is a class of betting strategies that originated from and were popular in 18th-century France. The simplest of these strategies was designed for a game in which the gambler wins the stake if a coin comes up heads and loses if it comes up tails. The strategy had the gambler double the bet after every loss, so that the first win would recover all previous losses plus win a profit equal to the original stake. Thus the strategy is an instantiation of the St. Petersburg paradox. Since a gambler will almost surely eventually flip heads, the martingale betting strategy is certain to make money for the gambler provided they have infinite wealth and there is no limit on money earned in a single bet. However, no gambler has infinite wealth, and the exponential growth of the bets can bankrupt unlucky gamblers who chose to use the martingale, causing a catastrophic loss. Despite the fact that the gambler usually wins a small net reward, thus appearing to have a sound strategy, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labouchère System
The Labouchère system, also called the cancellation system or split martingale, is a gambling strategy used in roulette. The user of such a strategy decides before playing how much money they want to win, and writes down a list of positive numbers that sum to the predetermined amount. With each bet, the player stakes an amount equal to the sum of the first and last numbers on the list. If only one number remains, that number is the amount of the stake. If the bet is successful, the two amounts are removed from the list. If the bet is unsuccessful, the amount lost is appended to the end of the list. This process continues until either the list is completely crossed out, at which point the desired amount of money has been won, or until the player runs out of money to wager. The system is named for British politician and journalist Henry Labouchère, who originally devised the strategy. Description of the gameplay The theory behind this Labouchère system is that, because the pla ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parimutuel
Parimutuel betting or pool betting is a betting system in which all bets of a particular type are placed together in a pool; taxes and the "house-take" or "vigorish" are deducted, and payoff odds are calculated by sharing the pool among all winning bets. In some countries it is known as the tote after the totalisator, which calculates and displays bets already made. In short, the word ''parimutuel'' implies tiered winnings/earnings. The parimutuel system is used in gambling on horse racing, greyhound racing, jai alai, and other sporting events of relatively short duration in which participants finish in a ranked order. A modified parimutuel system is also used in some lottery games. Definition Parimutuel betting differs from fixed-odds betting in that the final payout is not determined until the pool is closed – in fixed odds betting, the payout is agreed at the time the bet is sold. Parimutuel gambling is frequently state-regulated, and offered in many places where ga ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Casino Gambling
A casino is a facility for certain types of gambling. Casinos are often built near or combined with hotels, resorts, restaurants, retail shopping, cruise ships, and other tourist attractions. Some casinos are also known for hosting live entertainment, such as stand-up comedy, concerts, and sports. and usage ''Casino'' is of Italian language, Italian origin; the root means a house. The term ''casino'' may mean a small country villa, Summerhouse (building), summerhouse, or social club. During the 19th century, ''casino'' came to include other public buildings where pleasurable activities took place; such edifices were usually built on the grounds of a larger Italian villa or palazzo, and were used to host civic town functions, including dancing, gambling, music listening, and sports. Examples in Italy include Villa Farnese and Villa Giulia, and in the US the Newport Casino in Newport, Rhode Island. In modern-day Italian, a is a brothel (also called , literally "closed house"), a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Handicapper
Handicapping, in sport and games, is the practice of assigning advantage through scoring compensation or other advantage given to different contestants to equalize the chances of winning. The word also applies to the various methods by which the advantage is calculated. In principle, a more experienced participant is disadvantaged, or a less experienced or capable participant is advantaged, in order to make it possible for the less experienced participant to win whilst maintaining fairness. Handicapping is used in scoring many games and competitive sports, including go, shogi, chess, croquet, golf, bowling, polo, basketball, and track and field events. Handicap races are common in clubs which encourage all levels of participants, such as swimming or in cycling clubs and sailing clubs, or which allow participants with a variety of standards of equipment. Often races, contests or tournaments where this practice is competitively employed are known as ''Handicaps''. Handicapping ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mathematical Expectation
In probability theory, the expected value (also called expectation, expectancy, mathematical expectation, mean, average, or first moment) is a generalization of the weighted average. Informally, the expected value is the arithmetic mean of a large number of independently selected outcomes of a random variable. The expected value of a random variable with a finite number of outcomes is a weighted average of all possible outcomes. In the case of a continuum of possible outcomes, the expectation is defined by integration. In the axiomatic foundation for probability provided by measure theory, the expectation is given by Lebesgue integration. The expected value of a random variable is often denoted by , , or , with also often stylized as or \mathbb. History The idea of the expected value originated in the middle of the 17th century from the study of the so-called problem of points, which seeks to divide the stakes ''in a fair way'' between two players, who have to end th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Horse Racing
Horse racing is an equestrian performance sport, typically involving two or more horses ridden by jockeys (or sometimes driven without riders) over a set distance for competition. It is one of the most ancient of all sports, as its basic premise – to identify which of two or more horses is the fastest over a set course or distance – has been mostly unchanged since at least classical antiquity. Horse races vary widely in format, and many countries have developed their own particular traditions around the sport. Variations include restricting races to particular breeds, running over obstacles, running over different distances, running on different track surfaces, and running in different gaits. In some races, horses are assigned different weights to carry to reflect differences in ability, a process known as handicapping. While horses are sometimes raced purely for sport, a major part of horse racing's interest and economic importance is in the gambling associated with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jockey
A jockey is someone who rides horses in horse racing or steeplechase racing, primarily as a profession. The word also applies to camel riders in camel racing. The word "jockey" originated from England and was used to describe the individual who rode horses in racing. They must be light, typically around a weight of 100-120 lb., and physically fit. They are typically self-employed and are paid a small fee from the horse trainer and a percentage of the horse's winnings. Jockeys are mainly male, though there are some well-known female jockeys too. The job has a very high risk of debilitating or life-threatening injuries. Etymology The word is by origin a diminutive of ''jock'', the Northern English or Scots colloquial equivalent of the first name ''John'', which is also used generically for "boy" or "fellow" (compare ''Jack'', ''Dick''), at least since 1529. A familiar instance of the use of the word as a name is in "Jockey of Norfolk" in Shakespeare's ''Richard III''. v. 3, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Independence (probability Theory)
Independence is a fundamental notion in probability theory, as in statistics and the theory of stochastic processes. Two events are independent, statistically independent, or stochastically independent if, informally speaking, the occurrence of one does not affect the probability of occurrence of the other or, equivalently, does not affect the odds. Similarly, two random variables are independent if the realization of one does not affect the probability distribution of the other. When dealing with collections of more than two events, two notions of independence need to be distinguished. The events are called pairwise independent if any two events in the collection are independent of each other, while mutual independence (or collective independence) of events means, informally speaking, that each event is independent of any combination of other events in the collection. A similar notion exists for collections of random variables. Mutual independence implies pairwise independence ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
