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Dutching
In gambling, Dutching is sharing the risk of losing across a number of runners by backing more than one selection in a race or event. One needs to calculate the correct stake to place on each selection so that the return is the same if any of them wins. Although not foolproof, because handicapping is still involved, there have been successful bettors throughout history who have applied this system. This is not to be confused with what constitutes a Dutch book which is when a bookmaker goes overbroke (the opposite to overround). It is thought the strategy behind Dutching was originally conceived and employed by Arthur Flegenheimer (also known as Dutch Schultz) alongside various rackets he had running at the racetrack. The system has since taken his name. The strategy can pay dividends when gamblers successfully reduce the potential winners of an event to a select few from the field or when information about runners not expected to perform well does not reach the market (so as to af ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dutch Book
In gambling, a Dutch book or lock is a set of odds and bets, established by the bookmaker, that ensures that the bookmaker will profit—at the expense of the gamblers—regardless of the outcome of the event (a horse race, for example) on which the gamblers bet. It is associated with probabilities implied by the odds not being coherent. In economics, the term usually refers to a sequence of trades that would leave one party strictly worse off and another strictly better off. Typical assumptions in consumer choice theory rule out the possibility that anyone can be Dutch-booked. In philosophy it is used to explore degrees of certainty of beliefs. There is no agreement on the etymology of the term.Hajek, Alan ''Dutch Book Arguments'', Chapter 7 in The Oxford Handbook of Rational and Social Choice, ed. Paul Anand, Prasanta Pattanaik, and Clemens Puppe, 173-195, Oxford University Press Gambling The main point of the Dutch book argument is to show that rational people must have ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bookmaker
A bookmaker, bookie, or turf accountant is an organization or a person that accepts and pays off bets on sporting and other events at agreed-upon odds. History The first bookmaker, Ogden, stood at Newmarket in 1795. Range of events Bookmakers in many countries focus on accepting bets on professional sports, especially horse racing and association football or Indian Premier League cricket. However, a wider range of bets, including on political elections, awards ceremonies such as the Oscars, and novelty bets are accepted by bookmakers in some countries. Operational procedures By "adjusting the odds" in their favour (paying out amounts using odds that are less than what they determined to be the true odds) or by having a point spread, bookmakers aim to guarantee a profit by achieving a 'balanced book', either by getting an equal number of bets for each possible outcome or (when they are offering odds) by getting the amounts wagered on each outcome to reflect the odds. W ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chocolate
Chocolate is a food made from roasted and ground cacao seed kernels that is available as a liquid, solid, or paste, either on its own or as a flavoring agent in other foods. Cacao has been consumed in some form since at least the Olmec civilization (19th-11th century BCE), and the majority of Mesoamerican people ─ including the Maya and Aztecs ─ made chocolate beverages. The seeds of the cacao tree have an intense bitter taste and must be fermented to develop the flavor. After fermentation, the seeds are dried, cleaned, and roasted. The shell is removed to produce cocoa nibs, which are then ground to cocoa mass, unadulterated chocolate in rough form. Once the cocoa mass is liquefied by heating, it is called chocolate liquor. The liquor may also be cooled and processed into its two components: cocoa solids and cocoa butter. Baking chocolate, also called bitter chocolate, contains cocoa solids and cocoa butter in varying proportions, without any added sugar. Powder ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gambling
Gambling (also known as betting or gaming) is the wagering of something of value ("the stakes") on a random event with the intent of winning something else of value, where instances of strategy are discounted. Gambling thus requires three elements to be present: consideration (an amount wagered), risk (chance), and a prize. The outcome of the wager is often immediate, such as a single roll of dice, a spin of a roulette wheel, or a horse crossing the finish line, but longer time frames are also common, allowing wagers on the outcome of a future sports contest or even an entire sports season. The term "gaming" in this context typically refers to instances in which the activity has been specifically permitted by law. The two words are not mutually exclusive; ''i.e.'', a "gaming" company offers (legal) "gambling" activities to the public and may be regulated by one of many gaming control boards, for example, the Nevada Gaming Control Board. However, this distinction is not u ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Overround
In gambling parlance, making a book is the practice of laying bets on the various possible outcomes of a single event. The phrase originates from the practice of recording such wagers in a hard-bound ledger (the 'book') and gives the English language the term bookmaker for the person laying the bets and thus 'making the book'. Sidney 2003, pp. 13, 36 Making a 'book' (and the notion of overround) A bookmaker strives to accept bets on the outcome of an event in the right proportions in order to make a profit regardless of which outcome prevails. See Dutch book and coherence (philosophical gambling strategy). This is achieved primarily by adjusting what are determined to be the true odds of the various outcomes of an event in a downward fashion (i.e. the bookmaker will pay out using his actual odds, an amount which is less than the true odds would have paid, thus ensuring a profit). The odds quoted for a particular event may be fixed but are more likely to fluctuate in or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dutch Schultz
Dutch Schultz (born Arthur Simon Flegenheimer; August 6, 1901October 24, 1935) was an American mobster. Based in New York City in the 1920s and 1930s, he made his fortune in organized crime-related activities, including bootlegging and the numbers racket. Weakened by two tax evasion trials led by prosecutor Thomas Dewey, Schultz's rackets were also threatened by fellow mobster Lucky Luciano. In an attempt to avert his conviction, Schultz asked the Commission for permission to kill Dewey, which they refused. When Schultz disobeyed them and made an attempt to kill Dewey, the Commission ordered his murder in 1935. Early life Arthur Simon Flegenheimer was born on August 6, 1901, to German Jewish immigrants Herman and Emma (Neu) Flegenheimer, who had married in Manhattan on November 10, 1900. He had a younger sister, Helen, born in 1904. Herman Flegenheimer apparently abandoned his family, and Emma is listed as divorced in the 1910 US Census. (In her 1932 petition for U.S. cit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Odds
Odds provide a measure of the likelihood of a particular outcome. They are calculated as the ratio of the number of events that produce that outcome to the number that do not. Odds are commonly used in gambling and statistics. Odds also have a simple relation with probability: the odds of an outcome are the ratio of the probability that the outcome occurs to the probability that the outcome does not occur. In mathematical terms, where p is the probability of the outcome: :\text = \frac where 1-p is the probability that the outcome does not occur. Odds can be demonstrated by examining rolling a six-sided die. The odds of rolling a 6 is 1:5. This is because there is 1 event (rolling a 6) that produces the specified outcome of "rolling a 6", and 5 events that do not (rolling a 1,2,3,4 or 5). The odds of rolling either a 5 or 6 is 2:4. This is because there are 2 events (rolling a 5 or 6) that produce the specified outcome of "rolling either a 5 or 6", and 4 events that do n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arbitrage Betting
Betting arbitrage ("sure bets", sports arbitrage) is an example of arbitrage arising on betting markets due to either bookmakers' differing opinions on event outcomes or errors. When conditions allow, by placing one bet per each outcome with different betting companies, the bettor can make a profit regardless of the outcome. Mathematically, arbitrage occurs when there are a set of odds, which represent all mutually exclusive outcomes that cover all state space possibilities (i.e. all outcomes) of an event, whose implied probabilities add up to less than 1. In the bettors' slang an arbitrage is often referred to as an arb; people who take advantage of these arbitrage opportunities are called arbers. Background Arbitrage betting involves relatively large sums of money, given that 98% of arbitrage opportunities return less than 1.2%. The practice is usually detected quickly by bookmakers, who typically hold an unfavorable view of it, and in the past this could result in half of an a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hedge (finance)
A hedge is an investment position intended to offset potential losses or gains that may be incurred by a companion investment. A hedge can be constructed from many types of financial instruments, including stocks, exchange-traded funds, insurance, forward contracts, swaps, options, gambles, many types of over-the-counter and derivative products, and futures contracts. Public futures markets were established in the 19th century to allow transparent, standardized, and efficient hedging of agricultural commodity prices; they have since expanded to include futures contracts for hedging the values of energy, precious metals, foreign currency, and interest rate fluctuations. Etymology Hedging is the practice of taking a position in one market to offset and balance against the risk adopted by assuming a position in a contrary or opposing market or investment. The word hedge is from Old English ''hecg'', originally any fence, living or artificial. The first known use of the word ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
