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Odds
In probability theory, odds provide a measure of the probability of a particular outcome. Odds are commonly used in gambling and statistics. For example for an event that is 40% probable, one could say that the odds are or When gambling, odds are often given as the ratio of the possible net profit ''to'' the possible net loss. However in many situations, you pay the possible loss ("stake" or "wager") up front and, if you win, you are paid the net win plus you also get your stake returned. So wagering 2 at , pays out , which is called When Moneyline odds are quoted as a positive number , it means that a wager pays When Moneyline odds are quoted as a negative number , it means that a wager pays Odds have a simple relationship with probability. When probability is expressed as a number between 0 and 1, the relationships between probability and odds are as follows. Note that if probability is to be expressed as a percentage these probability values should be multiplied ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Moneyline Odds
Fixed-odds betting is a form of gambling where individuals place bets on the outcome of an event, such as sports matches or horse races, at predetermined odds. In fixed-odds betting, the odds are fixed and determined at the time of placing the bet. These odds reflect the likelihood of a particular outcome occurring. If the bettor's prediction is correct, they receive a payout based on the fixed odds. This means that the potential winnings are known at the time of placing the bet, regardless of any changes in the odds leading up to the event. Fixed-odds gambling involves placing bets on events with predetermined odds. Bookmakers aim to create an overground, where the sum of probabilities quoted for all possible outcomes exceeds 100%, ensuring profit. Imbalanced books can occur, leading to higher or lower payouts than expected. The advent of the internet and betting exchanges has led to opportunities for fixed-odds arbitrage actions and Dutch books. When a bet has a positive expec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Logit
In statistics, the logit ( ) function is the quantile function associated with the standard logistic distribution. It has many uses in data analysis and machine learning, especially in Data transformation (statistics), data transformations. Mathematically, the logit is the inverse function, inverse of the logistic function, standard logistic function \sigma(x) = 1/(1+e^), so the logit is defined as : \operatorname p = \sigma^(p) = \ln \frac \quad \text \quad p \in (0,1). Because of this, the logit is also called the log-odds since it is equal to the logarithm of the odds \frac where is a probability. Thus, the logit is a type of function that maps probability values from (0, 1) to real numbers in (-\infty, +\infty), akin to the probit, probit function. Definition If is a probability, then is the corresponding odds; the of the probability is the logarithm of the odds, i.e.: : \operatorname(p)=\ln\left( \frac \right) =\ln(p)-\ln(1-p)=-\ln\left( \frac-1\right)=2\operatornam ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Log-odds
In statistics, the logit ( ) function is the quantile function associated with the standard logistic distribution. It has many uses in data analysis and machine learning, especially in data transformations. Mathematically, the logit is the inverse of the standard logistic function \sigma(x) = 1/(1+e^), so the logit is defined as : \operatorname p = \sigma^(p) = \ln \frac \quad \text \quad p \in (0,1). Because of this, the logit is also called the log-odds since it is equal to the logarithm of the odds \frac where is a probability. Thus, the logit is a type of function that maps probability values from (0, 1) to real numbers in (-\infty, +\infty), akin to the probit function. Definition If is a probability, then is the corresponding odds; the of the probability is the logarithm of the odds, i.e.: : \operatorname(p)=\ln\left( \frac \right) =\ln(p)-\ln(1-p)=-\ln\left( \frac-1\right)=2\operatorname(2p-1). The base of the logarithm function used is of little importance ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gambling
Gambling (also known as betting or gaming) is the wagering of something of Value (economics), value ("the stakes") on a Event (probability theory), random event with the intent of winning something else of value, where instances of strategy (game theory), 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bernoulli Trial
In the theory of probability and statistics, a Bernoulli trial (or binomial trial) is a random experiment with exactly two possible outcomes, "success" and "failure", in which the probability of success is the same every time the experiment is conducted. It is named after Jacob Bernoulli, a 17th-century Swiss mathematician, who analyzed them in his ' (1713). The mathematical formalization and advanced formulation of the Bernoulli trial is known as the Bernoulli process. Since a Bernoulli trial has only two possible outcomes, it can be framed as a "yes or no" question. For example: *Is the top card of a shuffled deck an ace? *Was the newborn child a girl? (See human sex ratio.) Success and failure are in this context labels for the two outcomes, and should not be construed literally or as value judgments. More generally, given any probability space, for any event (set of outcomes), one can define a Bernoulli trial according to whether the event occurred or not (event or c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Probability
Probability is a branch of mathematics and statistics concerning events and numerical descriptions of how likely they are to occur. The probability of an event is a number between 0 and 1; the larger the probability, the more likely an event is to occur."Kendall's Advanced Theory of Statistics, Volume 1: Distribution Theory", Alan Stuart and Keith Ord, 6th ed., (2009), .William Feller, ''An Introduction to Probability Theory and Its Applications'', vol. 1, 3rd ed., (1968), Wiley, . This number is often expressed as a percentage (%), ranging from 0% to 100%. A simple example is the tossing of a fair (unbiased) coin. Since the coin is fair, the two outcomes ("heads" and "tails") are both equally probable; the probability of "heads" equals the probability of "tails"; and since no other outcomes are possible, the probability of either "heads" or "tails" is 1/2 (which could also be written as 0.5 or 50%). These concepts have been given an axiomatic mathematical formaliza ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Probability Vs Odds
Probability is a branch of mathematics and statistics concerning Event (probability theory), events and numerical descriptions of how likely they are to occur. The probability of an event is a number between 0 and 1; the larger the probability, the more likely an event is to occur."Kendall's Advanced Theory of Statistics, Volume 1: Distribution Theory", Alan Stuart and Keith Ord, 6th ed., (2009), .William Feller, ''An Introduction to Probability Theory and Its Applications'', vol. 1, 3rd ed., (1968), Wiley, . This number is often expressed as a percentage (%), ranging from 0% to 100%. A simple example is the tossing of a fair (unbiased) coin. Since the coin is fair, the two outcomes ("heads" and "tails") are both equally probable; the probability of "heads" equals the probability of "tails"; and since no other outcomes are possible, the probability of either "heads" or "tails" is 1/2 (which could also be written as 0.5 or 50%). These concepts have been given an Probab ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gerolamo Cardano
Gerolamo Cardano (; also Girolamo or Geronimo; ; ; 24 September 1501– 21 September 1576) was an Italian polymath whose interests and proficiencies ranged through those of mathematician, physician, biologist, physicist, chemist, astrologer, astronomer, philosopher, music theorist, writer, and gambler. He became one of the most influential mathematicians of the Renaissance and one of the key figures in the foundation of probability; he introduced the binomial coefficients and the binomial theorem in the Western world. He wrote more than 200 works on science. Cardano partially invented and described several mechanical devices including the combination lock, the gimbal consisting of three concentric rings allowing a supported compass or gyroscope to rotate freely, and the Cardan shaft with universal joints, which allows the transmission of rotary motion at various angles and is used in vehicles to this day. He made significant contributions to hypocycloids - published in ''De prop ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ratio
In mathematics, a ratio () shows how many times one number contains another. For example, if there are eight oranges and six lemons in a bowl of fruit, then the ratio of oranges to lemons is eight to six (that is, 8:6, which is equivalent to the ratio 4:3). Similarly, the ratio of lemons to oranges is 6:8 (or 3:4) and the ratio of oranges to the total amount of fruit is 8:14 (or 4:7). The numbers in a ratio may be quantities of any kind, such as counts of people or objects, or such as measurements of lengths, weights, time, etc. In most contexts, both numbers are restricted to be Positive integer, positive. A ratio may be specified either by giving both constituting numbers, written as "''a'' to ''b''" or "''a'':''b''", or by giving just the value of their quotient Equal quotients correspond to equal ratios. A statement expressing the equality of two ratios is called a ''proportion''. Consequently, a ratio may be considered as an ordered pair of numbers, a Fraction (mathematic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rational Number
In mathematics, a rational number is a number that can be expressed as the quotient or fraction of two integers, a numerator and a non-zero denominator . For example, is a rational number, as is every integer (for example, The set of all rational numbers is often referred to as "the rationals", and is closed under addition, subtraction, multiplication, and division by a nonzero rational number. It is a field under these operations and therefore also called the field of rationals or the field of rational numbers. It is usually denoted by boldface , or blackboard bold A rational number is a real number. The real numbers that are rational are those whose decimal expansion either terminates after a finite number of digits (example: ), or eventually begins to repeat the same finite sequence of digits over and over (example: ). This statement is true not only in base 10, but also in every other integer base, such as the binary and hexadecimal ones (see ). A real n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Multiplicative Inverse
In mathematics, a multiplicative inverse or reciprocal for a number ''x'', denoted by 1/''x'' or ''x''−1, is a number which when Multiplication, multiplied by ''x'' yields the multiplicative identity, 1. The multiplicative inverse of a rational number, fraction ''a''/''b'' is ''b''/''a''. For the multiplicative inverse of a real number, divide 1 by the number. For example, the reciprocal of 5 is one fifth (1/5 or 0.2), and the reciprocal of 0.25 is 1 divided by 0.25, or 4. The reciprocal function, the Function (mathematics), function ''f''(''x'') that maps ''x'' to 1/''x'', is one of the simplest examples of a function which is its own inverse (an Involution (mathematics), involution). Multiplying by a number is the same as Division (mathematics), dividing by its reciprocal and vice versa. For example, multiplication by 4/5 (or 0.8) will give the same result as division by 5/4 (or 1.25). Therefore, multiplication by a number followed by multiplication by its reciprocal yie ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
