Profitable Investment Sportsbook Betting Games – Playing online sportsbook betting games has now become one of the sportsbook games that are used as investments.
The concept of “Expected Value” is a key concept for market traders and more specifically in this article and our specialty, Sports Investing – exploitation of the sports investment market for profit opportunities.
Expected value is what makes professional black jack players play when they are “in the hole” of $200,000. Expected value is what professional sbobet365 asia bettors make when they are 2-8 in their last 10 positions. The expected value is how hedge funds create algorithms to take advantage of price movements in the stock and futures markets.
So, in layman’s terms, what is Expected Value?
EV is the money you expect to statistically win (or lose) by participating in any “event” – be it poker, a spin of the roulette wheel, or betting on a sporting event. This is your mathematical advantage (or loss) in the game of chance and skill. This is an advantage that casinos exploit to gradually take money from you while playing games like roulette, craps, slot machines and multi-shuffle blackjack continuously.
Let’s take a simple example using dice – something that everyone is familiar with.
Obviously a die has 6 numbers printed on it, in statistical events this is called the “result”. 1, 2, 3, 4, 5, & 6. So we have six possible outcomes. Each roll of the dice gives us a result with a “one in six” chance of happening because all of them are equally likely.
To calculate the expected value, we need probabilities, so let’s calculate the probability of each number occurring. 1/6 = 0.166
We can multiply each outcome on the dice (1 to 6) by their probability of getting the expected value.
1 x 0.1667 + 2 x 0.1667 + 3 x 0.1667 + 4 x 0.1667 + 5 x 0.1667 + 6 x 0.1667 = 3.5
This number can then be used in a game of chance to calculate who has the advantage in the dice gambling game.