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Issues Related to Sports Gambling

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  • Robin Insley
  • Lucia Mok
  • Tim Swartz

Abstract

This paper looks at various issues that are of interest to the sports gambler. First, an expression is obtained for the distribution of the final bankroll using fixed wagers with a specified initial bankroll. Second, fixed percentage wagers are considered where the Kelly method is extended to the case of simultaneous bets placed at various odds; a computational algorithm is presented to obtain the Kelly fractions. Finally, the paper considers the problem of determining whether a gambling system is profitable based on the historical results of bets placed at various odds.

Suggested Citation

  • Robin Insley & Lucia Mok & Tim Swartz, 2004. "Issues Related to Sports Gambling," Australian & New Zealand Journal of Statistics, Australian Statistical Publishing Association Inc., vol. 46(2), pages 219-232, June.
    • Handle: RePEc:bla:anzsta:v:46:y:2004:i:2:p:219-232
    DOI: 10.1111/j.1467-842X.2004.00326.x
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    Cited by:

    1. Andrew Grant & David Johnstone & Oh Kang Kwon, 2008. "Optimal Betting Strategies for Simultaneous Games," Decision Analysis, INFORMS, vol. 5(1), pages 10-18, March.
    2. Chu Dani & Wu Yifan & Swartz Tim B., 2018. "Modified Kelly criteria," Journal of Quantitative Analysis in Sports, De Gruyter, vol. 14(1), pages 1-11, March.

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