An index for betting with examples from games and sports. Issue 565 (March 2022)

• Record Type: Journal Article
• Authors: Abdin, Talaat; Mahmoud, Hosam; Modarres, Arian; Wang, Kai
• Is Part Of: Mathematical gazette. Volume 106:Issue 565(2022)
• Page Start: 32
• Page End: 40
• Publication Date: 2022-03
• Subjects: Mathematics -- Periodicals; Mathématique; Mathematik; Mathematics; Periodicals; Ressource Internet (Descripteur de forme); Périodique électronique (Descripteur de forme); Zeitschrift; Online-Publikation; 510
• DOI: 10.1017/mag.2022.7
• Languages: English
• ISSNs: 0025-5572

Abstract

Abstract : It is tempting to accept bets when the outcome has a positive expectation favouring the bettor. We examine situations where this is not enough of a criterion as a basis for betting. The argument we present shows that the probability of winning the bets in the long run has to be qualified in a certain way beyond positive expectation. We introduce an alternative index as a criterion to recommend to bettors.