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Mil $ sports stats problem I\'m vigorously trying to resolve
Mil $ sports stats problem I'm vigorously trying to resolve - Is it worth chasing break-even?? Any ideas/suggestions would be most appreciated.
Hello All, I think I have an interesting question to pose to you if you might have a mere couple minutes to consider it. Hopefully it is in your ballpark (no pun intended) In Las Vegas as you probably know wagering on sports is legal. Basic wagering on baseball and hockey is unlike football where there is a spread. For these sports there is a "Money Line" and for Favorites the convention is they are designated by a minus (-) sign. -200 means you wager $20 to profit $10. If you wager standard $20 wagers you must win 66.67%(rounded) of the time to break even over the long term. What I do is parlay my wagers so if two wins occur in a row I put $5 in a "Profit Pool" and I have two more wagers of $20. Thus I have a tree system - what I call Fav Tree. IFF! (If and only if) the Favorite winning percentage is a mere couple hundreths over standard wagering break-even my profits and "yield" ($ profit / $ wagered) ... "blows away" standard wagering profits over the long term. IFF you can be a mere couple hundreths over break-even I can readily demonstrate by simulation your yield will be one beautiful thing. The problem is picking consistently over the long term even a smidgen over break-even for any given money line -AND- Fav Tree won't work below break-even ... because that is negative expectation territory. No matter what gyrations I do in "The Land Of Negative Expectation" my long term expectation is a loss. From my historical money line studies/observations especially for baseball (MLB) it seems there's always one or two money lines over the long term that have a "good population" showing just a tad over standard wagering Favorite Money line break-even for the entire season ... thus positive expectation. From my (corrected) Fav Tree simulator I see that I need a mere few hundreths over "standard break-even" in the -110 to -200 Money Line range to realize a MUCH! higher profit and yield than standard wagering after many iterations. Higher Money Lines don't work because there is either no or not enough money left over for the "Profit Pool" on a split. My idea is after the first week or so is to "follow" which money lines show a tendency for a winning percentage to remain the slightest over break-even with a "good number" of "occurrences" that make up the ratio. I realize the danger that past performance is no indication of future results and a given money line may indeed start to "crap out" (no pun intended) at any juncture. What was a good Favorite winning percentage at a given Money Line can "go south" at any time. However that said, I also see that often the Money Lines with the winning percentage over break even with a decent number of "occurrences" can get to points where one or two games don't change their status of being over break-even. My idea is to "follow the flow" that overall I'll always be on the whole a mere few hundreths over break-even ... that's all I need. I was wondering how sound my logic is and is there any mathematical formulae, principles and/or criteria where it is valid/viable to do such Favorite winning percentage "chasing"; perhaps wagering a little at first and progressively/ proportionally (?) more as the winning percentages for all the money lines becomes increasingly established as the season wears on. Thanks in advance for your consideration. I welcome and look forward to your correspondence. Regards, Joel Shapiro P.S. FWIW If you're intersted in experiencing my Money Line Fav Tree simulator and the phenomena I hope I've sufficiently described in this document firsthand you can download it from my web page at http://home.rochester.rr.com/grassroots1 [simulator link] self extracting .zip file. [Ctrl][l] (Lower case L) hotkey combination to initiate macro. Bolded blue cells are user defined. You should be able to figure out the sheet and what's going on from context. JRS |
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Re: Mil $ sports stats problem I\'m vigorously trying to resolve
The responses at Fezzik's board didn't answer your question?
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