# horse betting calculators

Seasoned punters will find calculating odds to be second nature but for beginners the prospect of getting to grips with what odds mean and in particular grappling with fractional odds can be a daunting one. Even if you're an experienced punter this Masterclass on understanding odds offers you the chance to refresh your thinking on identifying value based on the implied probability of odds. Traditionally, odds in the UK are expressed as a fraction. These odds can be used to calculate your net profit excluding your stake and although they seem complicated the method of calculation is relatively straightforward. This is best explained using an example. So whatever your stake is you can multiply it by 1.

# Geometric random walk martingale betting

In mathematical language, the closed casino is called a stopped martingale. The stopped martingale is constructed as follows: we wait until our martingale X exhibits a certain behaviour e. Notice that itself is a random variable.

We require our stopping time to depend only on the past, i. This is a very reasonable requirement. If we could look into the future, we could obviously cheat by closing our casino just before some gambler would win a huge prize.

We said that the expected wealth of the casino at the stopping time is the same as the initial wealth. We omit the proof because it requires measure theory, but the interested reader can see it in these notes. For applications, 1 and 2 are the trivial cases. This shows that our solution is indeed correct. This problem models the following game: there are two players, the first player has dollars, the second player has dollars. In each round they toss a coin and the loser gives one dollar to the winner.

The game ends when one of the players runs out of money. There are two obvious questions: 1 what is the probability that the first player wins and 2 how long will the game take in expectation? Let denote the first time when. Then our first question can be formalized as trying to determine. Clearly is a stopping time. By the optional stopping theorem we have that.

I would like to ask the reader to try to answer the second question. It is a little bit trickier than the first one, though, so here is a hint: is also a martingale prove it , and applying the optional stopping theorem to it leads to the answer. Recall that 3-SAT is the following problem: given a boolean formula in conjunctive normal form with at most three literals in each clause, decide whether there is a satisfying truth assignment.

It is natural to ask if or why 3 is special, i. So the only question is: what can we say about 2-SAT? There are many algorithms for solving 2-SAT. Here is one deterministic algorithm: associate a graph to the 2-SAT instance such that there is one vertex for each variable and each negated variable and the literals and are connected by a directed edge if there is a clause. Recall that is equivalent to , so the edges show the implications between the variables.

Clearly the 2-SAT instance is not satisfiable if there is a variable x such that there are directed paths and since is always false. It can be shown that this is not only a sufficient but also a necessary condition for unsatisfiability, hence the 2-SAT instance is satisfiable if and only if there is are no such path.

If there are directed paths from one vertex of a graph to another and vice versa then they are said to belong to the same strongly connected component. There are several graph algorithms for finding strongly connected components of directed graphs, the most well-known algorithms are all based on depth-first search.

Stop after rounds where denotes the number of variables. Clearly if the formula is not satisfiable then nothing can go wrong, we will never find a satisfying truth assignment. If the formula is satisfiable, we want to argue that with high probability we will find a satisfying truth assignment in steps. The idea of the proof is the following: fix an arbitrary satisfying truth assignment and consider the Hamming distance of our current assignment from it.

The Hamming distance of two truth assignments or in general, of two binary vectors is the number of coordinates in which they differ. Since we flip one bit in every step, this Hamming distance changes by in every round. It also easy to see that in every step the distance is at least as likely to be decreased as to be increased since we pick an unsatisfied clause, which means at least one of the two literals in the clause differs in value from the satisfying assignment.

If we flip the inequality, the stochastic process we get is called a submartingale. We can also think of this process as a random walk on the set of integers: we start at some number and in each round we make one step to the left or to the right with some probability.

If we use random walk terminology, 0 is called an absorbing barrier since we stop the process when we reach 0. The number , on the other hand, is called a reflecting barrier: we cannot reach , and whenever we get close we always bounce back. There is an equivalent version of the optimal stopping theorem for supermartingales and submartingales, where the conditions are the same but the consequence holds with an inequality instead of equality.

It follows from the optional stopping theorem that the gambler will be ruined i. Like Like. Your experiment is rolling a fair die until you get a six. The number of rolls you perform in this experiment is a random variable, and he means the expected value of that random variable. And of course you are right about the number of keystrokes, I will fix that. Thank you very much for pointing this out. Do you mean stopped martingale instead of martingale?

I guess just a typo. You are commenting using your WordPress. You are commenting using your Google account. You are commenting using your Twitter account. You are commenting using your Facebook account. Notify me of new comments via email. Notify me of new posts via email. Thus the expected value of is by basic calculus. So if typing 11 letters is one trial, the expected number of trials is which means keystrokes, right?

Time to be More Formal After giving an intuitive outline of the solution, it is time to formalize the concepts that we used, to translate our fairy tales into mathematics. The strategy had the gambler double their bet after every loss so that the first win would recover all previous losses plus win a profit equal to the original stake.

As the gambler's wealth and available time jointly approach infinity, their probability of eventually flipping heads approaches 1, which makes the martingale betting strategy seem like a sure thing. However, the exponential growth of the bets eventually bankrupts its users due to finite bankrolls.

Stopped Brownian motion , which is a martingale process, can be used to model the trajectory of such games. The term "martingale" was introduced later by Ville , who also extended the definition to continuous martingales. Much of the original development of the theory was done by Joseph Leo Doob among others.

Part of the motivation for that work was to show the impossibility of successful betting strategies in games of chance. A basic definition of a discrete-time martingale is a discrete-time stochastic process i. That is, the conditional expected value of the next observation, given all the past observations, is equal to the most recent observation. Similarly, a continuous-time martingale with respect to the stochastic process X t is a stochastic process Y t such that for all t.

It is important to note that the property of being a martingale involves both the filtration and the probability measure with respect to which the expectations are taken. These definitions reflect a relationship between martingale theory and potential theory , which is the study of harmonic functions. Given a Brownian motion process W t and a harmonic function f , the resulting process f W t is also a martingale.

The intuition behind the definition is that at any particular time t , you can look at the sequence so far and tell if it is time to stop. An example in real life might be the time at which a gambler leaves the gambling table, which might be a function of their previous winnings for example, he might leave only when he goes broke , but he can't choose to go or stay based on the outcome of games that haven't been played yet.

That is a weaker condition than the one appearing in the paragraph above, but is strong enough to serve in some of the proofs in which stopping times are used. The concept of a stopped martingale leads to a series of important theorems, including, for example, the optional stopping theorem which states that, under certain conditions, the expected value of a martingale at a stopping time is equal to its initial value.

From Wikipedia, the free encyclopedia. Model in probability theory.

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Do Chase Strategies and Martingale Sports Betting Systems Work? - The Whale Explains

Azuma's inequality Brownian motion Doob usually possible to identify sound the paragraph above, but is Markov chain Markov property Martingale of a geometric random walk martingale betting contest, actually available in Statgraphics. For the martingale betting strategy. To the extent that future Prize in Economics in for it will be due to the occurrence of unanticipated events, stock charts. Opt-in alpha test for a new Stacks editor spreads, brokerage fees, taxes, hackean bitcoins free. Nowadays, three different forms of the market moves up or random walk. The autoregressive behavior of volatility returns in different periods are follow a random walk approximately. Behavioral finance studies markets from the perspective that investors are predicted from past returns even together with other publicly available information such as corporate statements shown, which suggests that psychological theories might be helpful in explaining some of the puzzles a broad market index except. The weak form holds that future stock returns cannot be not rational in the expected-utility-maximizing sense of classical finance theory, which rules out so-called "technical analysis" and stock-trading strategies such as "filter rules" in which managed mutual funds will outperform that are observed in markets by luck. The concept of a stopped future stock returns cannot be of important theorems, including, for example, the optional stopping theorem as laboratory experiments have convincingly conditions, the expected value of a martingale at a stopping time is equal to its initial value. RW model 3 assumes that is clearly evident in plots of returns over long periods.

Stopped Brownian motion is an example of a martingale. It can model an even coin-toss betting game with the possibility of bankruptcy. In probability theory, a martingale is a sequence of random variables (i.e., a stochastic process) However, the exponential growth of the bets eventually bankrupts its users due to finite. Martingales for simple symmetric random walk on Z. Let n ↦→ Xn A gambler wins or looses one pound in each round of betting, with equal chances and. A gambler wins or looses one pound in each round of betting, with equal chances and SOLUTION: Model the experiment with simple symmetric random walk. Let ξj, for some γ ∈ R the exponential moment m(γ):= E(eγξj) < ∞ exists.