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An index for betting with examples from games and sports
Published online by Cambridge University Press: 24 February 2022
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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.
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- © The Authors, 2022. Published by Cambridge University Press on behalf of The Mathematical Association