Issues Related to Sports Gambling

Robin Insley, Lucia Mok and Tim Swartz

Australian & New Zealand Journal of Statistics, 2004, vol. 46, issue 2, 219-232

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.

Date: 2004
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https://doi.org/10.1111/j.1467-842X.2004.00326.x

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