Maths 101 - For all US Sportsbettors

[AussieVamp2]

At primary school?

Solving a simple equation like that, yeah.

[AussieVamp2]

MD, no university needed for this

Deriving the min/max calculus stuff from 'mute's Kelly posts, maybe, but late high school would just about do it

[AussieVamp2]

However, MD, stuff like this is important to understand

Unless of course you are just a guru at selecting winners then you don't need to bother

Me, not many sports I can do that on, so need to know this stuff.

However, the problem works the other way too - but it is not quite the same problem, non-American punters looking at American odds go 'huh?' in just the same way, so definitely a common problem.

[This message has been edited by AussieVamp2 (edited 07-26-2000).]

[auspice]

to AussieVamp2

[auspice]

to AussieVamp2

[AussieVamp2]

Originally posted by Fedya Fussball:
Alex:

Betting odds are part and parcel of the Australian subculture...

-- Yep.

I remember in 10th grade I ran a betting book for the Melbourne Cup using such odds as 6/1.

-- I was a Teenage Bookie. Heh.


Our math classes do have elementary probability and statistics..

-- Yep, touch on the rudiments of this in primary school, all the coins, dice etc.

This includes understanding p(x) if odds are 2/1, Even money and 4/6on.
This was around 9th-11th grade. These were excellent classes and Maths was really enjoyable.

-- start of high school get more advanced probability stuff and statistical analysis starts coming in where Fedya mentioned, year 9-10 etc. More stuff on probability distributions, analysis etc. from a more mathematical level last couple of years.
Min-max problems with differential calculus, and even worse problems with integral calculus, yeah, last 3-4 years or high school or thereabouts. Dunno what they do now, haven't been for a while.

Maybe OZVamp can give a current rundown because I've been away from the school system in OZ a long time now. Also I went often to the racetrack, and I started going with my father when I was 10YO.

-- funny, I can remember going to a local racetrack with dad when I was around 8 or so, and distinctly remember being short and looking up at him at the time and saying 'you are going to bet that much on a race?' and it was probably 8 or 10 dollars or something like that on a couple of bets. I think this distinctly amused him.


FF

[AussieVamp2]

and of course they couldn't avoid it very easily

Anzac Day, a public holiday, before casinos and stuff, was one day of the year where gambling legally on two-up was allowed.

Then, of course, there is 'the race that stops a nation' in Melbourne Cup day and another holiday

[Junior44]

Originally posted by Alex:
AV,

I don't think translating American odds to European is "incredibly simple arithmetic." It may be for someone with a background in math, but not for the general public.

To infer that, because I can't do this alone, I'm easy prey for books is wrong.

I think bettors' lack of curiosity about such things is the bigger issue here.

Alex, I completely agree with you in the sense that odds translation is not "incredibly simple arithmetic" when applied, generally, to the public as a whole. For me, it is, for others it is not and that is understandable. Who am I to generalize what constitutes "simple" arithmatic, not to mention it's subjectivity?

However, what comes intuitively to people with "math minds", doesn't excuse those that don't. Although it may not be "simple", it is not a calcuation that requires numerous steps. Thus, it can be converted to a formula quite easily where all the individual has to do is submit the parameters. My main point of this post is to state that ANYBODY that is gambling on a regular basis MUST learn this process, especially if they are migrating back and forth between American and Euro lines. One need not understand the THEORY, just the procedure (and thus the results), and must take the necessay steps to do whatever it takes (formula, software, etc) to be able to make the translation quickly and accurately.

MATHS 101? - Can hardly wait for English 101

[Alex]

JR,

Yes. I always manage to get to where I need, it just takes me a hell of a lot longer than those who know the territory!

I'm up for English 101.

Hope to hear from you more this football season.

[AussieVamp2]

Indeed it is important than you understand it Junior.

Those education department types usually define what is 'simple', I think

Odds are fractions, decimals, probabilities, whatever you want to call it...

[alec]

AussieVamp2,

Quote:
"MD, no university needed for this"

As one who is teaching math at a university in the US, I can assure you that in many cases university is not enough.

[Junior44]

Dexter Manley immediately comes to mind.

[AussieVamp2]

Dexter Manley?

Mathematical drugs?

[AussieVamp2]

Alec, you casting aspersions on your students?

You doing some of those evil first year required courses? Yuck.

However, even they should be able to do the odd fraction, or 1 variable equations?

[alec]

AV2,

Yes, first year required courses. Something a little bit more advanced this fall.