Knowledge (XXG)

Mathematics of bookmaking

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3190: 3210: 36: 715: = 1.833...×1.833... = 3.3611..., or fractional odds of 2.3611 − 1. This represents an implied probability of 29.752% (1/3.3611) and multiplying by 4 (for each of the four equally likely combinations of outcomes) gives a total book of 119.01%. Thus the overround has slightly more than doubled by combining two single bets into a double. 3220: 3200: 956:", which must normally be requested as such on the betting slip) in which the returns from one selection in the accumulator are split to form an equal-stake each-way bet on the next selection and so on until all selections have been used. The first example below shows the two different approaches to settling these types of bets. 514:' or 'vig' and represents the bookmaker's expected profit. Thus, in an "ideal" situation, if the bookmaker accepts £120 in bets at his own quoted odds in the correct proportion, he will pay out only £100 (including returned stakes) no matter the actual outcome of the football match. Examining how he potentially achieves this: 623:
book in each of their matches, i.e. each has a book of 100%, all players would be offered at odds of Evens (1-1). However, a bookmaker would probably offer odds of 5-6 (for example) on each of the two possible outcomes in each event (each tennis match). This results in a book for each of the tennis
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The odds quoted for a particular event may be fixed but are more likely to fluctuate in order to take account of the size of wagers placed by the bettors in the run-up to the actual event (e.g. a horse race). This article explains the mathematics of making a book in the (simpler) case of the former
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by bookmakers to the nearest penny below. Calculations below for multiple-bet wagers result in totals being shown for the separate categories (e.g. doubles, trebles etc.), and therefore overall returns may not be exactly the same as the amount received from using the computer software available to
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This massive increase in potential profit for the bookmaker (19% instead of 9% on an event; in this case the double) is the main reason why bookmakers pay bonuses for the successful selection of winners in multiple bets. Compare offering a 25% bonus on the correct choice of four winners from four
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below for detailed example). All bets are taken as 'win' bets unless 'each-way' is specifically stated. All show use of fractional odds: replace (fractional odds + 1) by decimal odds if decimal odds are known. Non-runners are treated as winners with fractional odds of zero (decimal odds of 1).
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units they bet. Decimal odds are a single value, greater than 1, representing the amount to be paid out for each unit bet. For example, a bet of £40 at 6 − 4 (fractional odds) will pay out £40 + £60 = £100. The equivalent decimal odds are 2.5; £40 × 2.5
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book). The bookmaker will reduce these odds to ensure a profit. Consider the simplest model of reducing, which uses a proportional decreasing of odds. For the above example, the following odds are in the same proportion with regard to their implied probabilities (3:2:1):
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For the family of full cover bets that do not include singles an adjustment to the calculation is made to leave just the doubles, trebles and accumulators. Thus, a previously described winning £10 Yankee with winners at 1-3, 5-2, 6-4 and Evens has returns calculated by:
1428:'odds multiplier' is a combined decimal odds value and is the result of all the individual bets that make up a full cover bet, including singles if needed. E.g. if a successful £10 Yankee returned £461.35 then the overall 'odds multiplier' ( 948:" method, meaning that the bet consists of a win accumulator and a separate place accumulator (Note: a double or treble is an accumulator with 2 or 3 selections respectively). However, a more uncommon way of settling these type of bets is " 1123:
Note: 'All up to win' means there are insufficient participants in the event for place odds to be given (e.g. 4 or fewer runners in a horse race). The only 'place' therefore is first place, for which the win odds are given.
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In effect, the bet has been calculated as a Lucky 15 minus the singles. Note that the total returns value of £999.16 is a penny higher than the previously calculated value as this quicker method only involves rounding the
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or 0.25, and the fractional odds against each one occurring is 3-1. A bet of 100 units on any of the four combinations would produce a return of 100 × (3/1 + 1) = 400 units if successful, reflecting decimal odds of 4.0.
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Note: Expert bet settlers before the introduction of bet-settling software would have invariably used an algebraic-type method together with a simple calculator to determine the return on a bet (see below).
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of the various outcomes of an event in a downward fashion (i.e. the bookmaker will pay out using his actual odds, an amount which is less than the true odds would have paid, thus ensuring a profit).
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bets may be calculated in a similar manner as above using the appropriate full cover bet (if sufficient winners) together with the required number of 2 winner- and 1 winner Up and Down bets.
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Note: This calculation of a bet where the stake is not returned is called "receiving the odds to the stake" on the winner; in this case receiving the odds to £10 (on the 5-1 winner).
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Bookmaker margin in English football leagues decreased in recent years. A study of six large bookmakers between the 2005/06 season and 2017/2018 season showed that average margin in
3298: 775:, for example, when the potential overround on a simple fourfold of races with individual books of 120% is over 107% (a book of 207%). This is why bookmakers offer bets such as 847:× 100 - 100. E.g. the previously mentioned fourfold consisting of individual books of 120% (1.20) gives an overround of 1.20 × 1.20 × 1.20 × 1.20 × 100 − 100 = 107.36%. 358:
In considering a football match (the event) that can be either a 'home win', 'draw' or 'away win' (the outcomes) then the following odds might be encountered to represent the
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bet, then the effect of the overround in the book of each selection is compounded. This is to the detriment of the punter in terms of the financial return compared to the
1843:+ 1), ... etc. together in the required manner and adding or subtracting additional components. If required, (decimal odds + 1) may be replaced by (fractional odds + 2). 1377:
bet has been shown above. The other named bets are calculated in a similar way by looking at all the possible combinations of selections in their multiples and singles.
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bets have been shown above. The other named bets are calculated in a similar way by looking at all the possible combinations of selections in their multiples. Note: A
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Ignoring any bonuses, a 50 pence each-way Lucky 63 (total stake £63) with 4 winners and a further placed horse can be relatively easily calculated as follows:
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win, then the remaining winners are treated as being a wholly successful bet on the next 'family member' down. For example, only two winners out of three in a
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win, then the remaining winners are treated as being a wholly successful bet on the next 'family member' down. For example, only two winners out of three in a
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In settling winning bets, either decimal odds are used, or one is added to the fractional odds. This is to include the stake in the return. The place part of
663:. As each of the outcomes for this example have been deliberately chosen to ensure that they are equally likely, the probability of each outcome occurring is 2342: 1051:" provides greater compensation if one selection is a loser as each of the other winners provide a greater amount of place money for subsequent selections. 158: 153:
A bookmaker strives to accept bets on the outcome of an event in the right proportions in order to make a profit regardless of which outcome prevails. See
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In the days before software became available for use by bookmakers and those settling bets in Licensed Betting Offices (LBOs) this method was virtually
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The decimal odds of a multiple bet is often calculated by multiplying the decimal odds of the individual bets, the idea being that if the events are
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Returns (first selection) = £100 × (2/1 + 1) + £100 × (2/5 + 1) = £440 which is split equally to give a £220 each-way bet on the second selection)
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A Round Robin with 2 winners is calculated as a double plus one Up and Down bet with 2 winners plus two Up and Down bets with 1 winner in each.
3062: 2566: 2547: 3067: 1471:+ 1)... etc. together in the required manner and subtracting 1. If required, (decimal odds + 1) may be replaced by (fractional odds + 2). 2575: 104: 3072: 2703: 566: 76: 137:
on the various possible outcomes of a single event. The phrase originates from the practice of recording such wagers in a hard-bound
3294: 2675: 682: 678: 3223: 1300:. Virtually all bookmakers use computer software for ease, speed and accuracy of calculation for the settling of multiples bets. 528:
Total stakes received are £120.00 with a maximum payout of £100.00 irrespective of the result. This £20.00 profit represents a 16
83: 3028: 61: 2668:
Probability Guide to Gambling: The Mathematics of dice, slots, roulette, baccarat, blackjack, poker, lottery and sport bets
90: 3335: 3049: 2721: 3304: 3274: 3249: 3077: 2613: 2620:"Why is There a Favourite-Longshot Bias in British Racetrack Betting Markets", Leighton Vaughan Williams, David Paton. 2940: 2845: 1713:
for saving time and avoiding the multiple repetitious calculations necessary in settling bets of the full cover type.
72: 611:, both players are assessed to have an equal chance of winning. The situation is the same in Match 2 between players 647:
There are four possible outcomes from combining the results from both matches: the winning pair of players could be
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In reality, bookmakers use models of reducing that are more complicated than this model of the 'ideal' situation.
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which have all possible multiples present together with single bets on all selections. An examples of a winning
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It is important to understand the relationship between fractional and decimal odds. Fractional odds are written
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It is also important to understand the relationship between odds and implied probabilities: Fractional odds of
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of the individual bets. In the above case with fractional odds of 5 − 6, the decimal odds are
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A Round Robin with 3 winners is calculated as a Trixie plus three Up and Down bets with 2 winners in each.
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offering double the odds for one winner and increasing percentage bonuses for two, three and more winners.
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The amount by which the actual 'book' exceeds 100% is known as the 'overround', 'bookmaker margin' or the '
2898: 2696: 2473:"Expected Values and variance in bookmaker payouts: A Theoretical Approach towards setting limits on odds" 379:
These odds can be represented as implied probabilities (or percentages by multiplying by 100) as follows:
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Returns (place fivefold) = £100 × (1/4 + 1) × (11/40 + 1) × (5/16 + 1) × (1/2 + 1) × (3/5 + 1) = £502.03
1404:. The place part of each-way bets is calculated separately using reduced place odds. Thus, an each-way 1288:. The place part of each-way bets is calculated separately using reduced place odds. Thus, an each-way 316:= 0.4 (40%). An implied probability of x is represented by fractional odds of (1 −  97: 3209: 3203: 3175: 2967: 2935: 2903: 2840: 2785: 2622: 2593: 1606:
E.g. The winning Patent described earlier can be more quickly and simply evaluated by the following:
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Returns (win fivefold) = £100 × (1/1 + 1) × (11/8 + 1) × (5/4 + 1) × (1/2 + 1) × (3/1 + 1) = £6412.50
3023: 2993: 2977: 2877: 2648:"Information, Prices and Efficiency in a Fixed-Odds Betting Market", Peter F. Pope, David A. Peel, 2632:, by John Fingleton and Patrick Waldron, Trinity Economic Paper Series, Technical Paper No. 96/9, 1751:
the odds; i.e. £20 singles at 7-1 and 15-4 and is the preferred manual way of calculating the bet.
3114: 3057: 3044: 3018: 3013: 3008: 2998: 2972: 2962: 2952: 2872: 2835: 2813: 170: 2521: 2611:"Tests of the Efficiency of Racetrack Betting Using Bookmaker Odds", Ron Bird, Michael McCrae, 1424:
Returns on any bet may be considered to be calculated as 'stake unit' × 'odds multiplier'. The
3340: 3234: 3193: 3003: 2930: 2925: 2918: 2908: 2795: 2689: 2671: 2543: 2448: 324:, e.g. 0.2 is (1 − 0.2)/0.2 = 0.8/0.2 = 4/1 (4-1, 4 to 1) (equivalently, 3170: 2805: 2762: 2571: 1567:. Therefore to calculate the returns for a winning Patent it is just a case of multiplying ( 554: 134: 53: 1785:
A Round Robin with 1 winner is calculated as two Up and Down bets with one winner in each.
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Returns (£20 single at 15-8 ATC £20 single at 7-2) = £20 × 15/8 + £20 × (7/2 + 1) = £127.50
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Returns (£20 single at 7-2 ATC £20 single at 15-8) = £20 × 7/2 + £20 × (15/8 + 1) = £127.50
2740: 2585: 1388:
means the bet is settled as a double and two singles; only three winners out of four in a
3139: 2830: 2422:
The Art of Legging: The History, Theory, and Practice of Bookmaking on the English Turf
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on seven horses with three winners and a further two placed horses is settled as a win
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For example, consider a double made by selecting the winners from two tennis matches:
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By adding the percentages together a total 'book' of 100% is achieved (representing a
3329: 3144: 2818: 2747: 2495: 1408:
on six horses with three winners and a further two placed horses is settled as a win
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Returns (1 fourfold) = £10 × (1/3 + 1) × (5/2 + 1) × (6/4 + 1) × (1/1 + 1) = £233.33
3149: 2825: 3134: 767:= 1.0909 × 1.0909 × 100 - 100 = 19.01%. 35: 3165: 2601: 367: 154: 2452: 161:. This is achieved primarily by adjusting what are determined to be the true 3213: 2532: 142: 2600:"Carnap and de Finetti on Bets and the Probability of Singular Events: The 1032:
Returns (second selection) = £220 × (5/4 + 1) + £220 × (5/16 + 1) = £783.75
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E.g. £10 Up and Down with a winner at 5-1 and a loser; total staked = £20
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means the bet is settled as a double; only four winners out of five in a
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of all of the selections winning and thus resulting in a successful bet.
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Returns (£10 single at 5-1 ATC £10 single on 'loser') = £10 × 5/1 = £50
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Returns (1 treble) = £10 × (4/7 + 1) × (2/1 + 1) × (11/10 + 1) = £99.00
1047:" will always provide a greater return if all selections win, whereas " 863:
part; the method is identical but the odds are reduced by whatever the
725:), expressed as a percentage, is calculated from the individual books 209:= £100. We can convert fractional to decimal odds by the formula 2757: 2735: 1727:
E.g. £20 Up and Down with winners at 7-2 and 15-8; total staked = £40
1603:. Now multiply by the unit stake to get the total return on the bet. 1333:
Returns (1 treble) = £2 × (4/6 + 1) × (2/1 + 1) × (11/4 + 1) = £37.50
138: 2630:
Optimal Determination of Bookmakers' Betting Odds: Theory and Tests
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A stake of £40.00 @ 6-4 returns £100.00 (exactly) for a drawn match
1827:, i.e. (fractional odds + 1), then an 'odds multiplier' 1632:
or more simply as 0.50 × (2.4 × 2.5 × 2.7 × 2.375 × 2.9 − 1)
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A stake of £20.00 @ 4-1 returns £100.00 (exactly) for an away win
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A stake of £60.00 @ 4-6 returns £100.00 (exactly) for a home win.
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can be calculated algebraically by multiplying the expressions (
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can be calculated algebraically by multiplying the expressions (
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may be thought of as a full cover bet with only two selections.
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Returns (place double) = £100 × (2/5 + 1) × (5/16 + 1) = £183.75
162: 3238: 2685: 1249:
which have all possible multiples present. Examples of winning
200:), meaning a winning bettor will receive their money back plus 2626:, volume 107, number 440 (January, 1997), pages 150–158. 29: 2654:, volume 56, number 223, (August, 1989), pages 323–341. 2617:, volume 33, number 12 (December, 1987), pages 152–156. 2608:, volume 29, number 4. (December, 1978), pages 325–346. 935:
Total returns if selection wins = £530; if only placed = £155
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with winners at 1-3, 5-2, 6-4 and Evens; total staked = £110
944:
Each-way multiple bets are usually settled using a default "
2681: 1067:
Returns = £100 × (3/1 + 1) × (4/6 + 1) × (11/4 + 1) = £2500
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for the person laying the bets and thus 'making the book'.
2542:", Ferde Rombola, California: Romford Press, 1984, 147pp. 2500:
Mathematical Methods in Economics - Conference Proceedings
1001:
Returns (win double) = £100 × (2/1 + 1) × (5/4 + 1) = £675
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selections, the combined percentage overround of books of
241: = 1) can be obtained from decimal odds by  2657:"A Mathematical Perspective on Gambling", Molly Maxwell, 930:
Returns (place) = £100 × (11/20 + 1) = £100 × 1.55 = £155
760: × 100 - 100. In the example we have 2597:, volume 51, number 3. (May, 1978), pages 188–192. 1622:
or more simply as 0.50 × (4 × 4.5 × 5.5 × 3.5 − 1)
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Evens (or 1-1) corresponds to an implied probability of
1063:
with winners at 3-1, 4-6 and 11-4; total staked = £100
57: 1157:
with winners at 4-7, 2-1 and 11-10; total staked = £40
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Returns (win) = £100 × (11/4 + 1) = £100 × 3.75 = £375
911:
E.g. £100 each-way single at 11 − 4 (
581:) combines more than one selection in, for example, a 2524:, US-SC-North Charleston: Create Space., 2011, 144pp. 1318:
with winners at 4-6, 2-1 and 11-4; total staked = £14
141:(the 'book') and gives the English language the term 2496:"Bookmakers' Efficiency in English Football Leagues" 3158: 3125: 3109: 3088: 3037: 2986: 2891: 2865: 2858: 2804: 2778: 2771: 2728: 507:percentages together a 'book' of 120% is achieved. 1656:answer, and not rounding at each individual step. 2645:, 1994, volume 13, number 4, pages 145–147. 2606:The British Journal for the Philosophy of Science 1747:Note: This is the same as two £20 single bets at 148: 2535:, London: Morrison & Gibb Ltd., 1948, 160pp. 797:In general, for any accumulator bet from two to 718:In general, the combined overround on a double ( 2415: 2413: 2411: 2409: 2407: 2405: 2403: 2401: 2399: 2397: 2381: 2379: 2377: 2375: 2373: 2371: 2369: 2367: 2365: 2363: 902:Returns = £100 × (9/2 + 1) = £100 × 5.5 = £550 898:at 9 − 2; total staked = £100 3250: 2697: 2556:, Malcolm Boyle, High Stakes Publishing 2006. 824:given in terms of decimals, is calculated by 489:4-1 corresponds to an implied probability of 476:6-4 corresponds to an implied probability of 463:4-6 corresponds to an implied probability of 419:5-1 corresponds to an implied probability of 396:2-1 corresponds to an implied probability of 149:Making a 'book' (and the notion of overround) 8: 2670:", Catalin Barboianu, Infarom, 2006, 316pp. 2343:Statistical association football predictions 624:matches of 109.09...%, calculated by 100 × ( 545:Bookmaker margin in English football leagues 62:introducing citations to additional sources 1579:+ 1) together and subtracting 1 to get the 695:. So the decimal odds of the double bet is 681:then the implied probability should be the 538: % profit on turnover (20.00/120.00). 159:coherence (philosophical gambling strategy) 3257: 3243: 3235: 2862: 2775: 2704: 2690: 2682: 2639:"Odds That Don't Add Up!", Mike Fletcher, 2437:"Victorian Bookmakers and Their Customers" 334: − 1 to 1), and decimal odds of 2642:Teaching Mathematics and its Applications 2591:"Maximin Hedges", Jean-Claude Derderian, 2348:Glossary of bets offered by UK bookmakers 2663:, volume 1, (1999), pages 123–132. 2660:MIT Undergraduate Journal of Mathematics 2466: 2464: 2462: 1380:Should a selection in one of these bets 1264:Should a selection in one of these bets 881:bookmakers to calculate total winnings. 867:factor is for the particular event (see 52:Relevant discussion may be found on the 2359: 1628:Returns (place part) = 0.50 × = £11.79 859:bets is calculated separately from the 1618:Returns (win part) = 0.50 × = £172.75 1455:, i.e. (fractional odds + 1), then an 1280:; only five winners out of eight in a 1198:Returns (4 trebles) = £10 × = £451.66 1193:Returns (6 doubles) = £10 × = £314.16 1162:Returns (3 doubles) = £10 × = £143.14 362:chance of each of the three outcomes: 264:) represent an implied probability of 2634:Trinity College, University of Dublin 2604:Argument Reconsidered" Klaus Heilig, 2567:The Mathematics of Games and Gambling 1110:odds), 1-2 (all up to win) and 3-1 ( 7: 3199: 1717:Settling other types of winning bets 1396:; only four winners out of six in a 1369:bets form a family of bets known as 1328:Returns (3 doubles) = £2 × = £45.00 1323:Returns (3 singles) = £2 × = £16.83 683:product of the implied probabilities 555:English Football League Championship 3219: 2576:Mathematical Association of America 988:odds a place); total staked = £200 921:odds a place); total staked = £200 169:event. For the second method, see 25: 2494:Marek, Patrice (September 2018). 2424:(3rd ed.). Rotex Publishing. 260:(with corresponding decimal odds 3218: 3208: 3198: 3189: 3188: 2562:, Michael Adams, Raceform, 2002. 1663:for the Yankee bet is given by: 876:winnings are invariably rounded 45:relies largely or entirely on a 34: 2080:4 selections with decimal odds 1906:3 selections with decimal odds 1852:2 selections with decimal odds 1531:+ 1. This is equivalent to the 1479:3 selections with decimal odds 1245:form a family of bets known as 1610:Total returns = £2 × = £99.33 1: 2560:Secrets of Successful Betting 2477:Journal of Prediction Markets 2435:Itzkowitz, David C. (1988). 1371:full cover bets with singles 1304:Full cover bets with singles 1076:E.g. £100 each-way fivefold 739:, expressed as decimals, by 553:decreased from 9% to 4%, in 233:. Hence, fractional odds of 2582:The Mathematics of Gambling 1120:odds); total staked = £200 603:In Match 1 between players 563:English Football League Two 559:English Football League One 73:"Mathematics of bookmaking" 3357: 3315:three-phase electric power 3280:artificial neural networks 1583:for the winning bet, i.e. 1045:Win to Win, Place to Place 994:Win to Win, Place to Place 946:Win to Win, Place to Place 573:Overround on multiple bets 296:, e.g. 6-4 corresponds to 3270: 3265:"Mathematics of" articles 3184: 2791:Mathematics of bookmaking 2719: 1503:+ 1) algebraically gives 1400:means it is settled as a 1392:means it is settled as a 1284:means it is settled as a 1276:means it is settled as a 2471:Cortis, Dominic (2015). 2420:Sidney, Charles (2003). 2390:. Maxline International. 2386:Sidney, Charles (1976). 2256:+ 1) − 1 − ( 2191:+ 1) − 1 − ( 2120:+ 1) − 1 − ( 1991:+ 1) − 1 − ( 1938:+ 1) − 1 − ( 1803:Algebraic interpretation 1688:+ 1) − 1 − ( 1420:Algebraic interpretation 1138:Total returns = £6914.53 1080:with winners at Evens ( 978:odds a place) and 5-4 ( 644:) i.e. 9.09% overround. 3290:cyclic redundacy checks 1742:Total returns = £255.00 1659:In algebraic terms the 1638:Total returns = £184.54 1208:Total returns = £999.15 1172:Total returns = £242.14 1037:Total returns = £783.85 1011:Total returns = £858.75 565:from 11% to 6%, and in 2540:The book on bookmaking 1860:in an Up and Down bet. 1535:for a Patent (treble: 1338:Total returns = £99.33 1090:odds a place), 11-8 ( 968:with winners at 2-1 ( 872:Fractions of pence in 2651:Economica, New Series 2554:The Art of Bookmaking 1049:Each-Way all Each-Way 1020:Each-Way all Each-Way 950:Each-Way all Each-Way 851:Settling winning bets 27:Theory of laying bets 3336:Gambling mathematics 3176:Video game addiction 2786:Gambling mathematics 2722:Gambling terminology 2623:The Economic Journal 2594:Mathematics Magazine 2272:− 1) + 2 × = 237: − 1 (ie. 58:improve this article 964:E.g. £100 each-way 133:is the practice of 3295:general relativity 2836:Due Column betting 2814:Advantage gambling 2614:Management Science 2588:, L. Stuart, 1984. 2529:How to make a book 2388:The Art of Legging 2319:(1 winner) = 3 × ( 2294:or more simply as 2062:(1 winner) = 2 × ( 2037:or more simply as 1823:... represent the 1451:... represent the 171:Parimutuel betting 3323: 3322: 3232: 3231: 3121: 3120: 2854: 2853: 2841:Labouchère system 2796:Poker probability 2548:978-0-935536-37-9 2441:Victorian Studies 2313: 2056: 1918:in a Round Robin. 1647:£10 × ] = £999.16 1633: 1623: 123: 122: 108: 16:(Redirected from 3348: 3259: 3252: 3245: 3236: 3222: 3221: 3212: 3202: 3201: 3192: 3191: 3171:Problem gambling 2863: 2776: 2763:Riverboat casino 2706: 2699: 2692: 2683: 2572:Edward W. Packel 2504: 2503: 2491: 2485: 2484: 2468: 2457: 2456: 2432: 2426: 2425: 2417: 2392: 2391: 2383: 2293: 2036: 1868:(2 winners) = (2 1631: 1621: 1119: 1118: 1114: 1109: 1108: 1104: 1099: 1098: 1094: 1089: 1088: 1084: 987: 986: 982: 977: 976: 972: 920: 919: 915: 771:selections in a 714: 713: 709: 704: 703: 699: 694: 693: 689: 672: 671: 667: 643: 642: 638: 633: 632: 628: 569:from 11% to 8%. 537: 536: 532: 498: 497: 493: 485: 484: 480: 472: 471: 467: 438: 437: 433: 428: 427: 423: 415: 414: 410: 405: 404: 400: 392: 391: 387: 349: 348: 342: 333: 332: 328: 315: 314: 310: 305: 304: 300: 295: 294: 288: 283: 282: 270: 249: − 1. 232: 231: 225: 204:units for every 118: 115: 109: 107: 66: 38: 30: 21: 3356: 3355: 3351: 3350: 3349: 3347: 3346: 3345: 3326: 3325: 3324: 3319: 3266: 3263: 3233: 3228: 3180: 3154: 3117: 3105: 3084: 3078:Atlantic Canada 3033: 2982: 2887: 2850: 2800: 2767: 2724: 2715: 2710: 2586:Edward O. Thorp 2518:Finding an Edge 2513: 2511:Further reading 2508: 2507: 2493: 2492: 2488: 2470: 2469: 2460: 2434: 2433: 2429: 2419: 2418: 2395: 2385: 2384: 2361: 2356: 2339: 2334: 2333: 2292: 2248:(2 winners) = ( 2179:(3 winners) = ( 2137: 2104:(4 winners) = ( 2097: 2077: 2076: 2035: 1983:(2 winners) = ( 1926:(3 winners) = ( 1919: 1903: 1902: 1872:− 1) + (2 1861: 1849: 1805: 1772: 1771: 1759: 1755: 1754: 1728: 1719: 1477: 1422: 1342: 1341: 1319: 1306: 1247:full cover bets 1212: 1211: 1189: 1176: 1175: 1158: 1145: 1143:Full-cover bets 1116: 1112: 1111: 1106: 1102: 1101: 1096: 1092: 1091: 1086: 1082: 1081: 1041: 1040: 1023: 1015: 1014: 997: 984: 980: 979: 974: 970: 969: 954:Equally Divided 942: 917: 913: 912: 907:Each-way single 887: 853: 846: 837: 830: 823: 814: 807: 766: 759: 752: 745: 738: 731: 724: 711: 707: 706: 701: 697: 696: 691: 687: 686: 669: 665: 664: 640: 636: 635: 630: 626: 625: 577:When a punter ( 575: 567:National League 547: 534: 530: 529: 495: 491: 490: 482: 478: 477: 469: 465: 464: 435: 431: 430: 425: 421: 420: 412: 408: 407: 402: 398: 397: 389: 385: 384: 356: 344: 340: 339: 330: 326: 325: 312: 308: 307: 302: 298: 297: 290: 286: 285: 272: 266: 265: 227: 215: 214: 151: 119: 113: 110: 67: 65: 51: 39: 28: 23: 22: 15: 12: 11: 5: 3354: 3352: 3344: 3343: 3338: 3328: 3327: 3321: 3320: 3318: 3317: 3312: 3307: 3302: 3292: 3287: 3282: 3277: 3271: 3268: 3267: 3264: 3262: 3261: 3254: 3247: 3239: 3230: 3229: 3227: 3226: 3216: 3206: 3196: 3185: 3182: 3181: 3179: 3178: 3173: 3168: 3162: 3160: 3156: 3155: 3153: 3152: 3147: 3142: 3140:Game of chance 3137: 3131: 3129: 3123: 3122: 3119: 3118: 3113: 3111: 3107: 3106: 3104: 3103: 3098: 3092: 3090: 3086: 3085: 3083: 3082: 3081: 3080: 3075: 3073:Western Canada 3070: 3065: 3060: 3052: 3047: 3041: 3039: 3035: 3034: 3032: 3031: 3029:United Kingdom 3026: 3021: 3016: 3011: 3006: 3001: 2996: 2990: 2988: 2984: 2983: 2981: 2980: 2975: 2970: 2965: 2960: 2955: 2950: 2949: 2948: 2938: 2933: 2928: 2923: 2922: 2921: 2916: 2906: 2901: 2895: 2893: 2889: 2888: 2886: 2885: 2880: 2875: 2869: 2867: 2860: 2856: 2855: 2852: 2851: 2849: 2848: 2843: 2838: 2833: 2831:Asian handicap 2828: 2823: 2822: 2821: 2810: 2808: 2802: 2801: 2799: 2798: 2793: 2788: 2782: 2780: 2773: 2769: 2768: 2766: 2765: 2760: 2755: 2750: 2745: 2744: 2743: 2732: 2730: 2726: 2725: 2720: 2717: 2716: 2711: 2709: 2708: 2701: 2694: 2686: 2680: 2679: 2664: 2655: 2646: 2637: 2627: 2618: 2609: 2598: 2589: 2579: 2563: 2557: 2551: 2536: 2525: 2512: 2509: 2506: 2505: 2486: 2458: 2427: 2393: 2358: 2357: 2355: 2352: 2351: 2350: 2345: 2338: 2335: 2332: 2331: 2314: 2243: 2211:− 1) + ( 2207:− 1) + ( 2174: 2098: 2079: 2078: 2075: 2074: 2057: 2011:− 1) + ( 2007:− 1) + ( 1978: 1920: 1905: 1904: 1901: 1900: 1888: 1862: 1851: 1850: 1848: 1845: 1804: 1801: 1770: 1769: 1765: 1764: 1760: 1757: 1756: 1753: 1752: 1744: 1743: 1739: 1738: 1734: 1733: 1729: 1726: 1725: 1718: 1715: 1707: 1706: 1649: 1648: 1640: 1639: 1635: 1634: 1629: 1625: 1624: 1619: 1612: 1611: 1601:+ 1) − 1 1476: 1473: 1421: 1418: 1340: 1339: 1335: 1334: 1330: 1329: 1325: 1324: 1320: 1313: 1312: 1305: 1302: 1210: 1209: 1205: 1204: 1200: 1199: 1195: 1194: 1190: 1183: 1182: 1174: 1173: 1169: 1168: 1164: 1163: 1159: 1152: 1151: 1144: 1141: 1140: 1139: 1135: 1134: 1130: 1129: 1069: 1068: 1039: 1038: 1034: 1033: 1029: 1028: 1024: 1017: 1016: 1013: 1012: 1008: 1007: 1003: 1002: 998: 991: 990: 941: 938: 937: 936: 932: 931: 927: 926: 904: 903: 886: 883: 852: 849: 842: 835: 828: 819: 812: 805: 764: 757: 750: 743: 736: 729: 722: 574: 571: 551:Premier League 546: 543: 526: 525: 522: 519: 501: 500: 487: 474: 460: 459: 456: 453: 441: 440: 417: 394: 377: 376: 373: 370: 355: 352: 150: 147: 121: 120: 56:. Please help 42: 40: 33: 26: 24: 14: 13: 10: 9: 6: 4: 3: 2: 3353: 3342: 3339: 3337: 3334: 3333: 3331: 3316: 3313: 3311: 3308: 3306: 3305:paper folding 3303: 3300: 3296: 3293: 3291: 3288: 3286: 3283: 3281: 3278: 3276: 3275:apportionment 3273: 3272: 3269: 3260: 3255: 3253: 3248: 3246: 3241: 3240: 3237: 3225: 3217: 3215: 3211: 3207: 3205: 3197: 3195: 3187: 3186: 3183: 3177: 3174: 3172: 3169: 3167: 3164: 3163: 3161: 3157: 3151: 3148: 3146: 3145:Game of skill 3143: 3141: 3138: 3136: 3133: 3132: 3130: 3128: 3124: 3116: 3112: 3110:South America 3108: 3102: 3099: 3097: 3094: 3093: 3091: 3087: 3079: 3076: 3074: 3071: 3069: 3066: 3064: 3061: 3059: 3056: 3055: 3053: 3051: 3050:United States 3048: 3046: 3043: 3042: 3040: 3038:North America 3036: 3030: 3027: 3025: 3022: 3020: 3017: 3015: 3012: 3010: 3007: 3005: 3002: 3000: 2997: 2995: 2992: 2991: 2989: 2985: 2979: 2976: 2974: 2971: 2969: 2966: 2964: 2961: 2959: 2956: 2954: 2951: 2947: 2944: 2943: 2942: 2939: 2937: 2934: 2932: 2929: 2927: 2924: 2920: 2917: 2915: 2912: 2911: 2910: 2907: 2905: 2902: 2900: 2897: 2896: 2894: 2890: 2884: 2881: 2879: 2876: 2874: 2871: 2870: 2868: 2864: 2861: 2857: 2847: 2844: 2842: 2839: 2837: 2834: 2832: 2829: 2827: 2824: 2820: 2819:Card counting 2817: 2816: 2815: 2812: 2811: 2809: 2807: 2803: 2797: 2794: 2792: 2789: 2787: 2784: 2783: 2781: 2777: 2774: 2770: 2764: 2761: 2759: 2756: 2754: 2751: 2749: 2748:Online casino 2746: 2742: 2739: 2738: 2737: 2734: 2733: 2731: 2727: 2723: 2718: 2714: 2707: 2702: 2700: 2695: 2693: 2688: 2687: 2684: 2677: 2676:973-87520-3-5 2673: 2669: 2665: 2662: 2661: 2656: 2653: 2652: 2647: 2644: 2643: 2638: 2635: 2631: 2628: 2625: 2624: 2619: 2616: 2615: 2610: 2607: 2603: 2599: 2596: 2595: 2590: 2587: 2583: 2580: 2577: 2573: 2569: 2568: 2564: 2561: 2558: 2555: 2552: 2549: 2545: 2541: 2537: 2534: 2530: 2526: 2523: 2519: 2515: 2514: 2510: 2501: 2497: 2490: 2487: 2482: 2478: 2474: 2467: 2465: 2463: 2459: 2454: 2450: 2446: 2442: 2438: 2431: 2428: 2423: 2416: 2414: 2412: 2410: 2408: 2406: 2404: 2402: 2400: 2398: 2394: 2389: 2382: 2380: 2378: 2376: 2374: 2372: 2370: 2368: 2366: 2364: 2360: 2353: 2349: 2346: 2344: 2341: 2340: 2336: 2330: 2328: 2323:− 1) = 2322: 2318: 2315: 2312: 2310: 2306: 2302: 2297: 2291: 2289: 2285: 2281: 2277: 2271: 2267: 2263: 2259: 2255: 2251: 2247: 2244: 2242: 2240: 2236: 2232: 2228: 2224: 2220: 2215:− 1) = 2214: 2210: 2206: 2202: 2198: 2194: 2190: 2186: 2182: 2178: 2175: 2173: 2171: 2167: 2163: 2159: 2155: 2151: 2147: 2143: 2135: 2131: 2127: 2123: 2119: 2115: 2111: 2107: 2103: 2100: 2099: 2095: 2091: 2087: 2083: 2073: 2071: 2066:− 1) = 2065: 2061: 2058: 2055: 2053: 2049: 2045: 2040: 2034: 2032: 2028: 2024: 2020: 2015:− 1) = 2014: 2010: 2006: 2002: 1998: 1994: 1990: 1986: 1982: 1979: 1977: 1975: 1971: 1967: 1963: 1959: 1955: 1949: 1945: 1941: 1937: 1933: 1929: 1925: 1922: 1921: 1917: 1913: 1909: 1899: 1897: 1893:(1 winner) = 1892: 1889: 1887: 1885: 1881: 1876:− 1) = 1875: 1871: 1867: 1864: 1863: 1859: 1855: 1846: 1844: 1842: 1838: 1834: 1830: 1826: 1822: 1818: 1814: 1810: 1802: 1800: 1796: 1794: 1790: 1786: 1783: 1780: 1777: 1776: 1767: 1766: 1762: 1761: 1750: 1746: 1745: 1741: 1740: 1736: 1735: 1731: 1730: 1724: 1723: 1716: 1714: 1712: 1705: 1703: 1699: 1695: 1691: 1687: 1683: 1679: 1675: 1669: 1666: 1665: 1664: 1662: 1657: 1655: 1646: 1645: 1644: 1637: 1636: 1630: 1627: 1626: 1620: 1617: 1616: 1615: 1609: 1608: 1607: 1604: 1602: 1600: 1596: 1592: 1586: 1582: 1578: 1574: 1570: 1566: 1562: 1558: 1554: 1550: 1546: 1542: 1538: 1534: 1530: 1526: 1522: 1518: 1514: 1510: 1506: 1502: 1498: 1494: 1491:. Expanding ( 1490: 1486: 1482: 1474: 1472: 1470: 1466: 1462: 1458: 1454: 1450: 1446: 1442: 1438: 1433: 1432:) is 46.135. 1431: 1427: 1419: 1417: 1415: 1411: 1407: 1403: 1399: 1395: 1391: 1387: 1383: 1378: 1376: 1372: 1368: 1364: 1363: 1358: 1357: 1352: 1351: 1346: 1337: 1336: 1332: 1331: 1327: 1326: 1322: 1321: 1317: 1311: 1310: 1303: 1301: 1299: 1295: 1291: 1287: 1283: 1279: 1275: 1271: 1267: 1262: 1260: 1256: 1252: 1248: 1244: 1243: 1238: 1237: 1232: 1231: 1226: 1225: 1220: 1216: 1207: 1206: 1202: 1201: 1197: 1196: 1192: 1191: 1187: 1181: 1180: 1171: 1170: 1166: 1165: 1161: 1160: 1156: 1150: 1149: 1142: 1137: 1136: 1132: 1131: 1127: 1126: 1125: 1121: 1100:odds), 5-4 ( 1079: 1074: 1073: 1066: 1065: 1064: 1062: 1057: 1056: 1052: 1050: 1046: 1036: 1035: 1031: 1030: 1026: 1025: 1021: 1010: 1009: 1005: 1004: 1000: 999: 995: 989: 967: 962: 961: 957: 955: 952:" (known as " 951: 947: 940:Multiple bets 939: 934: 933: 929: 928: 924: 923: 922: 909: 908: 901: 900: 899: 897: 892: 891: 884: 882: 879: 875: 870: 866: 862: 858: 850: 848: 845: 841: 834: 827: 822: 818: 811: 804: 800: 795: 793: 791: 786: 785: 780: 779: 774: 768: 763: 756: 753: ×  749: 742: 735: 728: 721: 716: 684: 680: 675: 662: 658: 654: 650: 645: 622: 618: 614: 610: 606: 601: 598: 596: 592: 588: 584: 580: 572: 570: 568: 564: 560: 556: 552: 544: 542: 539: 523: 520: 517: 516: 515: 513: 508: 506: 488: 475: 462: 461: 457: 454: 451: 450: 449: 446: 418: 395: 382: 381: 380: 374: 371: 369: 365: 364: 363: 361: 353: 351: 347: 338: =  337: 323: 319: 293: 280: 276: 269: 263: 259: 256: −  255: 250: 248: 245: =  244: 240: 236: 230: 223: 219: 213: =  212: 207: 203: 199: 195: 191: 187: 183: 180: −  179: 174: 172: 166: 164: 160: 156: 146: 144: 140: 136: 132: 131:making a book 128: 117: 114:February 2012 106: 103: 99: 96: 92: 89: 85: 82: 78: 75: –  74: 70: 69:Find sources: 63: 59: 55: 49: 48: 47:single source 43:This article 41: 37: 32: 31: 19: 3299:introduction 3284: 3150:List of bets 2883:South Africa 2826:Dice control 2790: 2667: 2658: 2649: 2640: 2629: 2621: 2612: 2605: 2592: 2581: 2565: 2559: 2553: 2539: 2528: 2517: 2499: 2489: 2480: 2476: 2444: 2440: 2430: 2421: 2387: 2326: 2324: 2320: 2316: 2308: 2304: 2300: 2299: 2295: 2287: 2283: 2279: 2275: 2273: 2269: 2265: 2261: 2257: 2253: 2249: 2245: 2241:) − 10 2238: 2234: 2230: 2226: 2222: 2218: 2216: 2212: 2208: 2204: 2203:) + 2 × + ( 2200: 2196: 2192: 2188: 2184: 2180: 2176: 2172:) − 13 2169: 2165: 2161: 2157: 2153: 2149: 2145: 2141: 2139: 2133: 2129: 2125: 2121: 2117: 2113: 2109: 2105: 2101: 2093: 2089: 2085: 2081: 2069: 2067: 2063: 2059: 2051: 2047: 2043: 2042: 2038: 2030: 2026: 2022: 2018: 2016: 2012: 2008: 2004: 2000: 1996: 1992: 1988: 1984: 1980: 1973: 1969: 1965: 1961: 1957: 1953: 1951: 1947: 1943: 1939: 1935: 1931: 1927: 1923: 1915: 1911: 1907: 1895: 1894: 1890: 1883: 1879: 1877: 1873: 1869: 1865: 1857: 1853: 1840: 1836: 1832: 1828: 1825:decimal odds 1824: 1820: 1816: 1812: 1808: 1806: 1797: 1792: 1788: 1787: 1784: 1781: 1778: 1774: 1773: 1748: 1721: 1720: 1710: 1708: 1701: 1697: 1693: 1689: 1685: 1681: 1677: 1673: 1671: 1667: 1660: 1658: 1653: 1650: 1641: 1613: 1605: 1598: 1594: 1590: 1588: 1584: 1580: 1576: 1572: 1568: 1564: 1560: 1556: 1552: 1548: 1544: 1540: 1536: 1532: 1528: 1524: 1520: 1516: 1512: 1508: 1504: 1500: 1496: 1492: 1488: 1484: 1480: 1478: 1468: 1464: 1460: 1456: 1453:decimal odds 1452: 1448: 1444: 1440: 1436: 1434: 1429: 1425: 1423: 1413: 1412:and a place 1409: 1405: 1401: 1397: 1393: 1389: 1385: 1381: 1379: 1374: 1366: 1360: 1354: 1348: 1344: 1343: 1308: 1307: 1297: 1296:and a place 1293: 1289: 1285: 1281: 1277: 1273: 1269: 1265: 1263: 1258: 1254: 1250: 1240: 1234: 1228: 1222: 1218: 1214: 1213: 1178: 1177: 1147: 1146: 1122: 1075: 1071: 1070: 1058: 1054: 1053: 1048: 1044: 1042: 1019: 993: 963: 959: 958: 953: 949: 945: 943: 910: 906: 905: 893: 889: 888: 877: 873: 868: 854: 843: 839: 832: 825: 820: 816: 809: 802: 798: 796: 788: 782: 776: 769: 761: 754: 747: 740: 733: 726: 719: 717: 676: 660: 656: 652: 648: 646: 620: 616: 612: 608: 604: 602: 599: 594: 578: 576: 548: 540: 527: 509: 504: 502: 444: 442: 378: 359: 357: 345: 335: 321: 317: 291: 278: 274: 267: 261: 257: 253: 251: 246: 242: 238: 234: 228: 221: 217: 210: 205: 201: 197: 193: 189: 185: 181: 177: 175: 167: 152: 130: 124: 111: 101: 94: 87: 80: 68: 44: 3224:WikiProject 3135:Casino game 3101:New Zealand 2941:Philippines 2779:Mathematics 2447:(1): 7–30. 2311:) − 6 2290:) − 7 2054:) − 4 2033:) − 5 1976:) − 7 1950:) + 2 × = 1775:Round Robin 1722:Up and down 1551:; singles: 1539:; doubles: 1365:and higher 1290:Super Heinz 1236:Super Heinz 1078:accumulator 1072:Accumulator 869:Accumulator 679:independent 591:accumulator 135:laying bets 3330:Categories 3285:bookmaking 3214:Wiktionary 3166:Gaming law 2899:Bangladesh 2846:Martingale 2806:Strategies 2602:Dutch Book 2522:Ron Loftus 2502:: 330–335. 2354:References 2329:− 1) 2096:in a Flag. 2072:− 1) 1886:− 1) 1793:Super Flag 1711:de rigueur 1575:+ 1) and ( 1059:E.g. £100 894:E.g. £100 890:Win single 503:By adding 155:Dutch book 129:parlance, 84:newspapers 3096:Australia 2958:Singapore 2914:Hong Kong 2859:By region 2533:Phil Bull 2453:0042-5222 2282:+ 1) + 3( 2264:) + 2 × ( 2229:+ 1) + 4( 2156:+ 1) + 5( 2025:+ 1) + 2( 1999:) + 2 × ( 1964:+ 1) + 3( 1898:− 1 1184:E.g. £10 1153:E.g. £10 595:true odds 458:Away: 4-1 455:Draw: 6-4 452:Home: 4-6 375:Away: 5-1 372:Draw: 2-1 143:bookmaker 54:talk page 18:Overround 3341:Wagering 3194:Category 2968:Thailand 2936:Pakistan 2904:Cambodia 2753:Cardroom 2713:Gambling 2337:See also 2252:+ 1) × ( 2187:+ 1) × ( 2183:+ 1) × ( 2136:) + 2 × 2116:+ 1) × ( 2112:+ 1) × ( 2108:+ 1) × ( 1987:+ 1) × ( 1934:+ 1) × ( 1930:+ 1) × ( 1847:Examples 1475:Examples 1414:Lucky 31 1406:Lucky 63 1402:Lucky 15 1398:Lucky 63 1390:Lucky 15 1362:Lucky 63 1356:Lucky 31 1350:Lucky 15 1314:E.g. £2 1298:Canadian 1286:Canadian 1274:Canadian 1224:Canadian 857:each-way 838:× ... × 790:Lucky 63 784:Lucky 31 778:Lucky 15 512:vigorish 127:gambling 3204:Commons 3089:Oceania 3063:Ontario 3054:Canada 3024:Ukraine 2994:Estonia 2978:Vietnam 2878:Nigeria 2772:Science 2636:, 1999. 2578:, 2006. 1839:+ 1), ( 1835:+ 1), ( 1571:+ 1), ( 1467:+ 1), ( 1463:+ 1), ( 1426:overall 1282:Goliath 1242:Goliath 1115:⁄ 1105:⁄ 1095:⁄ 1085:⁄ 1043:Note: " 983:⁄ 973:⁄ 916:⁄ 885:Singles 815:, ..., 746:=  710:⁄ 700:⁄ 690:⁄ 668:⁄ 639:⁄ 629:⁄ 619:. 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Index

Overround

single source
talk page
improve this article
introducing citations to additional sources
"Mathematics of bookmaking"
news
newspapers
books
scholar
JSTOR
gambling
laying bets
ledger
bookmaker
Dutch book
coherence (philosophical gambling strategy)
odds
Parimutuel betting
Evens
vigorish
Premier League
English Football League Championship
English Football League One
English Football League Two
National League
double
treble
accumulator

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