formula_2002
01-27-2003, 10:45 PM
Quibbling about win percentages
Many books talk about win % as if that is the percentage you make on every dollar wagered.
That’s a neat accounting observation, but to a gambler, a more meaning full perception about risk is warranted.
Every dollar wagered is not a winning wager. Some times you lose the dollar.
There is a big difference between winning 10 cents every time you bet a dollar and losing that dollar 40% of the time, and winning $0.83, 60% of the time.
Or, there is a big difference between winning 50 cents every time you bet a dollar and losing that dollar 60 % of the time, and winning $2.75, 40 % of the time.
Most regulars to the board don’t need the following, but some guess may.
Edge=(win% x odds)-(1-win%)
Many books talk about win % as if that is the percentage you make on every dollar wagered.
That’s a neat accounting observation, but to a gambler, a more meaning full perception about risk is warranted.
Every dollar wagered is not a winning wager. Some times you lose the dollar.
There is a big difference between winning 10 cents every time you bet a dollar and losing that dollar 40% of the time, and winning $0.83, 60% of the time.
Or, there is a big difference between winning 50 cents every time you bet a dollar and losing that dollar 60 % of the time, and winning $2.75, 40 % of the time.
Most regulars to the board don’t need the following, but some guess may.
Edge=(win% x odds)-(1-win%)