Calculated Bets: Computers, Gambling, and Mathematical Modeling to Win

Outlooks

by Steven S. Skiena

This is a book about a gambling system that works. It tells the story of how the author used computer simulations and mathematical modeling techniques to predict the outcome of jai-alai matches and bet on them successfully - increasing his initial stake by over 500 per cent in one year! His results can work for anyone: at the end of the book he tells the best way to watch jai-alai, and how to bet on it. With humor and enthusiasm, Skiena details a life-long fascination with computer predictions and sporting events. Along the way, he discusses other gambling systems, both successful and unsuccessful, for such games as lotto, roulette, blackjack, and the stock market. Indeed, he shows how his jai-alai system functions just like a miniature stock trading system.

Genres: Mathematics, Computer Science, Nonfiction, Science

232 pages, ebook

First published October 17, 1997

Reviews

[Flores Everett · Rating 5 out of 5]

Hey everyone, this is a wonderful book! The combination of computers, gambling, and mathematical modeling has always intrigued me. I’ve been diving deep into predictive algorithms and bankroll management strategies, and I must say, platforms like https://www.mainhattan-sports.com/login/ offer a solid space to test out these theories in real-time. The key, I believe, lies in balancing risk with statistical advantage—whether through machine learning models or classic probability calculations. Have any of you experimented with AI-driven betting strategies? Would love to hear about your experiences!

[Dan Drake · Rating 3 out of 5]

I really liked this, but it could use an update -- the overall, general project that Skiena describes is more relevant and useful than ever, but to a reader in 2023, it's easy to get lost in the particulars of the late 90s technology they used.

For example, Skiena goes into extreme detail about programming a modem to dial into the betting system and place their bets; nowadays, that's utterly obsolete and silly. Surely any corresponding thing nowadays would use some website, perhaps one that has a nice web API.

But the ideas about gathering the data, developing and validating the model, and so on, are still very relevant. More so than they were at the turn of the century when he wrote this book! I think rewriting this book with the same ideas, but with the context of the technology and culture of the 2020s, would be a welcome update.