Monte Carlo or Bust: Simple Simulations for Aspiring Sports Bettors

by Joseph Buchdahl

Almost everyone is familiar with Monte Carlo's association with gambling, and its famous Casino. Many may also have come across the Monte Carlo fallacy, so-called after the Casino's roulette wheel ball fell on black 26th times in a row, costing players, who believed that the law of averages made such streaks impossible, millions of dollars. However, the Casino also lends its name to a tool of statistical forecasting, the Monte Carlo simulation, used to model the probability of uncertain outcomes that cannot be easily predicted from mathematical equations. This book provides a detailed account for how aspiring bettors can use a Monte Carlo simulation to improve the quality, and hopefully profitability, of their betting, and in doing so unravels the mystery of probability and variance that lies at the heart of all gambling.

Genres: Mathematics, Nonfiction

384 pages, Paperback

Published May 1, 2022

Reviews

[Gogi · Rating 4 out of 5]

It was good and ton of useful information but I feel like the second half of the book failed to help me at all, and it became much more difficult to follow. It needs another re-read after learning more and then maybe becomes a five star.