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Fahrenheit
04-Jun 2010 Friday 1:13 AM (5068 days ago)
4DTOTOMAN  2 Likes  
              #1
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http://www.rcmaweb.org/Portals/0/Home%20Page%20Pictures/Home%20page%20conference%20picture.jpg

Discuss about Soccer Betting Ideas Here.

Strictly for Fahren & Friends Only.




"Margin of Safety" as the Central Concept of Betting
A team's past ability to create quality chances is the expected number of goals that they should have produced. The expected number of goals in excess of the actual number of goals constitutes the "margin of safety". The margin is counted on to cushion the bettor against discomfiture in the event of a performance decline in the upcoming fixture. The soccer bettor does not expect the upcoming fixture to work out the same as in the past. If he were sure of that, the safety margin demanded might be small. The function of a safety margin is, in essence, that of rendering unnecessary an accurate estimate of the team's winning probability in the upcoming fixture. If the safety margin is sufficiently large, then it is enough to assume that the team's upcoming performance will not fall far below their expected goals in order for the bettor to feel sufficiently cushioned against bad luck. The safety margin is always dependent on the odds that the bettor accepts from the bookie. It will be large in certain odds, small at some lower odds, and negative when the odds is too low. However, even with a safety margin in the bettor's favour, he may lose his bet. For the margin guarantees only that he has a better chance of winning - not that loss is impossible. 
Theory of Diversification
There is a close logical connection between the concept of safety margin and the principle of diversification. One is correlative with the other. Even with a margin in the bettor’s favor, an individual bet may work out badly. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses. This point may be made more colorful by a reference to the arithmetic of roulette. If a man bets $1 on a single number, he is paid $35 profit when he wins—but the chances are 37 to 1 that he will lose. He has a “negative margin of safety.” In his case diversification is foolish. The more numbers he bets on, the smaller his chance of ending with a profit. If he regularly bets $1 on every number (including 0 and 00), he is certain to lose $2 on each turn of the wheel. But suppose the winner received $39 profit instead of $35. Then he would have a small but important margin of safety. Therefore, the more numbers he wagers on, the better his chance of gain. And he could be certain of winning $2 on every spin by simply betting $1 each on all the numbers. (Incidentally, the two examples given actually describe the respective positions of the player and proprietor of a wheel with a 0 and 00.)

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Fahrenheit
04-Jun 2010 Friday 1:49 AM (5068 days ago)            #2
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The Betting Bible

Academic/Scholarly Articles/Thesis on Soccer Betting to Set You Thinking:

 

Niko Martinnen (2001) - Creating a Profitable Betting Strategy for Football by Using Statistical Modelling

http://www.ylikerroin.com/file/Complete.pdf

 

Alan Ryder (2004) - Poisson Toolbox: a review of the application of the Poisson Probability Distribution in hockey

http://www.hockeyanalytics.com/Research_files/Poisson_Toolbox.pdf

 

Don Webber et al - A statistical development of fixed odds betting rules in soccer

http://carecon.org.uk/DPs/0807.pdf

 

Patric Andersson, et al - Myths and Facts about Football: The Economics and Psychology of the World’s Greatest Sport

http://www.c-s-p.org/Flyers/978-1-4438-0114-0-sample.pdf

 

Kenneth Massey (1997) - Statistical Models Applied to the Rating of Sports Teams

http://www.masseyratings.com/theory/massey97.pdf

 

Emonet Benoit (2000) - Revisiting Statistical Applications in Soccer

http://statwww.epfl.ch/projects/emonet/main.pdf

 

Mark J. Dixon, Stuart G. Coles (1996) - Modelling Association Football Scores

http://www.math.ku.dk/~rolf/teaching/thesis/DixonColes.pdf

 

Dimitris Karlis, Ioannis Ntzoufras (2003) - Analysis of Sports Data Using Bivariate Poisson Models

http://www.stat-athens.aueb.gr/~karlis/Bivariate%20Poisson%20Regression.pdf

 

Dimitris Karlis, Ioannis Ntzoufras (2007) - Analysis of Sports Data Using Skellam Distribution

http://stat-athens.aueb.gr/~jbn/papers/20/Karlis_and_Ntzoufras_2007.pdf

 

Leonard Knorr-Held (1999) - Dynamic Rating of Sports Teams

http://epub.ub.uni-muenchen.de/1490/1/paper_98.pdf

 

James R. Ashburn, Paul M. Colvert (2006) - A Bayesian Mean-Value Approach for the Ranking of Football Teams

http://arxiv.org/pdf/physics/0607064

 

THE KELLY CRITERION IN BLACKJACK, SPORTS BETTING, AND THE STOCK MARKET

http://www.edwardothorp.com/sitebuildercontent/sitebuilderfiles/KellyCriterion2007.pdf

This message was edited by Fahrenheit on 06-Jun-2010 @ 3:51 PM

This message was edited by Fahrenheit on 10-Aug-2010 @ 8:38 AM




"Margin of Safety" as the Central Concept of Betting
A team's past ability to create quality chances is the expected number of goals that they should have produced. The expected number of goals in excess of the actual number of goals constitutes the "margin of safety". The margin is counted on to cushion the bettor against discomfiture in the event of a performance decline in the upcoming fixture. The soccer bettor does not expect the upcoming fixture to work out the same as in the past. If he were sure of that, the safety margin demanded might be small. The function of a safety margin is, in essence, that of rendering unnecessary an accurate estimate of the team's winning probability in the upcoming fixture. If the safety margin is sufficiently large, then it is enough to assume that the team's upcoming performance will not fall far below their expected goals in order for the bettor to feel sufficiently cushioned against bad luck. The safety margin is always dependent on the odds that the bettor accepts from the bookie. It will be large in certain odds, small at some lower odds, and negative when the odds is too low. However, even with a safety margin in the bettor's favour, he may lose his bet. For the margin guarantees only that he has a better chance of winning - not that loss is impossible. 
Theory of Diversification
There is a close logical connection between the concept of safety margin and the principle of diversification. One is correlative with the other. Even with a margin in the bettor’s favor, an individual bet may work out badly. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses. This point may be made more colorful by a reference to the arithmetic of roulette. If a man bets $1 on a single number, he is paid $35 profit when he wins—but the chances are 37 to 1 that he will lose. He has a “negative margin of safety.” In his case diversification is foolish. The more numbers he bets on, the smaller his chance of ending with a profit. If he regularly bets $1 on every number (including 0 and 00), he is certain to lose $2 on each turn of the wheel. But suppose the winner received $39 profit instead of $35. Then he would have a small but important margin of safety. Therefore, the more numbers he wagers on, the better his chance of gain. And he could be certain of winning $2 on every spin by simply betting $1 each on all the numbers. (Incidentally, the two examples given actually describe the respective positions of the player and proprietor of a wheel with a 0 and 00.)

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rongze
04-Jun 2010 Friday 9:54 AM (5068 days ago)            #3
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so bro fahrenheit wats ur prediction on the game SAF vs GOMBAK 2nite ?



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Fahrenheit
04-Jun 2010 Friday 11:54 AM (5068 days ago)            #4
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When you look at the box which contains my picks, you will notice a term called "Dutching". For example:

FAHRENHEIT'S VALUE PICKS:
          105.00%        
  Dutching Items   Odds Probability Bet Amt Payout  
  Draw-Away     4.70 23% $11   $52  
  No 1st Goal     12.00 13% $6   $72  
  Draw-Home     12.00 16% $8   $96  
  Y Lions Score 1st     2.90 53% $25   $73  
            $0   $0  
    Total Bet Amount: $50        
               
                   
                   

For new members, you may not understand  the meaning of "Dutching". Dutching is the method used to stake more than one selection in a match and by mathematically placing the correct stake on each bet, the risk of losing is spread across in relation to the probability of winning. If done correctly, at least the same amount of money is returned (assuming, of course, that one of the selections actually does win!) to help you break even.

Dutching is a widely accepted staking tool in horse racing and is reputedly named after Al Capone's accountant who used this to great effect when backing horses. I have adapted this tool for soccer betting because this method is both simple and flexible to use. However, my dutching stakes may not be proportionate all the time, as sometimes i try to assume a bit more risk by staking more on confident selections.  




"Margin of Safety" as the Central Concept of Betting
A team's past ability to create quality chances is the expected number of goals that they should have produced. The expected number of goals in excess of the actual number of goals constitutes the "margin of safety". The margin is counted on to cushion the bettor against discomfiture in the event of a performance decline in the upcoming fixture. The soccer bettor does not expect the upcoming fixture to work out the same as in the past. If he were sure of that, the safety margin demanded might be small. The function of a safety margin is, in essence, that of rendering unnecessary an accurate estimate of the team's winning probability in the upcoming fixture. If the safety margin is sufficiently large, then it is enough to assume that the team's upcoming performance will not fall far below their expected goals in order for the bettor to feel sufficiently cushioned against bad luck. The safety margin is always dependent on the odds that the bettor accepts from the bookie. It will be large in certain odds, small at some lower odds, and negative when the odds is too low. However, even with a safety margin in the bettor's favour, he may lose his bet. For the margin guarantees only that he has a better chance of winning - not that loss is impossible. 
Theory of Diversification
There is a close logical connection between the concept of safety margin and the principle of diversification. One is correlative with the other. Even with a margin in the bettor’s favor, an individual bet may work out badly. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses. This point may be made more colorful by a reference to the arithmetic of roulette. If a man bets $1 on a single number, he is paid $35 profit when he wins—but the chances are 37 to 1 that he will lose. He has a “negative margin of safety.” In his case diversification is foolish. The more numbers he bets on, the smaller his chance of ending with a profit. If he regularly bets $1 on every number (including 0 and 00), he is certain to lose $2 on each turn of the wheel. But suppose the winner received $39 profit instead of $35. Then he would have a small but important margin of safety. Therefore, the more numbers he wagers on, the better his chance of gain. And he could be certain of winning $2 on every spin by simply betting $1 each on all the numbers. (Incidentally, the two examples given actually describe the respective positions of the player and proprietor of a wheel with a 0 and 00.)

AsianBookie Tipsters Championship
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Team Ranked: #49 - Team Score (Top 50 Members): AB$ 1,693,125 Total Members: 44
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Cola bear
05-Jun 2010 Saturday 2:46 AM (5067 days ago)            #5
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Joined: 28 Sep 09


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Informative! thanks!



____________________________________________________

Betting is akin to buying stocks, it can be an asset
today, a liability tomorrow.

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Fahrenheit
05-Jun 2010 Saturday 11:30 AM (5067 days ago)            #6
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"Margin of Safety" as the Central Concept of Betting
A team's past ability to create quality chances is the expected number of goals that they should have produced. The expected number of goals in excess of the actual number of goals constitutes the "margin of safety". The margin is counted on to cushion the bettor against discomfiture in the event of a performance decline in the upcoming fixture. The soccer bettor does not expect the upcoming fixture to work out the same as in the past. If he were sure of that, the safety margin demanded might be small. The function of a safety margin is, in essence, that of rendering unnecessary an accurate estimate of the team's winning probability in the upcoming fixture. If the safety margin is sufficiently large, then it is enough to assume that the team's upcoming performance will not fall far below their expected goals in order for the bettor to feel sufficiently cushioned against bad luck. The safety margin is always dependent on the odds that the bettor accepts from the bookie. It will be large in certain odds, small at some lower odds, and negative when the odds is too low. However, even with a safety margin in the bettor's favour, he may lose his bet. For the margin guarantees only that he has a better chance of winning - not that loss is impossible. 
Theory of Diversification
There is a close logical connection between the concept of safety margin and the principle of diversification. One is correlative with the other. Even with a margin in the bettor’s favor, an individual bet may work out badly. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses. This point may be made more colorful by a reference to the arithmetic of roulette. If a man bets $1 on a single number, he is paid $35 profit when he wins—but the chances are 37 to 1 that he will lose. He has a “negative margin of safety.” In his case diversification is foolish. The more numbers he bets on, the smaller his chance of ending with a profit. If he regularly bets $1 on every number (including 0 and 00), he is certain to lose $2 on each turn of the wheel. But suppose the winner received $39 profit instead of $35. Then he would have a small but important margin of safety. Therefore, the more numbers he wagers on, the better his chance of gain. And he could be certain of winning $2 on every spin by simply betting $1 each on all the numbers. (Incidentally, the two examples given actually describe the respective positions of the player and proprietor of a wheel with a 0 and 00.)

AsianBookie Tipsters Championship
Member of Team:
Bolametrix Quantitative Research
(Est. Oct 2014)

Team Ranked: #49 - Team Score (Top 50 Members): AB$ 1,693,125 Total Members: 44
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Fahrenheit
05-Jun 2010 Saturday 11:30 AM (5067 days ago)            #7
*Diamond Member*


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#1325

 




"Margin of Safety" as the Central Concept of Betting
A team's past ability to create quality chances is the expected number of goals that they should have produced. The expected number of goals in excess of the actual number of goals constitutes the "margin of safety". The margin is counted on to cushion the bettor against discomfiture in the event of a performance decline in the upcoming fixture. The soccer bettor does not expect the upcoming fixture to work out the same as in the past. If he were sure of that, the safety margin demanded might be small. The function of a safety margin is, in essence, that of rendering unnecessary an accurate estimate of the team's winning probability in the upcoming fixture. If the safety margin is sufficiently large, then it is enough to assume that the team's upcoming performance will not fall far below their expected goals in order for the bettor to feel sufficiently cushioned against bad luck. The safety margin is always dependent on the odds that the bettor accepts from the bookie. It will be large in certain odds, small at some lower odds, and negative when the odds is too low. However, even with a safety margin in the bettor's favour, he may lose his bet. For the margin guarantees only that he has a better chance of winning - not that loss is impossible. 
Theory of Diversification
There is a close logical connection between the concept of safety margin and the principle of diversification. One is correlative with the other. Even with a margin in the bettor’s favor, an individual bet may work out badly. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses. This point may be made more colorful by a reference to the arithmetic of roulette. If a man bets $1 on a single number, he is paid $35 profit when he wins—but the chances are 37 to 1 that he will lose. He has a “negative margin of safety.” In his case diversification is foolish. The more numbers he bets on, the smaller his chance of ending with a profit. If he regularly bets $1 on every number (including 0 and 00), he is certain to lose $2 on each turn of the wheel. But suppose the winner received $39 profit instead of $35. Then he would have a small but important margin of safety. Therefore, the more numbers he wagers on, the better his chance of gain. And he could be certain of winning $2 on every spin by simply betting $1 each on all the numbers. (Incidentally, the two examples given actually describe the respective positions of the player and proprietor of a wheel with a 0 and 00.)

AsianBookie Tipsters Championship
Member of Team:
Bolametrix Quantitative Research
(Est. Oct 2014)

Team Ranked: #49 - Team Score (Top 50 Members): AB$ 1,693,125 Total Members: 44
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Fahrenheit
05-Jun 2010 Saturday 11:31 AM (5067 days ago)            #8
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"Margin of Safety" as the Central Concept of Betting
A team's past ability to create quality chances is the expected number of goals that they should have produced. The expected number of goals in excess of the actual number of goals constitutes the "margin of safety". The margin is counted on to cushion the bettor against discomfiture in the event of a performance decline in the upcoming fixture. The soccer bettor does not expect the upcoming fixture to work out the same as in the past. If he were sure of that, the safety margin demanded might be small. The function of a safety margin is, in essence, that of rendering unnecessary an accurate estimate of the team's winning probability in the upcoming fixture. If the safety margin is sufficiently large, then it is enough to assume that the team's upcoming performance will not fall far below their expected goals in order for the bettor to feel sufficiently cushioned against bad luck. The safety margin is always dependent on the odds that the bettor accepts from the bookie. It will be large in certain odds, small at some lower odds, and negative when the odds is too low. However, even with a safety margin in the bettor's favour, he may lose his bet. For the margin guarantees only that he has a better chance of winning - not that loss is impossible. 
Theory of Diversification
There is a close logical connection between the concept of safety margin and the principle of diversification. One is correlative with the other. Even with a margin in the bettor’s favor, an individual bet may work out badly. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses. This point may be made more colorful by a reference to the arithmetic of roulette. If a man bets $1 on a single number, he is paid $35 profit when he wins—but the chances are 37 to 1 that he will lose. He has a “negative margin of safety.” In his case diversification is foolish. The more numbers he bets on, the smaller his chance of ending with a profit. If he regularly bets $1 on every number (including 0 and 00), he is certain to lose $2 on each turn of the wheel. But suppose the winner received $39 profit instead of $35. Then he would have a small but important margin of safety. Therefore, the more numbers he wagers on, the better his chance of gain. And he could be certain of winning $2 on every spin by simply betting $1 each on all the numbers. (Incidentally, the two examples given actually describe the respective positions of the player and proprietor of a wheel with a 0 and 00.)

AsianBookie Tipsters Championship
Member of Team:
Bolametrix Quantitative Research
(Est. Oct 2014)

Team Ranked: #49 - Team Score (Top 50 Members): AB$ 1,693,125 Total Members: 44
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Fahrenheit
05-Jun 2010 Saturday 11:44 AM (5067 days ago)            #9
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This message was edited by Fahrenheit on 10-Aug-2010 @ 8:59 AM




"Margin of Safety" as the Central Concept of Betting
A team's past ability to create quality chances is the expected number of goals that they should have produced. The expected number of goals in excess of the actual number of goals constitutes the "margin of safety". The margin is counted on to cushion the bettor against discomfiture in the event of a performance decline in the upcoming fixture. The soccer bettor does not expect the upcoming fixture to work out the same as in the past. If he were sure of that, the safety margin demanded might be small. The function of a safety margin is, in essence, that of rendering unnecessary an accurate estimate of the team's winning probability in the upcoming fixture. If the safety margin is sufficiently large, then it is enough to assume that the team's upcoming performance will not fall far below their expected goals in order for the bettor to feel sufficiently cushioned against bad luck. The safety margin is always dependent on the odds that the bettor accepts from the bookie. It will be large in certain odds, small at some lower odds, and negative when the odds is too low. However, even with a safety margin in the bettor's favour, he may lose his bet. For the margin guarantees only that he has a better chance of winning - not that loss is impossible. 
Theory of Diversification
There is a close logical connection between the concept of safety margin and the principle of diversification. One is correlative with the other. Even with a margin in the bettor’s favor, an individual bet may work out badly. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses. This point may be made more colorful by a reference to the arithmetic of roulette. If a man bets $1 on a single number, he is paid $35 profit when he wins—but the chances are 37 to 1 that he will lose. He has a “negative margin of safety.” In his case diversification is foolish. The more numbers he bets on, the smaller his chance of ending with a profit. If he regularly bets $1 on every number (including 0 and 00), he is certain to lose $2 on each turn of the wheel. But suppose the winner received $39 profit instead of $35. Then he would have a small but important margin of safety. Therefore, the more numbers he wagers on, the better his chance of gain. And he could be certain of winning $2 on every spin by simply betting $1 each on all the numbers. (Incidentally, the two examples given actually describe the respective positions of the player and proprietor of a wheel with a 0 and 00.)

AsianBookie Tipsters Championship
Member of Team:
Bolametrix Quantitative Research
(Est. Oct 2014)

Team Ranked: #49 - Team Score (Top 50 Members): AB$ 1,693,125 Total Members: 44
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Fahrenheit
05-Jun 2010 Saturday 2:47 PM (5066 days ago)            #10
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Ranked:
#1325

 

Factors needed to make money in stocks - Schloss

This message was edited by Fahrenheit on 05-Jun-2010 @ 2:50 PM




"Margin of Safety" as the Central Concept of Betting
A team's past ability to create quality chances is the expected number of goals that they should have produced. The expected number of goals in excess of the actual number of goals constitutes the "margin of safety". The margin is counted on to cushion the bettor against discomfiture in the event of a performance decline in the upcoming fixture. The soccer bettor does not expect the upcoming fixture to work out the same as in the past. If he were sure of that, the safety margin demanded might be small. The function of a safety margin is, in essence, that of rendering unnecessary an accurate estimate of the team's winning probability in the upcoming fixture. If the safety margin is sufficiently large, then it is enough to assume that the team's upcoming performance will not fall far below their expected goals in order for the bettor to feel sufficiently cushioned against bad luck. The safety margin is always dependent on the odds that the bettor accepts from the bookie. It will be large in certain odds, small at some lower odds, and negative when the odds is too low. However, even with a safety margin in the bettor's favour, he may lose his bet. For the margin guarantees only that he has a better chance of winning - not that loss is impossible. 
Theory of Diversification
There is a close logical connection between the concept of safety margin and the principle of diversification. One is correlative with the other. Even with a margin in the bettor’s favor, an individual bet may work out badly. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses. This point may be made more colorful by a reference to the arithmetic of roulette. If a man bets $1 on a single number, he is paid $35 profit when he wins—but the chances are 37 to 1 that he will lose. He has a “negative margin of safety.” In his case diversification is foolish. The more numbers he bets on, the smaller his chance of ending with a profit. If he regularly bets $1 on every number (including 0 and 00), he is certain to lose $2 on each turn of the wheel. But suppose the winner received $39 profit instead of $35. Then he would have a small but important margin of safety. Therefore, the more numbers he wagers on, the better his chance of gain. And he could be certain of winning $2 on every spin by simply betting $1 each on all the numbers. (Incidentally, the two examples given actually describe the respective positions of the player and proprietor of a wheel with a 0 and 00.)

AsianBookie Tipsters Championship
Member of Team:
Bolametrix Quantitative Research
(Est. Oct 2014)

Team Ranked: #49 - Team Score (Top 50 Members): AB$ 1,693,125 Total Members: 44
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Fahrenheit
05-Jun 2010 Saturday 3:16 PM (5066 days ago)            #11
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Tipsters
Championship:
AB$: 901,562.50
Ranked:
#1325

 
Why gamblers are so confident

  


In a wonderful book “Errornomics”, the author, Joseph T Hallinan, writes on the misplaced confidence of gamblers.

 

“A similar kind of revision affects the memories of people who like to gamble, especially on sporting events like football games. If you know people like this, ask them to tell you about some of their wins-then ask them to tell you about some of their losses. Listen closely to what they say. Odds are they won't recall them in the same way. Instead, gamblers typically tend to accept their wins at face value but explain away their losses.

 

Years ago the Cornell professor Tom Gilovich, who was then at Stanford, spent his dissertation tracking the betting practices of experienced gamblers in professional football and college basketball games.

 

"I looked around and had a bunch of these people in my life," Gilovich told me. "And I always wondered, 'Why do these people have so much confidence?' They get beaten down and come right back, which is admirable in some ways. But in other ways, lives can be ruined by this."

 

So he set out not only to track whether gamblers won or lost but to learn what they thought about those wins and losses. To that end he handed the gamblers in his experiments tape recorders and asked each of them to record their thoughts on their winning and losing bets. The tapes were transcribed and then analyzed. Gilovich found that when gamblers were right, they tended to offer bolstering comments about just how right they were-"I knew it would happen," or words to that effect. But when they were wrong, they tended to minimize their error by offering "undoing" comments about how the game should have turned out differently. In these cases the gamblers would often blame the outcome on a fluke event, like a fumble in the fourth quarter. To them, a loss wasn't really a loss; it was a near win. In either case, the effect of the bolstering and undoing comments was largely the same: foresight became better in hindsight.

 

We're Shallower than We Realize

 

The type of misremembering involved in hindsight carries with it a significant, though unstated, implication: we don't always know when we're being biased. In this sense, we don't mean "bias" in the way that people usually define the word-as some form of overt prejudice against certain types of people or ideas. Instead, we mean something much more nuanced-a small nudge to our judgment that occurs without our being aware of it.

 

Think back to the section on first impressions. Remember what happened when researchers showed pictures of politicians to the subjects in their experiments? Without studying the politicians' position papers or listening to a single word of their speeches, the subjects were able to draw amazingly quick inferences about the politicians' competence; all they had to do was glance at the politicians' faces.

 

Moreover, this snap judgment was no fleeting impression; it appeared to influence how the participants in the study would actually vote. When the researchers conducted simulated voting studies, they found that additional information about the politicians that voters would normally gather during the course of a campaign diluted-but did not eliminate-the impact of the initial impression. The actual voting preferences of the participants were anchored on their split-second inferences of competence from facial appearance.

 

This finding has profound implications for the rationality not only of voting preferences but of other preferences, too; many of the consequential decisions we make may be shallower than we would like to believe. Indeed, we may not even know that we have made a decision. In the case of the voters above, the researchers concluded that because such judgments were made so quickly, "their influence on voting decisions may not be easily recognized by voters." In other words, voters' opinions may have been biased; they just may not know they have been biased.

 

This may be hard for many of us to swallow because people tend to pride themselves on their impartiality.

 

"People always think they're not biased-even when you can document statistically that there's a huge bias," says George Loewenstein, a professor at Carnegie Mellon and one of the nation's leading experts on the role that bias can play in shaping our judgments. And if we don't know we've been biased, eliminating the mistakes that stem from that bias can become much more difficult.”




"Margin of Safety" as the Central Concept of Betting
A team's past ability to create quality chances is the expected number of goals that they should have produced. The expected number of goals in excess of the actual number of goals constitutes the "margin of safety". The margin is counted on to cushion the bettor against discomfiture in the event of a performance decline in the upcoming fixture. The soccer bettor does not expect the upcoming fixture to work out the same as in the past. If he were sure of that, the safety margin demanded might be small. The function of a safety margin is, in essence, that of rendering unnecessary an accurate estimate of the team's winning probability in the upcoming fixture. If the safety margin is sufficiently large, then it is enough to assume that the team's upcoming performance will not fall far below their expected goals in order for the bettor to feel sufficiently cushioned against bad luck. The safety margin is always dependent on the odds that the bettor accepts from the bookie. It will be large in certain odds, small at some lower odds, and negative when the odds is too low. However, even with a safety margin in the bettor's favour, he may lose his bet. For the margin guarantees only that he has a better chance of winning - not that loss is impossible. 
Theory of Diversification
There is a close logical connection between the concept of safety margin and the principle of diversification. One is correlative with the other. Even with a margin in the bettor’s favor, an individual bet may work out badly. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses. This point may be made more colorful by a reference to the arithmetic of roulette. If a man bets $1 on a single number, he is paid $35 profit when he wins—but the chances are 37 to 1 that he will lose. He has a “negative margin of safety.” In his case diversification is foolish. The more numbers he bets on, the smaller his chance of ending with a profit. If he regularly bets $1 on every number (including 0 and 00), he is certain to lose $2 on each turn of the wheel. But suppose the winner received $39 profit instead of $35. Then he would have a small but important margin of safety. Therefore, the more numbers he wagers on, the better his chance of gain. And he could be certain of winning $2 on every spin by simply betting $1 each on all the numbers. (Incidentally, the two examples given actually describe the respective positions of the player and proprietor of a wheel with a 0 and 00.)

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Fahrenheit
06-Jun 2010 Sunday 4:31 PM (5065 days ago)            #12
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http://www.leggmason.com/thoughtleaderforum/2007/conference/images/cards/crist01.jpg

http://www.leggmason.com/thoughtleaderforum/2007/conference/images/cards/crist02.jpg

http://www.leggmason.com/thoughtleaderforum/2007/conference/images/cards/crist03.jpg

http://www.leggmason.com/thoughtleaderforum/2007/conference/images/cards/crist04.jpg

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http://www.leggmason.com/thoughtleaderforum/2007/conference/images/cards/mauboussin04.jpg




"Margin of Safety" as the Central Concept of Betting
A team's past ability to create quality chances is the expected number of goals that they should have produced. The expected number of goals in excess of the actual number of goals constitutes the "margin of safety". The margin is counted on to cushion the bettor against discomfiture in the event of a performance decline in the upcoming fixture. The soccer bettor does not expect the upcoming fixture to work out the same as in the past. If he were sure of that, the safety margin demanded might be small. The function of a safety margin is, in essence, that of rendering unnecessary an accurate estimate of the team's winning probability in the upcoming fixture. If the safety margin is sufficiently large, then it is enough to assume that the team's upcoming performance will not fall far below their expected goals in order for the bettor to feel sufficiently cushioned against bad luck. The safety margin is always dependent on the odds that the bettor accepts from the bookie. It will be large in certain odds, small at some lower odds, and negative when the odds is too low. However, even with a safety margin in the bettor's favour, he may lose his bet. For the margin guarantees only that he has a better chance of winning - not that loss is impossible. 
Theory of Diversification
There is a close logical connection between the concept of safety margin and the principle of diversification. One is correlative with the other. Even with a margin in the bettor’s favor, an individual bet may work out badly. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses. This point may be made more colorful by a reference to the arithmetic of roulette. If a man bets $1 on a single number, he is paid $35 profit when he wins—but the chances are 37 to 1 that he will lose. He has a “negative margin of safety.” In his case diversification is foolish. The more numbers he bets on, the smaller his chance of ending with a profit. If he regularly bets $1 on every number (including 0 and 00), he is certain to lose $2 on each turn of the wheel. But suppose the winner received $39 profit instead of $35. Then he would have a small but important margin of safety. Therefore, the more numbers he wagers on, the better his chance of gain. And he could be certain of winning $2 on every spin by simply betting $1 each on all the numbers. (Incidentally, the two examples given actually describe the respective positions of the player and proprietor of a wheel with a 0 and 00.)

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Fahrenheit
08-Jun 2010 Tuesday 9:01 PM (5063 days ago)            #13
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Confessions of a Value Investor- A Few Lessons in Behavioral Finance

This message was edited by Fahrenheit on 08-Jun-2010 @ 9:02 PM




"Margin of Safety" as the Central Concept of Betting
A team's past ability to create quality chances is the expected number of goals that they should have produced. The expected number of goals in excess of the actual number of goals constitutes the "margin of safety". The margin is counted on to cushion the bettor against discomfiture in the event of a performance decline in the upcoming fixture. The soccer bettor does not expect the upcoming fixture to work out the same as in the past. If he were sure of that, the safety margin demanded might be small. The function of a safety margin is, in essence, that of rendering unnecessary an accurate estimate of the team's winning probability in the upcoming fixture. If the safety margin is sufficiently large, then it is enough to assume that the team's upcoming performance will not fall far below their expected goals in order for the bettor to feel sufficiently cushioned against bad luck. The safety margin is always dependent on the odds that the bettor accepts from the bookie. It will be large in certain odds, small at some lower odds, and negative when the odds is too low. However, even with a safety margin in the bettor's favour, he may lose his bet. For the margin guarantees only that he has a better chance of winning - not that loss is impossible. 
Theory of Diversification
There is a close logical connection between the concept of safety margin and the principle of diversification. One is correlative with the other. Even with a margin in the bettor’s favor, an individual bet may work out badly. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses. This point may be made more colorful by a reference to the arithmetic of roulette. If a man bets $1 on a single number, he is paid $35 profit when he wins—but the chances are 37 to 1 that he will lose. He has a “negative margin of safety.” In his case diversification is foolish. The more numbers he bets on, the smaller his chance of ending with a profit. If he regularly bets $1 on every number (including 0 and 00), he is certain to lose $2 on each turn of the wheel. But suppose the winner received $39 profit instead of $35. Then he would have a small but important margin of safety. Therefore, the more numbers he wagers on, the better his chance of gain. And he could be certain of winning $2 on every spin by simply betting $1 each on all the numbers. (Incidentally, the two examples given actually describe the respective positions of the player and proprietor of a wheel with a 0 and 00.)

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Fahrenheit
10-Jun 2010 Thursday 12:34 PM (5061 days ago)            #14
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----from internet source----

Value Betting: Gaining an Edge over the Bookie

If the bookmaker's odds are unfair, how can a punter ever win? Given the disadvantage the overround imposes, it is no surprise that as many as 95% of gamblers fail to win at fixed odds sports betting over the long term. There is no denying that most bookmakers, particularly the well-established firms, are very good at setting prices, estimating the true chance of sporting results and locking in a profit margin.

Nevertheless, sports are not statistically quantifiable, in the sense that cards or other forms of casino gambling are, where simple laws of probability govern the outcome of games like blackjack, roulette and craps. I know that I have a 1/37 chance of landing a number 36 on a European roulette wheel (1/38 chance on an American wheel). But how can I know what the true probability is of Ronnie O'Sullivan winning the world snooker championship again? And if I think I know what his chances are, how can I be sure that my estimate is more accurate than the bookmaker's?

Unfortunately, the answers to these questions only come with time and experience, by acquiring a "knowledge" of a sport and its betting market, and a familiarity with the way bookmakers set their odds. The good news, however, is that whilst bookmakers are very good at setting odds for sporting events, they, like punters, can make mistakes, sometimes very glaring ones, which knowledgeable bettors will snap up without a moment's hesitation. William Hill, for example, astonishingly offered 200/1 on Primoz Peterka, the back-in-form Slovenian ski jumper, to win the opening ski jumping World Cup competition of the 2002/03 season at Kuusamo, Finland, despite the fact that he had won the qualifying competition the night before, and had been double world champion in previous seasons. The true odds, by contrast, were likely to be nearer to 10/1, and most other bookmakers had priced accordingly. Peterka won, and William Hill ceased offering odds for the ski jumping World Cup thereafter. Of course, such large mistakes are relatively rare, but smaller pricing errors do and must exist to account for the few per cent of gamblers who are profiting regularly from fixed odds sports betting.

Punters differ in the methods they use to acquire a sports betting "knowledge". Some like to adopt a more mathematical approach by using rating systems based on past performance to predict future outcomes. Others spend hours each week poring over sports journals and Internet sites to glean as much information as they can about a particular event, including news about the weather, and team or player injuries and morale. Still others base their judgement on a subjective feel for the forthcoming event, relying on an inkling or a hunch about what may happen. And finally there are punters who simply pay others to do the thinking for them, by subscribing to one or more sports advisory services.

There is no right or wrong approach to seeking a betting edge. Ultimately, the best one is the one that works for you, one that returns a profit. However, what each approach has in common is a shared aim of finding "value" in the odds, where the true chance of a win is greater than that estimated by the bookmaker. Many punters fail to appreciate the importance of value betting, preferring to subscribe to the "back winners, not losers" school of gambling. Betting on Liverpool at Anfield to beat Sunderland at 4/11, it might be argued, is surely preferable to betting on Sunderland to beat Liverpool at 13/2, even if the bookie has restricted Liverpool's odds but been generous with Sunderland's. Liverpool, simply, are too good, however poor the price.

This analysis is confused because the punter has failed to assess Liverpool's chance of a win in probabilistic terms, but instead rather simply by whether he thinks they will or won't be victorious. "Winners" cannot win all the time, no matter how much a punter is convinced that they can. The important question a punter should instead be asking is whether the true chance of a winner is greater than that which the bookmaker has unfairly (in his mind), but potentially mistakenly (in the punter's mind), estimated it to be. In other words, is the bookmaker's price greater than that which the punter considers to be the fair price? If it is, then he has found betting value, provided he can estimate prices better than the bookmaker, of course.

A value bettor will be generally unconcerned about backing the underdog, or perhaps more relevantly backing a team which he thinks will not win (underdog or not), provided there is value in the bookmaker's odds. A value bettor estimating the likelihood for the Liverpool win to be 70%, with a 15% chance of a Sunderland win would back the away team, despite believing that Liverpool should win. According to these estimations, the fair odds for the two teams are 1.43 and 6.67 respectively. If the punter is right, and the game could be played 100 times, a 13/2 bet on Sunderland each time would, on average, return £12.50 profit from 100 £1 stakes. By contrast, backing Liverpool at 4/11 would, on average, lose him £4.55. He might believe that Liverpool should win each time, but in this case so does the bookmaker, who has cut his odds. Equally, however, the bookmaker has underestimated the chance of a Sunderland win, offering odds that the value bettor considers, in this case, to represent value.

Since odds are just probabilities, value betting offers really the only way to beat the bookmaker. A punter can back as many "winners" as he likes, but if he fails to take into account the bookmaker's prices, it may not be enough to return a profit. There will always be some losers. Really, the argument about value betting is a hypothetical one. The "back winners, not losers" philosophy is itself inherently all about finding a betting edge. If a punter is finding winners and making a profit with them, it means simply that he is winning more bets than the bookmaker believes the punter ought to be winning, according to the odds the bookmaker had set. If this is the case, the punter has found value and established a betting edge, whether he quantitatively set out to do so or just followed his hunches. Successful betting, then, is really all about understanding and managing probabilities. Know the true chances of a sporting win, and there may be profitable opportunities waiting at the bookmakers. As Geoff Harvey says in his book Successful Football Betting, "Find the value, [and] the winners will take care of themselves."




"Margin of Safety" as the Central Concept of Betting
A team's past ability to create quality chances is the expected number of goals that they should have produced. The expected number of goals in excess of the actual number of goals constitutes the "margin of safety". The margin is counted on to cushion the bettor against discomfiture in the event of a performance decline in the upcoming fixture. The soccer bettor does not expect the upcoming fixture to work out the same as in the past. If he were sure of that, the safety margin demanded might be small. The function of a safety margin is, in essence, that of rendering unnecessary an accurate estimate of the team's winning probability in the upcoming fixture. If the safety margin is sufficiently large, then it is enough to assume that the team's upcoming performance will not fall far below their expected goals in order for the bettor to feel sufficiently cushioned against bad luck. The safety margin is always dependent on the odds that the bettor accepts from the bookie. It will be large in certain odds, small at some lower odds, and negative when the odds is too low. However, even with a safety margin in the bettor's favour, he may lose his bet. For the margin guarantees only that he has a better chance of winning - not that loss is impossible. 
Theory of Diversification
There is a close logical connection between the concept of safety margin and the principle of diversification. One is correlative with the other. Even with a margin in the bettor’s favor, an individual bet may work out badly. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses. This point may be made more colorful by a reference to the arithmetic of roulette. If a man bets $1 on a single number, he is paid $35 profit when he wins—but the chances are 37 to 1 that he will lose. He has a “negative margin of safety.” In his case diversification is foolish. The more numbers he bets on, the smaller his chance of ending with a profit. If he regularly bets $1 on every number (including 0 and 00), he is certain to lose $2 on each turn of the wheel. But suppose the winner received $39 profit instead of $35. Then he would have a small but important margin of safety. Therefore, the more numbers he wagers on, the better his chance of gain. And he could be certain of winning $2 on every spin by simply betting $1 each on all the numbers. (Incidentally, the two examples given actually describe the respective positions of the player and proprietor of a wheel with a 0 and 00.)

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Fahrenheit
10-Jun 2010 Thursday 12:34 PM (5061 days ago)            #15
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----from internet source----

Identifying Value Bets and Making a Profit

By comparing fair odds defined by a numerical rating system to those of the bookmaker we can determine whether we have identified a value bet. Where the bookmaker's odds are superior to our fair odds, we have potentially gained an edge, provided that our ratings system furnishes an accurate forecast, or more appropriately an accurate expectancy of the result. In such a case the bookmaker has underestimated the probability of the result, and is offering, by our forecast's assessment, higher than the mathematically fair odds. Over the long term, provided the ratings analysis is accurate, one should make a profit. The distinction between result forecast and result expectancy is an important one, and is central to the principles of value betting. It is not enough simply to predict the most likely result. To potentially make a profit over a series of bets, we must always compare our fair odds to those of the bookmaker, and think of the outcome of a match in terms of a probability distribution rather than as simply win or lose.

Unfortunately, the majority of bookmakers are rather good at pricing football matches. Football betting is the most popular of all sports betting, particularly in the UK, where football is the national game. Consequently, the bookmakers can lay their hands on a tremendous amount of information to assist with odds pricing, and the punter will always struggle to do better. With a further 11 to 12% disadvantage in the shape of the singles overround to overcome, it may come as no surprise that the majority of bets do not offer any betting value.

Nevertheless, bookmakers, like punters, are capable of making mistakes. Using the recent goal supremacy rating system to identify value home wins for English league games played during the 2001/02 season, a total of 526 of the available 1,746 games were identified as having value in the home win fixed odds. Taking the best available betting price would have returned a profit over turnover of 2.1%. In contrast, betting blindly on all 1,746 games would have yielded a loss of 3.7%. As such, this rating system successfully predicted the outcome of home wins by nearly 6% more than the bookmakers offering prices on those matches. Although small, this improvement is not insignificant, despite the ratings system adopting a relatively simply approach.

With historical results and betting odds data, any rating system's predictive capability can be tested without even risking any betting capital.



This message was edited by Fahrenheit on 10-Jun-2010 @ 12:53 PM




"Margin of Safety" as the Central Concept of Betting
A team's past ability to create quality chances is the expected number of goals that they should have produced. The expected number of goals in excess of the actual number of goals constitutes the "margin of safety". The margin is counted on to cushion the bettor against discomfiture in the event of a performance decline in the upcoming fixture. The soccer bettor does not expect the upcoming fixture to work out the same as in the past. If he were sure of that, the safety margin demanded might be small. The function of a safety margin is, in essence, that of rendering unnecessary an accurate estimate of the team's winning probability in the upcoming fixture. If the safety margin is sufficiently large, then it is enough to assume that the team's upcoming performance will not fall far below their expected goals in order for the bettor to feel sufficiently cushioned against bad luck. The safety margin is always dependent on the odds that the bettor accepts from the bookie. It will be large in certain odds, small at some lower odds, and negative when the odds is too low. However, even with a safety margin in the bettor's favour, he may lose his bet. For the margin guarantees only that he has a better chance of winning - not that loss is impossible. 
Theory of Diversification
There is a close logical connection between the concept of safety margin and the principle of diversification. One is correlative with the other. Even with a margin in the bettor’s favor, an individual bet may work out badly. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses. This point may be made more colorful by a reference to the arithmetic of roulette. If a man bets $1 on a single number, he is paid $35 profit when he wins—but the chances are 37 to 1 that he will lose. He has a “negative margin of safety.” In his case diversification is foolish. The more numbers he bets on, the smaller his chance of ending with a profit. If he regularly bets $1 on every number (including 0 and 00), he is certain to lose $2 on each turn of the wheel. But suppose the winner received $39 profit instead of $35. Then he would have a small but important margin of safety. Therefore, the more numbers he wagers on, the better his chance of gain. And he could be certain of winning $2 on every spin by simply betting $1 each on all the numbers. (Incidentally, the two examples given actually describe the respective positions of the player and proprietor of a wheel with a 0 and 00.)

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Fahrenheit
09-Jul 2010 Friday 8:04 PM (5032 days ago)            #16
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People like to listen to stories, and tend to use the “moral of the story” as a compass to finding their way in life. Likewise, punters are more comfortable with betting decisions that can be justified with a strong, convincing story. The storytellers here refer to the sportswriters who write previews and give you their “analysis”. Beware of the influence of nice stories.

Most punters have a need for emotional anchors. When confronted with decisions, it is human nature to begin with the familiar and use it to make judgments. This has been observed by the number of punters who rely on Football Update, Shin Ming Daily & The New Paper for the tipsters' predictions.

When asked to estimate the chance that a team will win, he is likely to be influenced by the current odds, with the “probability” increasing as the odds decreases. Thus, the punter has mistaken “probability” for “expectation”. These two are not the same.

The central principal of smart punting is to go contrary to general opinion, on the grounds that if everyone is agreed about its merits, the odds is inevitably too low and therefore unattractive. At its core, this is what smart punting is all about. In order to bet at bargain odds, it must not be seen as a bargain by the majority. It must be mis-priced which, by definition, means that the majority’s expectations are wrong since odds are based on general expectations. In order to achieve high payouts, we should look for good teams that are perceived as miserable dogs. Good returns can even be achieved by punting on teams that truly are miserable dogs, if the odds are excessively high. Warren Buffett likens this situation to finding a cigar butt on the pavement. You may only get a puff or two, but the price is right.

Odds movement are based on the majority's expectations of the final result, but these expections are biased. Since the full-time result is unknowable, the prevailing odds are usually wrong.

Match-fixing exists only when you never hear the word mentioned. When you hear a lot of talk about a fixed match, it's usually just a rumor.  

Fahren's betting approach firmly has its roots in five steps.

1. Apply an investment philosphy to your bets

2. Develop a good strategy in digging information

3. Learn to estimate & quantify these info into probabilities ;

4. Have the discipline to say no if you don't like the odds ;

5. Have the courage to listen to yourself and bet against other punters. 

 

Take the current odds and work backwards to figure out what the team has done and will do (before kick-off) to deserve this odds. Sometimes you will find something absurd in the odds. Backward thinking FREES you from making predictions, which you know will have high rates of error.  Ask yourself: Why would Team A win? Why won't it win? What can cause me to be wrong about this notion? Exploitation of differences between odds and probability produce positive net results. 

 

Even though probability cannot be calculated with engineering precision, it can, in some cases, be estimated and judged with a degree of accuracy that is useful. The primary factors bearing upon this estimation are: (A) the certainty with which the team's basic strength can be estimated ; (B) the certainty with which the coach/manager can be evaluated, both to his ability to bring the players to their full potential and to wisely deploy them on the pitch. (C) the certainty with which the team can be counted on to bring glory to themselves and to delight their fans. (D) the odds offered by the bookie. 

In soccer, there is a simple determinant of victory: winning means scoring more goals than the opposition! However, there is a distinction between the outcome (winning or losing) and the performance by which it was achieved. Since chance often plays a role in the scoring/conceding of goals (ie. fluke results), punters recognise that what they deem to have been the better team may not necessarily win.  

Just because a team ends up top of the league, it doesn't really mean it is the best team. For example, in the English Premier League statistics have shown that 21% of the variability is due to chance and 79% due to genuine differences between the teams. Some leagues, in contrast, have contained teams of essentially equal ability where the league positions at the end of the season could be totally attributable to chance: for example the Scottish 2nd Division in 2002-2003 in which after 36 games each the teams all finished between 36 and 59 points: poor Cowdenbeath were at the bottom but the points show that they were really no worse than any other team, just the unluckiest. 

In almost every aspect of daily life, people try to go where the prospects are better. You look for a job where prospects are good, or you buy a house where the location is good. But when you are making a bet, you should try to pick the opposite - against the punters who are optimistic. You should try to obtain the highest possible odds in relation to what the despised team is worth. And the primary reason when the odds rises is when other punters are betting on the admired team. 

Screening Phase : Superficially screen through the available matches for the day before you start zooming in on a particular match. I mention this because if you are a well-informed punter, you'll roughly have an idea on relative strengths of each team. In the screening phase, you don't need to run a thorough analysis on a match in order to decide whether to bet on it or not. If you are unfamiliar with a certain match at this phase, it means you don't really know much about the teams. In that case, it's better for you to avoid that match. Do not pay too much attention to the odds offered in this phase, just notice the matches you feel will have a certain outcome. 

Statistical analysis should not be the only criteria when deciding your bets. It should only be used as part of your criteria.   It's wise to check on the participating teams' injury situation before placing a bet. The bookie presents his odds long before the match kicks off, and bookies are not nescessarily updated on the injury situation. Punters have an advantage on the bookie, because punters can stay updated on injuries to the last minutes before kickoff. But if you have singled out an object, don't change your plan only because an unexpected injury occurs. If several key memebers of the team gets unexpectedly injured, then you should consider your pick (especially if it's a team with a rather thin squad, dependant on their key personell). Also pay attention to reports of viruses, squads suffering from the flu, etc. Very often during the winter squads are depleted due to flu or viruses. 




"Margin of Safety" as the Central Concept of Betting
A team's past ability to create quality chances is the expected number of goals that they should have produced. The expected number of goals in excess of the actual number of goals constitutes the "margin of safety". The margin is counted on to cushion the bettor against discomfiture in the event of a performance decline in the upcoming fixture. The soccer bettor does not expect the upcoming fixture to work out the same as in the past. If he were sure of that, the safety margin demanded might be small. The function of a safety margin is, in essence, that of rendering unnecessary an accurate estimate of the team's winning probability in the upcoming fixture. If the safety margin is sufficiently large, then it is enough to assume that the team's upcoming performance will not fall far below their expected goals in order for the bettor to feel sufficiently cushioned against bad luck. The safety margin is always dependent on the odds that the bettor accepts from the bookie. It will be large in certain odds, small at some lower odds, and negative when the odds is too low. However, even with a safety margin in the bettor's favour, he may lose his bet. For the margin guarantees only that he has a better chance of winning - not that loss is impossible. 
Theory of Diversification
There is a close logical connection between the concept of safety margin and the principle of diversification. One is correlative with the other. Even with a margin in the bettor’s favor, an individual bet may work out badly. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses. This point may be made more colorful by a reference to the arithmetic of roulette. If a man bets $1 on a single number, he is paid $35 profit when he wins—but the chances are 37 to 1 that he will lose. He has a “negative margin of safety.” In his case diversification is foolish. The more numbers he bets on, the smaller his chance of ending with a profit. If he regularly bets $1 on every number (including 0 and 00), he is certain to lose $2 on each turn of the wheel. But suppose the winner received $39 profit instead of $35. Then he would have a small but important margin of safety. Therefore, the more numbers he wagers on, the better his chance of gain. And he could be certain of winning $2 on every spin by simply betting $1 each on all the numbers. (Incidentally, the two examples given actually describe the respective positions of the player and proprietor of a wheel with a 0 and 00.)

AsianBookie Tipsters Championship
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Fahrenheit
09-Jul 2010 Friday 8:05 PM (5032 days ago)            #17
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During the first quarter of the season, results can be very unpredictable, and often less fancied teams bet the more well known teams. This is the time to bet on highly priced underdogs.  League tables should not be used as a pick criteria at all during the first months of the season, as they count for nothing in this period. Wait for the season to settle, and only start to use the tables after about a quarter of the season. League tables should never be used as the only criteria when deciding your bets. Remember that bookies use a set of statistical methodolgy  when they decide what odds to offer, and league table is just one of the statistical inputs.   Form is the major criteria used by bookies to decide prices. Therefore, form teams are almost always recognised by bookies, and the prices reflect this. A team who have won it's last 4 matches are rarely given good odds by the bookie. You have to identify a team in form as early as possible, in order to get good prices before the bookie discover it. Often you can assume a change in form, not necessarily based on results, but on reports on how the team has played, even though results haven't been that good. During a season teams hit periods with extreme luck, and periods with really bad luck. Teams can play very badly for a period, then a change of management turn things upside down, and the team hit a winning streak.. It's vital to your success to identify these periods early on, before bookies get aware.  Sometimes two teams only need a draw to qualify for a championship, or to avoid relegation. Sometimes one team need a draw to ensure the championship, while to opposition need a draw to beat the drop. Bookmakers are very alert to these situations, and prices are often slashed in these situations. A "fixed" draw is typical for the Italian league, but will rarely happen in English soccer, due to the typical honesty of English teams. English teams play for pride, and for the sake of the sport's reputation. For us punters, it's a must to bet on these games, but very often bookmakers won't accept bets.   

A value punter minimizes long-term risk of losing money by choosing bets which have a built in margin of safety. Hot favorites' hype, and mass hysteria do not affect the decisions a value punter makes. Value punting is extremely taxing to the average person, as significant analysis must be done prior to betting, and it requires an unusual level of confidence, as bets are often made on the underdogs. Value punters must be willing to remain within their circle of competence and punt only in matches they understand. A value punter is unafraid of betting on a team when it's down and out, provided the odds is right. At any point in time, there are several teams whose odds are unusually high. There are many reasons for this to happen, such as disappointing results, financial problems, changes in coach or players, etc. A value punter will weigh the increase in odds with the reasons that caused it. If it appears that most punters overreacted (as it often does), then the value punter might take this as an opportunity to stake on the troubled team.   The probability is not more certain merely because information and statistics is easily available to you.  Our predictions tend to be based on easily available information (ie. statistics and previews). The result? We tend to overweigh easily available information. Most punters assess the frequency, probability, or likely result of the soccer match by the availability of similar occurrences in our memory. So, what are the consequences of over-weighing available information? Punters estimate of probability will go wrong, so their estimates of value will go wrong, resulting in misjudgments. We also over-weigh the things that can be counted and neglect the things which can't be counted.  Odds are readily available and precise, as they are immediately and vividly shown on the tote-board at Spools' branch and website. However, the winning probability is not readily available, as it is essentially just an estimate. Is it any wonder why punters tend to put too much attention on the odds movement? Thus, the antidote for "availability bias" is to tone down the influence of vivid and accessible information, and tone up the information which are easily overlooked. Hyperbolic discounting is the tendency for people to prefer a smaller, certain payout over a larger, uncertain payout. Interestingly, certainty is a big factor in choosing a bet. Put simply, most punters would choose a favorite low odds bet that seems to provide a higher probability of winning instead of choosing an underdog whose probability is lower but provides higher odds. However, it is interesting how much less we are willing to accept from a strong favorite team or 1/2 goal bet (at ridiculously low odds) rather than patiently wait for a "mispriced bet situation" at attractive odds.

  The issue is not which horse is the likely winner, but which horse offers odds that exceed their actual chances of victory. 

AB members look at the picks posted by tipsters because they want to be led, to be instructed, to be told what to bet. They want reassurance. People want the safety of human company. They are afraid to stand alone because they want to be safely included within the herd, not to be that lonely cigarette butt lying on the path of an unpopular opinion.  Most tipsters have little idea of how to deal with the possibility of match upsets. Even though they recognize its presence, they tend to steer clear from tipping the "kelong outcome", often to protect themselves from flamming by others if their tips were wrong. Once you realize that imperfect understanding is human nature, there is no shame in making a wrong prediction. Remember, it's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong. Match upsets have been and will be associated with remarkably higher payouts, and the good news is that there are systematic ways to think about it. If these ways are followed, they can provide a path to extraordinary payouts. To be sure, substantial losses are inevitable when your judgment is wrong. Some people will flame you for bringing them to "holland". But the net expected results will be better than if you routinely bet on those favorite outcomes with extremely low odds. The worse a team becomes, the less it takes to turn it around. Money is made by discounting the obvious and betting on the unexpected. Thus, the kelong-sensitive punter should be constantly on the lookout for such betting opportunities.  The ability to identify kelong results leads to a maxim on betting advantage: "The greater is your payout, that is the larger is your advantage, the greater the size of your bets you should put at risk." Most punters are afraid to follow it sufficiently if at all. Indeed, not everyone has the courage to bet against the favorites. They tend to whack more on favorite outcomes with low odds, but bet much less when the payout is high. This is due to the belief that low odds equals high probability, and vice versa. This is not always true. Improbable results are more likely to happen than you think.   The only way to make a profit is to pick teams that exceed the punters' expectation. You will only ever make a profit from betting if you consistently bet on teams at odds too high when compared to its actual chance of winning. This is exactly how Spools have made their money for years – they consistently price the favorite teams at very low odds compared to the actual chance of the team winning. When punters continue to take these low prices day-in and day-out, it will only ever be Spools who come out with a profit in the long run. By allowing Spools to have an edge against you in terms of the discounted odds, there is no money management scheme that will make you a winner. If you continue to bet on the discounted odds, regardless of how you manage your money, it is almost certain you'll be a net loser within 50 games. Even if you are winning frequently, you still won't win in the end, because you are winning less when you win and losing more when you lose.  When soccer teams are favored, people think that nothing can go wrong. They love the top scorers, they love the top ranking, and more often than not they will be disappointed. Due to the majority's bias toward favorite teams, it naturally follows that the odds offered for a favorite win are typically much lower than it's worth. The chances may be on your side, but the real odds are against you. Consequently a betting strategy based on the underdog win outcome, although occurring less often than one based on the favorite win outcome, may have the potential for greater profits than a betting strategy for the favorite win. For these reasons Fahrenheit's betting strategy will focus mainly on supporting the underdog win. An underdog with remarkable odds is superior to a favorite team at lousy odds.  Most bettors don't have the courage to go with certain underdogs. They see a (perceived) good team versus a (perceived) bad team and assume it won't be a contest. They have formed an opinion about how horrible some teams are based on a recent blowout or past personal gambling loss. Again, with the right combination of statistical and situational research, some undervalued dogs can be spotted each week. There are also certain situations in which bad teams have historically and reliably outperformed their average. Match that with a historically-proven situation in which favorites under-perform and you have yourself a reliable upset scenario.  Underdogs don't get any respect! They don't get it from the public, sometimes leading to higher than deserved spreads. More importantly, they don't get it from their opposition. Good teams can sometimes take bad teams lightly (especially if players and coaches minds are on other things, like next week's tougher opponent). Research and an understanding of historical trends can reveal great situations in which underdogs are poised for an upset.  Basically, odds movement have only one significant meaning for the punter. They provide him with an opportunity to bet when odds are above his estimate and to avoid betting when the odds are below his estimate. At other times he will do better if he forgets about the odds movement and pays attention to his own psychology.  Perhaps the single greatest error in soccer betting is a failure to distinguish between estimation of probability and the expectations implied by the odds movement. A voting machine MUST NEVER be treated as a weighing machine. Degrees of confidence must not be confused for degrees of probability. Before checking Spools odds, entering AB forum, or reading match previews, first write down your views about the upcoming match you are considering to bet: why the team is good or bad, what odds it is worth, and your reasons for those views.   The odds may be set wrongly and the majority's expectations could be wrong, and sometimes an alert and courageous punter can take advantage of such errors. The other is that most teams change in form, motivation and quality over the weeks, sometimes for the better, perhaps more often for the worse. The punter need not watch his teams’ performance like a hawk; but he should give it a good, hard look from time to time.  If "kelong" just happened yesterday, it doesn't mean it won't happen again today. If it hasn't happened for a long time, it can still happen today. Think of volcanic eruptions and earthquakes.  The punter who permits himself to be stampeded or unduly worried by unjustified odds movement is perversely transforming his basic advantage into a basic disadvantage. You would be better off if the odds doesn't move at all, for you would then be spared the mental anguish caused to you by the majority’s mistakes of judgment. Most punters know that soccer betting is an exercise in probability. But knowing it and actually living by it can be two separate things.  Punters are poorly calibrated in estimating probabilities. When they are sure that team A will win, the actual probability is far less than their expectations. In short, each punter thinks that he is smarter, and that he has better information than others. For example, he may get "insider information" from someone, or discovered a paid preview on the internet, and then he is ready to place his bets based on his perceived knowledge advantage. Overconfident punters overestimate their ability to make predictions. As a result, they can become blind to any negative information. Overconfident punters can place too much bets as a result of believing that they possess exclusive knowledge and information.  After an unusally long winning streak, punters may start to believe that their success is due to their skills rather than luck. This behavior can lead to taking on too much risk and over-betting. This also leads punters to "hear only what they want to hear". That is, when punters see information that confirms a bet which they have made, they will ascribe "brilliance" to themselves. Punters should recognize that successful betting is merely a probabilistic activity. Even the wisest punters have absolutely no control over the match outcomes, such as weather, injuries, random movements on the pitch, referee's bias, etc. Regret aversion can cause punters to be too conservative in their bets. Having suffered losses in the past, many punters shy away from supporting the underdogs and accept only low odds or handicap bets. This behavior, although it allows you to make tiny profits along the way, can lead to unexpected losses instead.  Successful soccer betting does not require a high IQ, unusual analytical abilities, or inside information. What's needed is a sound intellectual framework for deciding your bets, and the ability to keep your emotions from corroding that framework. The critical factor is quantifying the probability of the outcome and getting a fair or attractive odds. Never bet in a match you cannot understand. You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right. It is optimism that is the enemy of the rational punter.  To improve your prediction, combine predictions derived from statistical methods that differ substantially and draw from different sources of information. When feasible, use five or more methods. Develop and use a "unifying system" to combine these methods: An equal-weights rule offers a reasonable starting point, and a trimmed mean is desirable if you combine the predictions derived from five or more methods. Combining the methods is especially useful when you are uncertain about the probability of the match outcome, uncertain about which method is most accurate, and when you want to avoid large errors. Compared with errors of the typical individual prediction, combining reduces errors.  Do not engage in the heuristic reasoning that just because you do not know the risk, other punters do. Think carefully, and assess whether they are likely to know more than you. When the odds are extremely favorable, sometimes it pays to gamble on the unknown, even though there is some chance that the punters on the other side may know more than you.  The most important quality for a punter is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd. You ought to be able to explain why you’re making this bet. And if it can’t stand applying pencil to paper, you’d better think it through some more. And if you can’t write an intelligent answer to those questions, skip this match and bet on other games you can understand. The important thing is to bet against overconfident punters and to play for big stakes. For some reason, punters take their cues from odds movement rather than from probabilities. What doesn’t work is when you start doing things that you don’t understand or because they worked last week for somebody else. The dumbest reason to start betting because the odds is going down. Uncertainty is the friend of the punter who stake on high odds."Hindsight bias" is the inclination to see soccer results that have occurred as more predictable than they in fact were before the game kicked-off. Punters also tend to remember their predictions of soccer results as having been stronger than they actually were, in those cases where those predictions turn out correct. This inaccurate assessment of soccer predictions after it has occurred is also referred to as “creeping determinism”. Punters are deemed to be "suggestible" if they accept and act on tips/suggestions by other punters. Younger, inexperienced punters and newbies are generally more suggestible than older, experienced punters. Individual levels of self-esteem, assertiveness, and other qualities can make some punters more suggestible than others — i.e., they act on others' suggestions more of the time than other people. The "disposition effect" is an anomaly discovered in behavioral finance. It relates to the tendency of punters to avoid betting on a team whose odds has increased, while betting on teams whose odds have dropped drastically. "Anchoring" is a cognitive bias that describes the common human tendency to rely too heavily, or "anchor," on one trait or piece of information when making decisions. During normal decision making, individuals anchor, or overly rely, on specific information or a specific value and then adjust to that value to account for other elements of the circumstance. Usually once the anchor is set, there is a bias toward that value. Take, for example, a punter looking to place a bet on a particular match. He or she may focus excessively on a reading match previews from a certain website, or a specific forum, or rely on a particular tipster, and use those criteria as a basis for evaluating the team's chance of winning, rather than considering how well the team has performed. Punters place too much importance on one aspect of an analysis, causing an error in accurately predicting the soccer result. Anchoring and adjustment is a psychological heuristic that influences the way punters intuitively assess probabilities. According to this heuristic, punters start by first looking at the bookie's odds and use it to form their estimate of probability. The "ambiguity effect" is a of cognitive biases">cognitive bias where punting is affected by a lack of information, or "ambiguity". The effect implies that punters tend to select options for which the probability of a favorable result is known, over an option for which the probability of a favorable result is unknown. One possible explanation of the effect is that people have a rule of thumb (heuristic) to avoid options where information is missing. "Wishful thinking" is the formation of beliefs and making decisions according to what might be pleasing to imagine instead of by appealing to evidence, rationality or reality. Studies have consistently shown that holding all else equal, subjects will predict positive outcomes to be more likely than negative outcomes. The Gambler’s fallacy is the tendency to think that future probabilities are altered by past events, when in reality, they are not. Certain probabilities, such as getting a heads when you flip a (fair) coin, are always the same. The probability of getting a heads is 50%, it does not matter if you’ve gotten tails the last 10 flips. Thinking that the probabilities have changed is a common bias, especially when gambling. For example, I am playing roulette. The last four spins have landed on black, it has to be red this time right? Wrong! The probability of landing on red is still 47.37% (18 red spots divided by 38 total spots). This may sound obvious, but this bias has caused many a gambler to lose money thinking the probabilities have changed. Misleading vividness is a term that can be applied to anecdotal evidence describing an occurrence, even if it is an exceptional occurrence, with sufficient detail to permit hasty generalizations about the occurrence (e.g., to convince someone that the occurrence is a widespread problem). Although misleading vividness does little to support an argument logically, it can have a very strong psychological effect because of a cognitive heuristic called the availability heuristic. Keep a betting Log. A betting log provides insights to your betting decisions after the fact. It might seem like a hassle, but it will provide insights to your betting patterns that you might not be aware of. Using a betting log will help you remember why you made your bets in the first place and that will help you learn the difference between how you planned a winning bet and how you planned a losing bet. Don't over-bet. Sometimes you can't find a “value bet” or a “mispriced bet” but you will feel the urge to bet anyway. Avoid this by finding something else to to. You are not required to bet every day! Don't bet just for the sake of betting. Whatever method you use to analyze soccer one thing is for sure; a confluence of multiple criteria and indicative parameters will lead to greater accuracy for your bet. Most value punters rely on a set of multiple criteria (such as favorable match previews, statistics, a similar pick from other tipsters, etc) in their value betting system. Don’t bet until three out of five of your safety checks are true. Back your conviction if you have made all of your checks. A solid betting system will require you to use more than one indications to decide your bet. When this happens it is called confluence. Confluence of indications is the best way to build your confidence in your bets and gives you the best chance at profits. Where many punters go wrong is jumping the gun and making a bet on impulse without confluence, or when they are only seeing one aspect of their confirmation happening. The urge to keep betting after a winning streak can be especially strong. This is the exact period that many punters due the most damage to their money. If you find yourself feeling this way the best thing you can do is to do something else instead. Waiting for confluence of indications means you must have patience. This will require you to pass up a bet that doesn't give value. The point here is that you are acting like a tiger in the wild by laying low and waiting for the most obvious bet to come along with the most confluence. Tigers don't go running after every gazelle that comes their way, they sit and wait for hours and sometimes days or weeks until the perfect opportunity comes along. This way they give themselves the highest success rate possible with little wasted effort. Punters often think by betting more they are taking advantage of “sure winners” and giving themselves a better chance at winning. This belief is fundamentally wrong but it is how we are wired as humans. This is what makes betting so hard to win sometimes. Waiting patiently for all indicative parameters to come together is immensely important in value betting. Be intellectually honest. When you are wrong admit it , learn from it and go on to the next bet. The betting market rewards intellectual arrogance with losses and pain. There's a match to bet and a match to skip; know each implicitly. Remarkably, it appears that our brains have been hard-wired to make certain errors. Hundreds of different biases have been identified and categorized, including biases that distort our judgments, that introduce errors into the estimates and forecasts that we produce, and that cause us to make the wrong choices. People are notoriously poor at estimating and forecasting. They interpret statistical correlation as implying cause-and-effect. They tend to naively extrapolate trends that they perceive in charts. They draw inferences from samples that are too small or unrepresentative. They routinely overestimate their abilities and underestimate the time and effort required to complete difficult tasks. Estimating and forecasting biases are a special class of biases important to project-selection decision making. Overconfidence is another powerful bias. We believe we are more accurate at making estimates than we are. I've often repeated a well-known demonstration to illustrate what I call the "2/50 rule." People are asked to provide confidence intervals within which they are "98% sure" that various uncertain quantities lie. The quantities for the questions are selected from an Almanac, for example, "What's the elevation of the highest mountain in Texas?" "Give me low and high values within which you are 98% sure that the actual value falls." When the true value is checked, up to 50% of the time it falls outside of the specified confidence intervals. If people were not overconfident, values outside their 98% confidence ranges would occur only 2% of the time. Overconfidence is also demonstrated by the many examples of people expressing confidence about things that are subsequently proved wrong. For example, British Mathematician Lord Kelvin said, "Heavier-than-air flying machines are impossible." Thomas Watson, founding Chairman of IBM, reportedly said, "I think there is a world market for about five computers." The Titanic was the ship that couldn't sink. Likewise, surveys show that most drivers report that they are better than average, and most companies believe their brands to be of "above-average" value. A related bias is anchoring. Initial impressions become reference points that anchor subsequent thoughts and judgments. For example, if a salesperson attempts to forecast next year sales by looking at sales in the previous year, the old numbers become anchors, which the salesperson then adjusts based on other factors. The adjustment is usually insufficient. Anchors can be set through any mechanism that creates a reference point. For example, in one study, groups of consumers were shown credit card bills that either did or did not contain minimum payment requirements and asked how they would pay the debt off given their real-life finances. The payments for those who indicated they would pay over time were 70% lower for the group who saw information on minimum payments compared to those who did not. Apparently, the minimum payment works as an anchor, causing the card holder to pay a smaller amount than would have been paid in the absence of the anchor. Recent events are easy to recall and often become anchors. Thus, investors tend to believe that what's happening currently to the price of a stock will continue to happen into the future (thus, anchoring contributes to stock price volatility since it prolongs up- and downswings) Knowing that recent job performance has a more pronounced affect on impressions, workers naturally give more attention to performance in the 3 months just prior to reviews than in the previous nine months. Motivational biases can affect estimates and forecasts whenever estimators believe that the quantities expressed may affect them personally. For example, managers may have an incentive to overstate productivity forecasts to reduce the risk that the capital dollars allocated to their business units will be reduced. More subtle biases also affect estimates provided from managers, and the effect can depend on the individual. For example, project managers who are anxious to be perceived as successful may pad cost and schedule estimates to reduce the likelihood that they fail to achieve expectations. On the other hand, project managers who want to be regarded (consciously or unconsciously) as high-performers may underestimate the required work and set unrealistic goals. Most managers are overly optimistic. When companies collect data on the financial returns from projects, they almost always find that actual returns are well-below forecasted returns. Motivational biases can also cause experts to minimize the uncertainty associated with the estimates that they provide. They may feel that someone in their position is expected to know, with high certainty, what is likely to happen within the domain of their expertise. Likewise, I have found that managers sometimes become defensive when asked to estimate the potential losses associated with a proposed project, even in environments where it is well-known that projects can fail. They may feel that admitting to downside potential would suggest deficient risk management practices or the fallibility of their project management controls. Poorly structured incentives, obviously, can distort decisions as well as estimates. For example, any company that rewards good outcomes rather than good decisions motivates a project manager to escalate commitments to failing project, since the slim chance of turning the project around is better from the manager's perspective than the certainty of project failure. Base-rate bias refers to the tendency people have to ignore relevant statistic data when estimating likelihoods. For example, most people believe they are more likely to die from a terrorist attack than from colon cancer, even though statistics indicate otherwise. Variations of this bias are important in business environments, including the tendency people have to be insufficiently conservative (or "regressive" Wink when making predictions based on events that are partially random. Investors, for example, often expect a company that has just experienced record profits to earn as much or more the next year, even if there have been no changes in products or other elements of the business that would explain the recent, better-than-anticipated performance. The tendency to underestimate the effort needed to complete a complex task has been attributed to base-rate bias. Instead of basing estimates mostly on the amount of time it has taken to do previous similar projects, managers typically take an "internal view" of the current project, thinking only about the tasks and scenarios leading to successful completion. This almost always leads to overly optimistic forecasts. One manager I know says he always multiplies the time his programmers say will be required to complete new software by a factor of two, because "that's what usually happens. Small sample bias is another example of inaccurate statistical reasoning—people draw conclusions from a small sample of observations despite the fact that random variations mean that such samples have little real predictive power. Conjunctive events bias refers to the tendency for events that occur in conjunction with one another to make a result appear more likely. For example, the possibility that you may die during a vacation (due to any cause) must be more likely than the possibility that you will die on vacation as a result of a terrorist attack. Yet, one study showed that people are willing to pay more for an insurance policy that awards benefits in the event of death due to terrorism than one that awards benefits based on death due to any cause. Forecasting errors are often attributed to the fact that most people don't get good feedback about the accuracy of their forecasts. We are all fairly good at estimating physical characteristics like volume, distance, and weight because we frequently make such estimates and get feedback about our accuracy. We are less experienced (and get less verification) when making forecasts for things that are more uncertain. Weather forecasters and bookmakers have opportunities and incentives to maintain records of their judgments and see when they have been inaccurate. Studies show that they do well in estimating the accuracy of their predictions.




"Margin of Safety" as the Central Concept of Betting
A team's past ability to create quality chances is the expected number of goals that they should have produced. The expected number of goals in excess of the actual number of goals constitutes the "margin of safety". The margin is counted on to cushion the bettor against discomfiture in the event of a performance decline in the upcoming fixture. The soccer bettor does not expect the upcoming fixture to work out the same as in the past. If he were sure of that, the safety margin demanded might be small. The function of a safety margin is, in essence, that of rendering unnecessary an accurate estimate of the team's winning probability in the upcoming fixture. If the safety margin is sufficiently large, then it is enough to assume that the team's upcoming performance will not fall far below their expected goals in order for the bettor to feel sufficiently cushioned against bad luck. The safety margin is always dependent on the odds that the bettor accepts from the bookie. It will be large in certain odds, small at some lower odds, and negative when the odds is too low. However, even with a safety margin in the bettor's favour, he may lose his bet. For the margin guarantees only that he has a better chance of winning - not that loss is impossible. 
Theory of Diversification
There is a close logical connection between the concept of safety margin and the principle of diversification. One is correlative with the other. Even with a margin in the bettor’s favor, an individual bet may work out badly. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses. This point may be made more colorful by a reference to the arithmetic of roulette. If a man bets $1 on a single number, he is paid $35 profit when he wins—but the chances are 37 to 1 that he will lose. He has a “negative margin of safety.” In his case diversification is foolish. The more numbers he bets on, the smaller his chance of ending with a profit. If he regularly bets $1 on every number (including 0 and 00), he is certain to lose $2 on each turn of the wheel. But suppose the winner received $39 profit instead of $35. Then he would have a small but important margin of safety. Therefore, the more numbers he wagers on, the better his chance of gain. And he could be certain of winning $2 on every spin by simply betting $1 each on all the numbers. (Incidentally, the two examples given actually describe the respective positions of the player and proprietor of a wheel with a 0 and 00.)

AsianBookie Tipsters Championship
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Fahrenheit
09-Jul 2010 Friday 8:06 PM (5032 days ago)            #18
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12 Prudent Betting Guidelines

By Joseph Buchdahl the acclaimed Author of ‘Fixed Odds Sports Betting – ‘Statistical Forecasting and Risk Management’.

1. Set aside a betting bankroll

Without a proven record of long-term success, any punter should avoid betting more than he can afford to lose. The most sensible approach to safeguard against this is to set aside a bankroll for the purposes of betting, the size of which should not encroach on the need to pay the bills. If this is lost, the punter should consider the possibility that fixed odds sports betting will not, for him at least, offer a suitable investment opportunity.

2. Research your sport and be selective

There are literally thousands of fixed odds sports betting opportunities to be found every week, and for every one the bookmaker has hoped to stack the odds against you. To improve your chances of overcoming this disadvantage, it is prudent to concentrate on one or perhaps two key sporting markets. Research these thoroughly. For the smaller, less popular markets, like darts, volleyball, cycling, ski jumping or biathlon, the bookmakers will often know less about the events than a regular follower of such sports, and may only have one or two odds compilers studying them. Be selective and don’t bet because you have to, but only when you feel you have identified an edge. After all, the worst you can do by not betting at all is break even.

3. Keep accurate records

For all your betting, keep accurate records of the selections backed and their prices, the amounts wagered, and the profits or losses incurred. Keeping a truthful betting history will help you to analyse your strengths and weaknesses, to assess your profitability and, most fundamentally of all, to reveal whether you have the talent to gain an edge. For advisory services, keeping and publishing an honest record goes without saying. Without one, customers have no idea how meaningful any profit claims will actually be.

4. Value-bet or don’t bet at all

Winning bets are the only ones that make money. True, but you can’t win all the time. Without winning more often than the bookmaker has priced you to do so, the losers will ensure that your betting bank will remain in the red. Seek to identify and measure value in the odds, through a comparison of bookmakers’ prices, quantitative and qualitative forecasting techniques and a professional’s “feel” for its availability. Find the value and the winners will take care of themselves.

5. Test your forecasting systems

Punters adopt different approaches to forecasting and prediction. Some prefer to study subjectively, reading up on the news about each event, and making betting judgements on the basis of information about injuries, morale, motivation and so on. Others prefer to quantify information about form, and develop rating systems to predict the outcome of the next contest. For either approach, but more specifically for numerical forecasting, test and retest your systems, and identify significance. Be wary of spurious relationships, which may misrepresent the meaningfulness of any significant association between hypothesised predictors and the actual outcome of events. Remember that if one looks long and hard enough at a set of data, a relationship of one form or another, whether meaningful or not, can usually be found. Very few will ultimately turn out to be profitable in the long run.

6. Identify favourable betting markets

There are all sorts of wagers, from match bets to ante post, scorecast to handicaps. Every punter will have his favourite type of betting market, but it is shrewd to focus on those where the bookmaker has limited his overround. These include bets where the number of possible outcomes is a minimum – 2 – and include Asian handicap betting in football, American sports wagers and 2-way betting in many other fields. The imposed disadvantage the punter will face is lower, both because the bookmakers can afford it to be so, and because there is little room for them to manoeuvre behind less generous prices.

7. Bet singles

For decades, bookmakers imposed preposterous restrictions on the availability of single bets, where the punter needs only to back the outcome of one event. Since the explosion of the offshore and Internet fixed odds betting industry, these restrictions have thankfully all but disappeared. Unfortunately, punters fed on the lure of the bigger payouts from multiples and perms still place these unfavourable bets en masse. For highly successful bettors, it is true that profits can be enhanced, but the risks in seeking them, through the larger overrounds and lower strike rates, will always be greater. Singles on their own can offer quite reasonable rewards without the undue worry of losing the betting bankroll early. A punter’s greed is so often his downfall. Why try to run before you can walk?

8. Back favourites or short prices

Contentious but undeniably apparent, at least in football betting, is the presence of a favourite-longshot bias. Demonstrated empirically beyond question in the European football fixed odds market, it potentially owes its existence to the risk-averse tendencies of most bookmakers, who would sooner overprice an odds-on selection than expose themselves to excessive liability by offering value in the longshot. Backing only short prices will not be enough on its own to secure a betting edge, but for those who choose to do so, the imposed average disadvantage is significantly smaller to start with. Backing shorter prices also means you will win more often and expose your bankroll to less risk if betting level stakes. Don’t, however, back a favourite just because it is a favourite. Back it because you believe it contains real value, and that the bookmaker has made a mistake.

9. Compare bookmakers’ prices

Really this goes without saying. If one bookmaker offers 1/1 whilst another offers 6/5, it would make little sense to take the less generous price. Perhaps a new betting account may need to be opened to take advantage of the opportunity, but provided the bookmaker’s reputation is sound and the transaction costs, if any, are small, this should not create an unnecessary distraction. Also consider the betting exchanges, where you can bet against other punters rather than against a traditional bookmaker. Despite commission payable on winnings – usually 5% – the odds available with exchanges are frequently more favourable since there is technically no overround to overcome. Remember, however: do not simply bet because your bookmaker offers the highest price. Make sure the odds contain value.

10. Identify your risk preferences

Are you a risk seeker or a risk avoider? The answer to this question will shape your entire staking strategy and money management. Risk seekers are happy to back high odds and large multiples, preferring the thrill of big-win gambling to the mundane grind of “win some, lose some” betting. Furthermore, some gamblers are prepared to chase lost capital through ratcheting up the stakes after each losing bet. Be warned: this policy will NOT guarantee profits, whilst the risks of failure are considerable. If you prefer to play it safe, a simple level staking plan will suffice, or perhaps a policy of staking to win a fixed profit each time you bet. Betting a percentage of your bankroll through simple percentage bank staking or more advanced Kelly staking can yield significant rewards for the proven bettor, but he must be prepared to wait out potentially longer periods of loss making in order to secure a greater payday at the end of the line.

11. Always analyse your betting record

Money in the bank from winning bets is a wonderful feeling, particularly if you believe your skill and judgement has earned you that money. Avoid becoming complacent, however, and investigate whether your profits could simply have arisen by chance. If this is the case, they may not come so easily in the future. Even where you have established significance in a betting history, beware of unexplained factors that may be accounting for your level of success.

12. Learn how to lose

Perhaps the most important lesson a fixed odds sports bettor should learn is how to lose. Strange as this may sound, it is actually understanding how to manage losses and cope with losing runs that is so often the key to this business. Having the patience to outlast such deleterious sequences, and the willpower to resist chasing the losses, is the hardest part of gambling. Succeed here, and your chances of avoiding outright failure are greatly enhanced. Simply staying in the game is half the battle. If you aren’t in it, you can’t win it, regardless of any ability you have at beating the fixed odds bookmaker.




"Margin of Safety" as the Central Concept of Betting
A team's past ability to create quality chances is the expected number of goals that they should have produced. The expected number of goals in excess of the actual number of goals constitutes the "margin of safety". The margin is counted on to cushion the bettor against discomfiture in the event of a performance decline in the upcoming fixture. The soccer bettor does not expect the upcoming fixture to work out the same as in the past. If he were sure of that, the safety margin demanded might be small. The function of a safety margin is, in essence, that of rendering unnecessary an accurate estimate of the team's winning probability in the upcoming fixture. If the safety margin is sufficiently large, then it is enough to assume that the team's upcoming performance will not fall far below their expected goals in order for the bettor to feel sufficiently cushioned against bad luck. The safety margin is always dependent on the odds that the bettor accepts from the bookie. It will be large in certain odds, small at some lower odds, and negative when the odds is too low. However, even with a safety margin in the bettor's favour, he may lose his bet. For the margin guarantees only that he has a better chance of winning - not that loss is impossible. 
Theory of Diversification
There is a close logical connection between the concept of safety margin and the principle of diversification. One is correlative with the other. Even with a margin in the bettor’s favor, an individual bet may work out badly. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses. This point may be made more colorful by a reference to the arithmetic of roulette. If a man bets $1 on a single number, he is paid $35 profit when he wins—but the chances are 37 to 1 that he will lose. He has a “negative margin of safety.” In his case diversification is foolish. The more numbers he bets on, the smaller his chance of ending with a profit. If he regularly bets $1 on every number (including 0 and 00), he is certain to lose $2 on each turn of the wheel. But suppose the winner received $39 profit instead of $35. Then he would have a small but important margin of safety. Therefore, the more numbers he wagers on, the better his chance of gain. And he could be certain of winning $2 on every spin by simply betting $1 each on all the numbers. (Incidentally, the two examples given actually describe the respective positions of the player and proprietor of a wheel with a 0 and 00.)

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Fahrenheit
09-Jul 2010 Friday 8:08 PM (5032 days ago)            #19
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A Trader’s Self-Evaluation Checklist

I found the following article on a website dedicated to the psychology of trading on the financial markets.

If you change “trading” for “punting” (or don’t if you trade the exchanges) I think the are some points in this which are worth reflecting on if you take your punting anyway seriously.

A Trader’s Self-Evaluation Checklist

1. What is the quality of your self-talk while trading? Is it angry and frustrated; negative and defeated? How much of your self-talk is market strategy focused, and how much is self-focused? Is your self-talk constructive, and would you want others to be talking with you that way while you’re trading?

2. What work do you do on yourself and your trading while the market is closed? Do you actively identify what you’re doing right and wrong in your trading each day—with specific steps to address both—or does your trading business lack quality control? Markets are ever changing; how are you changing with them?

3. How would your trading profit/loss profile change if you eliminated a few days where you lacked proper risk control? Do you have and strictly follow risk management parameters?

4. Does the size of your positions reflect the opportunity you see in the market, or do you fail to capitalize on opportunity or try to create opportunities when they’re not there?

5. Are trading losses often followed by further trading losses? Do you end up losing money in “revenge trading” just to regain money lost? Do you finish trading prematurely when you’re up money, failing to exploit a good day?

6. Do you cut winning trades short because, deep inside, you don’t think you’ll be able to make large profits? Do you become stubborn in positions, turning small losers into large ones?

7. Is trading making you happy, proud, fulfilled, and content, or does it more often leave you feeling unhappy, guilty, frustrated, and dissatisfied? Are you having fun trading even when it’s hard work?

8. Are you making trades because the market is giving you opportunity, or are you placing trades to fulfill needs—for excitement, self-esteem, recognition, etc.—that are not being met in the rest of your life?

9. Are you seeking trading success as a part-time trader? Would you be seeking success as a surgeon, professional basketball player, or musician by pursuing your work part-time?

10. Can you identify the specific edges you possess over the many other motivated, interested traders that fail to achieve success in the markets? Do you really have an edge, and—if so—what are you doing to maintain it?

The article was written by Brett N. Steenbarger, Ph.D




"Margin of Safety" as the Central Concept of Betting
A team's past ability to create quality chances is the expected number of goals that they should have produced. The expected number of goals in excess of the actual number of goals constitutes the "margin of safety". The margin is counted on to cushion the bettor against discomfiture in the event of a performance decline in the upcoming fixture. The soccer bettor does not expect the upcoming fixture to work out the same as in the past. If he were sure of that, the safety margin demanded might be small. The function of a safety margin is, in essence, that of rendering unnecessary an accurate estimate of the team's winning probability in the upcoming fixture. If the safety margin is sufficiently large, then it is enough to assume that the team's upcoming performance will not fall far below their expected goals in order for the bettor to feel sufficiently cushioned against bad luck. The safety margin is always dependent on the odds that the bettor accepts from the bookie. It will be large in certain odds, small at some lower odds, and negative when the odds is too low. However, even with a safety margin in the bettor's favour, he may lose his bet. For the margin guarantees only that he has a better chance of winning - not that loss is impossible. 
Theory of Diversification
There is a close logical connection between the concept of safety margin and the principle of diversification. One is correlative with the other. Even with a margin in the bettor’s favor, an individual bet may work out badly. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses. This point may be made more colorful by a reference to the arithmetic of roulette. If a man bets $1 on a single number, he is paid $35 profit when he wins—but the chances are 37 to 1 that he will lose. He has a “negative margin of safety.” In his case diversification is foolish. The more numbers he bets on, the smaller his chance of ending with a profit. If he regularly bets $1 on every number (including 0 and 00), he is certain to lose $2 on each turn of the wheel. But suppose the winner received $39 profit instead of $35. Then he would have a small but important margin of safety. Therefore, the more numbers he wagers on, the better his chance of gain. And he could be certain of winning $2 on every spin by simply betting $1 each on all the numbers. (Incidentally, the two examples given actually describe the respective positions of the player and proprietor of a wheel with a 0 and 00.)

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Fahrenheit
09-Jul 2010 Friday 8:10 PM (5032 days ago)            #20
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Top 10 Reasons Why People Lose

1. They don’t have a time tested and proven strategy that wins. A winner will take the time to research and test a method to make sure it can show long-term profits. If it looks promising they’ll test their method with real money making small wagers to learn and understand it before betting seriously.

2. If they have a successful method they don’t have the discipline or confidence to follow it. Losers don’t put in the proper time to practice and study their method, thus they lack the confidence to properly use it in the correct situations. As soon as a losing streak takes place they abandon the method searching for the next method that promises them riches. A winner takes the necessary time to learn and understand a method and sticks with it through the inevitable losing cycles.

3. They make too many bad bets: In contrast most but not all winning handicappers limit themselves to a couple prime bets per day per track. Some days they may not bet at all. Again, I can’t stress this enough, if you want to win long-term don’t bet unless you have an edge! There’s plenty of stuff you can do at the track when you’re not betting. Try to get better at visual handicapping. Try a new handicapping approach that’s worked for others and see what you can learn. I can handicap a card and not have any bets for the day. The next day at the same track I might have 4-5 qualifying bets. Don’t determine beforehand how many races you’ll bet, let the bets come to you. There’s always another day.

4. They can’t stand being wrong. It is more important for the majority of people to select and be on the winner of a race than it is to win money. They’ll bet on the favorite even if it’s over bet just to make sure they cash a ticket. They’ll hedge their exotic bets with multiple horses even if it costs them money in the long run. Do the opposite if you want to win.

Ron Cox a noted handicapper observed that it wasn’t until he started asking himself how or if he could make money on the race instead of asking who the winner was that he really began winning at the races. Instead of spending all your time trying to figure out who the winner will be, try to figure out if there’s a way you can make money in the race.

If you can’t, pass the race and avoid wearing the losers suit.

5. They blame somebody or something else for their losses. When you blame something or somebody other than yourself for your losses you will continue to repeat the same mistakes. If you say you lost because of the jockey, the trainer or the track you will repeat the same mistakes over and over because their actions are outside of your control. If you don’t control your outcome your actions don’t have any consequences. (There are some things out of your control in the short term but we’re talking long term here). Also, if they’re responsible for your losing they’re also responsible for your winning! You never hear someone give credit to the jockey or the trainer after they win a bet. The winning is always due to good handicapping; the losing is almost always blamed on something else. Start taking responsibility for your bets; you’re the one that placed them.

6. They blame bad luck on themselves. Losers will blame themselves for results that are part of the game but beyond their control. If their horse goes 4 wide and loses by a neck or their horse gets trapped and doesn’t get the racing room it needs to win they blame it on bad luck. (But when their horse wins because another horse gets into trouble it’s quickly forgotten.) This is part of the game in the short term. Understand what’s beyond your control and the things that you can control. Pay attention to the long-term results.7. They don’t cut back during long losing streaks. The most important part of money management is not to let your losses get out of hand. You have to learn how to preserve your betting capital. Most people start making bad decisions when they’ve lost too much money for their comfort. They increase their bet size or start betting on marginal horses trying to make their money back immediately. Why? They can’t accept losing or missing a bet on a winning horse. You’re going to lose races and pass on winners that you could have bet. Accept that and make sure you have a good money management system in place and a large enough bankroll to withstand a losing streak

8. They’re a slave to their ego. They only focus on how many winners they’ve picked. Remember the goal shouldn’t be how many winners you picked but how much money you have in your pocket at the end of the day, the week and the year. This will change your entire perspective on picking horses and betting.9. They’re comforted by all the losing horseplayers around them. Losers know how to handle failure because they’ve done it before. Other losing horseplayers share their losses and sympathize with them creating camaraderie between the group. This leads them to more losses in order to be a part of the group (their friends of losers). It may sound silly but the psychology behind being part of a group and having a sense of acceptance and belonging has lead to a lot of irrational behavior in history and in today’s society. Do your own thing and find others who are also dedicated to winning. Stay away from the whiners who blame everything bad that happens to them on someone else.

10. They believe the outcomes are fixed against them. If you’re in the game long enough you will read from time to time about some questionable instances in horse racing. Overall though it’s as honest as about any other sporting event. If you don’t think it is, why are you betting? Horsemen have too much to lose by not running as honest a game as possible.

If you’re currently losing do yourself a favor. Discard any pre-conceived notions you have about handicapping and start over. Throw away all your non-essential handicapping material. I did this and I believe it’s the only reason I’m able to win today. I was filled with information from losing horseplayers and outdated books. If you have some concepts that are winning keep those, but get rid of the rest.

*Some of the above information doesn’t apply to people who play the horses a couple of times a year. If you’re one of those players you can learn from the information in this book but tailor it to your needs. Concentrate on the handicapping sections and have some fun.

Traits of losing handicappers

Here’s the ultimate loser’s profile (do the opposite if you want to win):

  • They have a negative outlook and always expect the worst to happen to them.
  • They blame others when things go wrong and only accept responsibility when things go right. If the five horse loses it’s the jockeys fault. If the horse wins it’s because it was a good bet.
  • Instead of relying on their own opinions they follow the crowd, look for tips and are easily swayed from their own opinions. (Don’t take this to the extreme though. There are different approaches and opinions that are valid. Each of us is not smart enough to know all the answers. Keep an open mind and learn but don’t be swayed from your own opinions if you have solids facts and data to back it up.)
  • They are impatient and have little control.
  • They need constant action regardless of the outcome.
  • They don’t put in the necessary time and study to understand their handicapping method, their own strengths and weaknesses, risk control, money management and the process of winning.
  • They always look for a shortcut. Success is found in simplicity only after you have waded through complexity.
  • They don’t follow a system or method long enough to see if it works. They’re constantly searching for the magic bullet that will lead to riches




"Margin of Safety" as the Central Concept of Betting
A team's past ability to create quality chances is the expected number of goals that they should have produced. The expected number of goals in excess of the actual number of goals constitutes the "margin of safety". The margin is counted on to cushion the bettor against discomfiture in the event of a performance decline in the upcoming fixture. The soccer bettor does not expect the upcoming fixture to work out the same as in the past. If he were sure of that, the safety margin demanded might be small. The function of a safety margin is, in essence, that of rendering unnecessary an accurate estimate of the team's winning probability in the upcoming fixture. If the safety margin is sufficiently large, then it is enough to assume that the team's upcoming performance will not fall far below their expected goals in order for the bettor to feel sufficiently cushioned against bad luck. The safety margin is always dependent on the odds that the bettor accepts from the bookie. It will be large in certain odds, small at some lower odds, and negative when the odds is too low. However, even with a safety margin in the bettor's favour, he may lose his bet. For the margin guarantees only that he has a better chance of winning - not that loss is impossible. 
Theory of Diversification
There is a close logical connection between the concept of safety margin and the principle of diversification. One is correlative with the other. Even with a margin in the bettor’s favor, an individual bet may work out badly. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses. This point may be made more colorful by a reference to the arithmetic of roulette. If a man bets $1 on a single number, he is paid $35 profit when he wins—but the chances are 37 to 1 that he will lose. He has a “negative margin of safety.” In his case diversification is foolish. The more numbers he bets on, the smaller his chance of ending with a profit. If he regularly bets $1 on every number (including 0 and 00), he is certain to lose $2 on each turn of the wheel. But suppose the winner received $39 profit instead of $35. Then he would have a small but important margin of safety. Therefore, the more numbers he wagers on, the better his chance of gain. And he could be certain of winning $2 on every spin by simply betting $1 each on all the numbers. (Incidentally, the two examples given actually describe the respective positions of the player and proprietor of a wheel with a 0 and 00.)

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Fahrenheit
09-Jul 2010 Friday 8:14 PM (5032 days ago)            #21
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Match Form Checklist


(1) Artificial Pitch? How have they performed on that surface in the past?

 

(2) How important is the game to each of the individual teams? Is it a “must win” for either team to keep them in playoff completion or either team have any other hidden agenda? Is this a must win for either team?

 

(3) Who did each team play in last match -- Was it a tough game?


(4) Who does each team face in next match—Will it be a tough game?

-


(5) Is there an obvious mismatch or a weakness in the match?

-


(6) Reversion to the Mean: Were the teams playing far above or far below its potential? Can they perk up and improve?

-

 

(7) Is there a “Jinx Factor”?: Some teams and some coaches just can't beat the other.
-

 

(8) Are either team on a winning or losing streak?
-
(9) How is each team doing at home and away?

-
(10) How have they done vs. each other, both recently and historically?
-

(11) How have they done versus the same class of opponent in the recent past?
-

(12) How have they done vs. the handicap, that either as a favorite or underdog, or what have you?

-
(13) How have I done personally when wagering on games involving these particular teams?

-
(14) Does public perception play a part in setting the odds on either or both of the teams,i.e., is one of the teams a public or a name brand team that attracts a lot of betting action?

-


(15) Do I think Spools is correct in their evaluation of the teams?

-
(16) Have there been odds move involving these particular teams and have they been right or wrong?

-
(17) Have the power ratings been accurate as regards to these particular teams or have they needed constant revision as teams follow one erratic performance with another?

-


(18) Will scheduling be in any way a factor? Are the teams coming off a particular tough stretch vs. divisional opponents or strong contending teams, a number of consecutive road games, a revenge game, or an easy stretch versus soft opposition?

-


(19) Is this a revenge game?

-


(20) Are there any significant injuries, how do they figure to effect the game, and can they be compensated for?

-


(21) 1Have injuries been accounted for in the odds, have they been overlooked, or have they been overvalued?

-


(22) Are either or both teams rising or dropping in class, that is, is either one facing a level of competition significantly above or significantly below what they've faced in recent weeks?




"Margin of Safety" as the Central Concept of Betting
A team's past ability to create quality chances is the expected number of goals that they should have produced. The expected number of goals in excess of the actual number of goals constitutes the "margin of safety". The margin is counted on to cushion the bettor against discomfiture in the event of a performance decline in the upcoming fixture. The soccer bettor does not expect the upcoming fixture to work out the same as in the past. If he were sure of that, the safety margin demanded might be small. The function of a safety margin is, in essence, that of rendering unnecessary an accurate estimate of the team's winning probability in the upcoming fixture. If the safety margin is sufficiently large, then it is enough to assume that the team's upcoming performance will not fall far below their expected goals in order for the bettor to feel sufficiently cushioned against bad luck. The safety margin is always dependent on the odds that the bettor accepts from the bookie. It will be large in certain odds, small at some lower odds, and negative when the odds is too low. However, even with a safety margin in the bettor's favour, he may lose his bet. For the margin guarantees only that he has a better chance of winning - not that loss is impossible. 
Theory of Diversification
There is a close logical connection between the concept of safety margin and the principle of diversification. One is correlative with the other. Even with a margin in the bettor’s favor, an individual bet may work out badly. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses. This point may be made more colorful by a reference to the arithmetic of roulette. If a man bets $1 on a single number, he is paid $35 profit when he wins—but the chances are 37 to 1 that he will lose. He has a “negative margin of safety.” In his case diversification is foolish. The more numbers he bets on, the smaller his chance of ending with a profit. If he regularly bets $1 on every number (including 0 and 00), he is certain to lose $2 on each turn of the wheel. But suppose the winner received $39 profit instead of $35. Then he would have a small but important margin of safety. Therefore, the more numbers he wagers on, the better his chance of gain. And he could be certain of winning $2 on every spin by simply betting $1 each on all the numbers. (Incidentally, the two examples given actually describe the respective positions of the player and proprietor of a wheel with a 0 and 00.)

AsianBookie Tipsters Championship
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perfect bet
28-Jul 2010 Wednesday 5:06 PM (5013 days ago)            #22
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hi bro..nice to join your ship..thanks Wink



FAILURE IS THE MOTHER OF SUCCESS...TRY AGAIN..
(18 WIN 7 LOSE )/ 72% WINNING

1)<1/6/10> SAFFC FT WIN ODDS: 2.00 -WIN (GEYLANG 0 SAFFC 3)
2)<1/6/10> DENMARK FT WIN ODDS: 1.85 -LOST (AUSTRALIA 1 DENMARK 0)
3)<4/6/10> GOMBAK +1 1/2 ODDS: 1.25 -WIN (SAFFC 0 GOMBAK 1)
4)<4/6/10> GOMBAK WIN/DRAW ODDS: 3.95/3.3 -WIN (SAFFC 0 GOMBAK 1)
5)<5/6/10> WOODLANDS WIN/DRAW ODDS: 2.75/3.05 -WIN (SENGKANG 0 WOODLANDS 1)
6)<5/6/10> WOODLANDS +1 1/2 ODDS: 1.12 -WIN (SENGKANG 0 WOODLANDS 1)
7)<5/6/10> DENMARK WIN/DRAW ODDS: 2.75/3.02 -LOST (SOUTH AFRICAN 1 DENMARK 0)
8)<5/6/10> DENMARK +1 1/2 ODDS: 1.18 -WIN (SOUTH AFRICAN 1 DENMARK 0)
9)<6/6/10> SWITZERLAND + 1/2 ODDS: 1.25 -WIN (SWITZERLAND 1 ITALY 1)
10)<6/6/10> BEIJING GUOAN +1 1/2 ODDS: 1.80 -LOST (TAMPINES 4 BEIJING 0)
11)<11/6/10> SAFFC FT WIN ODDS: 1.37 -WIN (ALBIREX 1 SAFFC 3)
12)<11/6/10> SAFFC -1 1/2 ODDS: 2.05 -WIN (ALBIREX 1 SAFFC 3)
13)<11/6/10> SOUTH AFRICA WIN/DRAW ODDS:2.4/3.15 -WIN (SOUTH AFRICA 1 MEXICO 1)
14)<12/6/10> URUGUAY +1 1/2 ODDS:1.20 -WIN (URUGUAY 0 FRANCE 0)
15)<12/6/10> URUGUAY WIN/DRAW ODDS:3.4/3.3 -WIN (URUGUAY 0 FRANCE 0)
16)<12/6/10> SOUTH KOREA WIN/DRAW ODDS:2.8/3.0 -WIN (SOUTH KOREA 2 GREECE 0)
17)<12/6/10> SOUTH KOREA +1 1/2 ODDS: 1.14 -WIN (SOUTH KOREA 2 GREECE 0)
18)<13/6/10> SLOVENIA FT WIN ODDS: 2.05 -WIN (ALGERIA 0 SLOVENIA 1)
19)<13/6/10> SERBIA FT WIN ODDS: 1.95 -LOST (SERBIA 0 GHANA 1)
20)<14/6/10> AUSTRALIA +1 1/2 ODDS:1.55 -LOST (GERMANY 4 AUSTRALIA 0)
21)<20/7/10> GUOAN +1 1/2 ODDS:1.55 -LOST (GUOAN 0 MALAYSIA 3)
22)<22/7/10> GUOAN +1 1/2 ODDS:1.80 -WIN (GUOAN 3 ETOLIE 1)
23)<28/7/10> GOMBAK WIN/DRAW ODDS:3.6/3.4 -LOST (GOMBAK 0 TAMPINES 2)
24)<05/8/10> CENTRAL COAST WIN/DRAW ODDS:3.1/3.1 - WIN (MELBOUR. HEART 0 CENTRAL COAST 1)
25)<05/9/10> SAF WIN/DRAW ODDS: 2.77/3.0 -WIN (GOMBAK 0 SAF 2)

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perfect bet
28-Jul 2010 Wednesday 5:12 PM (5013 days ago)            #23
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dear bro,what statisical model best to measure productivity..thanks for your guidance Wink



FAILURE IS THE MOTHER OF SUCCESS...TRY AGAIN..
(18 WIN 7 LOSE )/ 72% WINNING

1)<1/6/10> SAFFC FT WIN ODDS: 2.00 -WIN (GEYLANG 0 SAFFC 3)
2)<1/6/10> DENMARK FT WIN ODDS: 1.85 -LOST (AUSTRALIA 1 DENMARK 0)
3)<4/6/10> GOMBAK +1 1/2 ODDS: 1.25 -WIN (SAFFC 0 GOMBAK 1)
4)<4/6/10> GOMBAK WIN/DRAW ODDS: 3.95/3.3 -WIN (SAFFC 0 GOMBAK 1)
5)<5/6/10> WOODLANDS WIN/DRAW ODDS: 2.75/3.05 -WIN (SENGKANG 0 WOODLANDS 1)
6)<5/6/10> WOODLANDS +1 1/2 ODDS: 1.12 -WIN (SENGKANG 0 WOODLANDS 1)
7)<5/6/10> DENMARK WIN/DRAW ODDS: 2.75/3.02 -LOST (SOUTH AFRICAN 1 DENMARK 0)
8)<5/6/10> DENMARK +1 1/2 ODDS: 1.18 -WIN (SOUTH AFRICAN 1 DENMARK 0)
9)<6/6/10> SWITZERLAND + 1/2 ODDS: 1.25 -WIN (SWITZERLAND 1 ITALY 1)
10)<6/6/10> BEIJING GUOAN +1 1/2 ODDS: 1.80 -LOST (TAMPINES 4 BEIJING 0)
11)<11/6/10> SAFFC FT WIN ODDS: 1.37 -WIN (ALBIREX 1 SAFFC 3)
12)<11/6/10> SAFFC -1 1/2 ODDS: 2.05 -WIN (ALBIREX 1 SAFFC 3)
13)<11/6/10> SOUTH AFRICA WIN/DRAW ODDS:2.4/3.15 -WIN (SOUTH AFRICA 1 MEXICO 1)
14)<12/6/10> URUGUAY +1 1/2 ODDS:1.20 -WIN (URUGUAY 0 FRANCE 0)
15)<12/6/10> URUGUAY WIN/DRAW ODDS:3.4/3.3 -WIN (URUGUAY 0 FRANCE 0)
16)<12/6/10> SOUTH KOREA WIN/DRAW ODDS:2.8/3.0 -WIN (SOUTH KOREA 2 GREECE 0)
17)<12/6/10> SOUTH KOREA +1 1/2 ODDS: 1.14 -WIN (SOUTH KOREA 2 GREECE 0)
18)<13/6/10> SLOVENIA FT WIN ODDS: 2.05 -WIN (ALGERIA 0 SLOVENIA 1)
19)<13/6/10> SERBIA FT WIN ODDS: 1.95 -LOST (SERBIA 0 GHANA 1)
20)<14/6/10> AUSTRALIA +1 1/2 ODDS:1.55 -LOST (GERMANY 4 AUSTRALIA 0)
21)<20/7/10> GUOAN +1 1/2 ODDS:1.55 -LOST (GUOAN 0 MALAYSIA 3)
22)<22/7/10> GUOAN +1 1/2 ODDS:1.80 -WIN (GUOAN 3 ETOLIE 1)
23)<28/7/10> GOMBAK WIN/DRAW ODDS:3.6/3.4 -LOST (GOMBAK 0 TAMPINES 2)
24)<05/8/10> CENTRAL COAST WIN/DRAW ODDS:3.1/3.1 - WIN (MELBOUR. HEART 0 CENTRAL COAST 1)
25)<05/9/10> SAF WIN/DRAW ODDS: 2.77/3.0 -WIN (GOMBAK 0 SAF 2)

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Fahrenheit
12-Mar 2019 Tuesday 9:03 PM (1864 days ago)            #24
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"Margin of Safety" as the Central Concept of Betting
A team's past ability to create quality chances is the expected number of goals that they should have produced. The expected number of goals in excess of the actual number of goals constitutes the "margin of safety". The margin is counted on to cushion the bettor against discomfiture in the event of a performance decline in the upcoming fixture. The soccer bettor does not expect the upcoming fixture to work out the same as in the past. If he were sure of that, the safety margin demanded might be small. The function of a safety margin is, in essence, that of rendering unnecessary an accurate estimate of the team's winning probability in the upcoming fixture. If the safety margin is sufficiently large, then it is enough to assume that the team's upcoming performance will not fall far below their expected goals in order for the bettor to feel sufficiently cushioned against bad luck. The safety margin is always dependent on the odds that the bettor accepts from the bookie. It will be large in certain odds, small at some lower odds, and negative when the odds is too low. However, even with a safety margin in the bettor's favour, he may lose his bet. For the margin guarantees only that he has a better chance of winning - not that loss is impossible. 
Theory of Diversification
There is a close logical connection between the concept of safety margin and the principle of diversification. One is correlative with the other. Even with a margin in the bettor’s favor, an individual bet may work out badly. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses. This point may be made more colorful by a reference to the arithmetic of roulette. If a man bets $1 on a single number, he is paid $35 profit when he wins—but the chances are 37 to 1 that he will lose. He has a “negative margin of safety.” In his case diversification is foolish. The more numbers he bets on, the smaller his chance of ending with a profit. If he regularly bets $1 on every number (including 0 and 00), he is certain to lose $2 on each turn of the wheel. But suppose the winner received $39 profit instead of $35. Then he would have a small but important margin of safety. Therefore, the more numbers he wagers on, the better his chance of gain. And he could be certain of winning $2 on every spin by simply betting $1 each on all the numbers. (Incidentally, the two examples given actually describe the respective positions of the player and proprietor of a wheel with a 0 and 00.)

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[T]ez
13-Mar 2019 Wednesday 1:46 PM (1863 days ago)            #25
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quote originally posted by Fahrenheit:

Bolametrix 


Good to see the revival of this thread. very informative




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