Mathematics Of Bookmaking
In betting parlance, making a book is the practice of laying bets on the various possible outcomes of a single event. The term originates from the practice of recording such wagers in a hard-bound ledger (the 'book') and gives the English language the term bookmaker for the person laying the bets and thus 'making the book'.
Read more about Mathematics Of Bookmaking: Making A 'book' (and The Notion of Overround), Overround On Multiple Bets, Settling Winning Bets, Algebraic Interpretation, Settling Other Types of Winning Bets
Famous quotes containing the word mathematics:
“It is a monstrous thing to force a child to learn Latin or Greek or mathematics on the ground that they are an indispensable gymnastic for the mental powers. It would be monstrous even if it were true.”
—George Bernard Shaw (1856–1950)