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:
“In mathematics he was greater
Than Tycho Brahe, or Erra Pater:
For he, by geometric scale,
Could take the size of pots of ale;
Resolve, by sines and tangents straight,
If bread and butter wanted weight;
And wisely tell what hour o’ th’ day
The clock doth strike, by algebra.”
—Samuel Butler (1612–1680)