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Joint
Statistics & Applied Math Seminar |
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The talk will describe the elements necessary for the development of a state-of-the-art computerized horse race wagering system. An explanation will be given of the pari-mutuel wagering system along with an overview of the predicament faced by the would-be successful horse race gambler. The estimation of logit and probit models for deriving horse win probability estimates from fundamental data will be discussed, followed by a description of the application of optimal betting formulae to horse race wagering. The speaker will share his insights gained from over a decade of practical implementation of such a system, and report on the results that have been achieved. |