Probability Topics

• Independent & mutually exclusive events
• Converse probabilities & The birthday problem
• Periodic events
• The law of large numbers / "The law of averages"
• Monkey's typing the works of Shakespeare
• Pascal's Triangle & Combinations and permutations (Covers lottery wheels)
• Equipartition
• Fair or unfair games & Prospects of ruination
• Winning and losing runs
• The Kelly Strategy / Criteria - How much should I stake?
• Bookmakers & Pari-mutuel or totalisator system
• Penny Ante - How to make money from a random coin toss - Spreadsheet only - Text to follow
• How to win the lottery! & Hyper-geometric distribution - Use in calculating lottery odds
• The efficiency of the betting (exchange) markets
• Anatomy of a soccer (football) match - Common myths explained

 

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