Mathematics of bookmaking | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-01-28

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Mathematics_of_bookmaking


00:00:22 1 Making a 'book' (and the notion of overround)
00:01:44 1.1 Example
00:02:10 1.2 Bookmaker margin in English football leagues
00:02:26 2 Overround on multiple bets
00:05:48 3 Settling winning bets
00:06:30 3.1 Singles
00:09:53 3.2 Multiple bets
00:11:40 3.3 Full-cover bets
00:11:46 3.4 Full cover bets with singles
00:11:56 4 Algebraic interpretation
00:13:08 4.1 Examples
00:13:30 5 Settling other types of winning bets
00:14:01 6 Algebraic interpretation
00:14:18 6.1 Examples
00:14:35 7 See also
00:14:44 8 Notes
00:14:59 9 References
00:16:42 10 Further reading
00:17:42 11 External links
00:18:11 £100 × (1/4 + 1) × (11/40 + 1) × (5/16 + 1) × (1/2 + 1) × (3/5 + 1)
00:18:39 £6914.53
00:18:46 Full-cover bets
00:20:21 Full cover bets with singles
00:21:44 Algebraic interpretation
00:22:55 Examples
00:24:04 £2 × [(4/6 + 2) × (2/1 + 2) × (11/4 + 2) − 1]
00:24:53 0.50 × [(2/1 + 2) × (5/2 + 2) × (7/2 + 2) × (6/4 + 2) − 1]
00:25:33 0.50 × [(2/5 + 2) × (5/10 + 2) × (7/10 + 2) × (6/16 + 2) × (9/10 + 2) − 1]
00:27:31 (a + 1)(b + 1)(c + 1)(d + 1) − 1 − (a + b + c + d)In the days before software became available for use by bookmakers and those settling bets in Licensed Betting Offices (LBOs) this method was virtually de rigueur for saving time and avoiding the multiple repetitious calculations necessary in settling bets of the full cover type.
00:28:00 Settling other types of winning bets
00:29:10 Algebraic interpretation
00:29:53 Examples
00:30:02 See also



Listening is a more natural way of learning, when compared to reading. Written language only began at around 3200 BC, but spoken language has existed long ago.

Learning by listening is a great way to:
- increases imagination and understanding
- improves your listening skills
- improves your own spoken accent
- learn while on the move
- reduce eye strain

Now learn the vast amount of general knowledge available on Wikipedia through audio (audio article). You could even learn subconsciously by playing the audio while you are sleeping! If you are planning to listen a lot, you could try using a bone conduction headphone, or a standard speaker instead of an earphone.

Listen on Google Assistant through Extra Audio:
https://assistant.google.com/services/invoke/uid/0000001a130b3f91
Other Wikipedia audio articles at:
https://www.youtube.com/results?search_query=wikipedia+tts
Upload your own Wikipedia articles through:
https://github.com/nodef/wikipedia-tts
Speaking Rate: 0.8888685112918904
Voice name: en-US-Wavenet-F


"I cannot teach anybody anything, I can only make them think."
- Socrates


SUMMARY
=======
In gambling 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'.