By Samantha Williams
Gambling statistics are a vital ingredient in a wager. Statistics for each type of game analyse the likelihood of winning at different stages of the game. There are websites devoted to this study and they provide a high degree of information about the extent to which a game can live up to the promise of returns. When gambling, there is often a choice between a hunch that votes for a particular action and statistical results that may not concur. The final choice is individual but it helps to have a scientific tool at hand when wagering, so that you can gauge outcomes based on different possibilities.
Use Pareto’s curve
Pareto’s curve plots events into a predictable bell shaped curve. What does this mean? If the events are the number of times you play, the two flattened ends of the curve are the points of high return and low return. You may consider the possibility that 80% of the events will lead to a no loss no gain situation while 10% at each end of the curve represent the equal possibilities of loss and gain. Application of gambling statistics allows the player to place a fair estimate on the actual returns on investment in different types of games.
Use of Probability theory
This is an equation based plotting that considers the interdependence of events and the number of events and returns an idea of the probability of gain or loss. The probability is an example of gambling statistics that provide an indicative measure of gain or loss and does not take away the risk involved. A common example in probability considers the likelihood of picking a ball of a certain colour in a random selection among balls of different colours. The equation considers the total number of balls, the colours available and the number of tries that are made. Extending this thought into the field of gambling provides an insight into the chances of how the game will move rather than an experience of blindly spending money.
The power of intuition
You have a feeling about a certain number or card and want to play on the feeling. The use of gambling statistics to ratify a feeling is common among people who rely on their intuition when playing. But what if the statistics do not do this ratification? An individual decision is made on the basis of past experience. The decision may not seem rational and depends on the extent to which individual intuitive powers are developed. If you are new and face this situation, it is better to follow the tenets of statistical output.
Where to search?
There are a number of blogs and websites devoted to the study and theory of gambling statistics along with tips for their utilisation in real world situations. You are likely to face a situation of contradictory information since statistical theory seems to provide different results with situational changes. It is useful to go through a primer in statistics so that you are able to understand the full meaning of the terms that are used and the statements being made.
