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Betting and Neural Networks
Posted by on Tuesday July 29, @04:37PM
from the go-team dept.
Sports and neural networks. What do they have in common? Statistics. Sports, such as football and baseball, tend to collect all kinds of insane statistics where as neural networks can draw correlations between statistics. In a case of applied Artificial Intelligence and a stroke of genius, Bet First has combined the two in what they hope will be a profitable manner -- using neural networks to predict winning sports teams.

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Re: Betting and Neural Networks
by on Wednesday July 30, @10:09PM
Let me just say that I didn't read the article... But if you're a bookie you really don't care about predicting the winning sports team. What you want to predict is how people are going to bet. You basically want to pass money between the gamblers and take your fixed cut. Now if you're a gambler you definitely want to predict the outcome. Others could explain this much better than myself. But if you see something like 10 to 1 odds, and the underdog wins then you don't say that the bookies were stupid setting those odds. They set those odds because that's what it took to guarantee that the bookie would be able to balance the bets and guarantee their fixed cut.
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