Gambling with a positive expectation (+EV) is the goal of the professional gambler. You don't rate your handicapping ability on your results, as it is the same with poker (the reason is the short term luck factor has large swings, and when one considers the long term, it is often much longer than most calculate).
I'm writing this so the non-poker player can easily understand. For example using No-Limit Texas Hold'em.
If I was All-In heads-up pre-flop and I had (pocket Aces)
As-Ac, and my opponent had
Ks-Kc. Now the flop with the turn makes my opponent in the lead with three-of-a-kind, and only one more card (river card) is left to be turned over and added to the board and finishing the hand.
(Flop & Turn:
Kd-
8h-
2s-
3c-
Xz): My opponent is ahead with three Kings. I need an Ace to win. Only two cards remain that improve my hand to a winner (Ah-Ad), and a total of forty-four cards left (means 42 cards don't help compared to 2 cards that improves my losing hand to a winner).
It's simple math: How to calculate the percentage(s) [and odd(s)]. The board reveals 4 cards, your hand shows 2, as does your opponent, thus making 8 cards subtracted from a deck of 52 and leaving 44 unexposed. The final card to is yet to be exposed thus allowing us the fact that 2 cards improve our hand to a winner while the other 42 leaves us a losing hand.
We divide 2 (outs - card remaining that improve our hand) into 44 (the unexposed remaining deck), thus giving us 22. Figuring our odds is simple now. We have a number of 22, and to make any into an odds format we subtract 1 (the number of cards left to expose and finalize the hand) from 22, and leaving us 21 and 1, or 21 to 1 (21-1).
Converting odds format into a percentage is simple. We have our 21 to 1 odds, now we add 21 with 1, and we have our key number again of 22. Percentages converted to whole numbers is 0 (0%) to 1 (100%). An example is 0.5, you move the decimal to the right 2 slots, giving us 50% (another is 0.09 = 9%). The formula is using 1 (100% to start) and it is divided by the key number, 22, which converts 0.04545454545
¯¯. Moving two slots (decimal places) to the right, converts to 4.545454%, and rounded to 4.5%.
The poker hand showed us how to figure our chances exactly at a certain point. Typically if you had a simulator (for poker hands), you would enter the data, of the board, my hand and my opponent(s). For the hand above, if I ran this hand on a simulator for 100 random hands, it wouldn't be odd if the simulator showed 0%, 100%, any number in between, and it could even show 500% (5 times more than regular). The more hands you run, the closer it will get to the true percentage. At 10,000 it will be within a 6% range, and 100,000 it will be within 1% range, and at 1,000,000 (million) it would be around 1/10,000 of a percent.
Using a hand simulator on one hand for a million random river cards, the simulator would show 4.5454% if you set it at 4 decimal spots. If you set it at 5 decimal spots, it might be exact or off at the 1/100,000 of a percent, and looking like 4.54546%.
In showing you how to figure your chances of winning a hand, the prime objective was to show you that short term luck can really throw off a gambler and his belief regarding his handicapping skill. This is why I explain basketball gives you a larger sample size, and the larger in a short time period, the more accurate you should be.
Basketball
or Football
?
Possessions: In basketball the number of possessions is
around 400 or more including the total for both teams. In football the number
of possessions are somewhere around 20 when including both teams. This equates
to a disparity of about 20 to 1 in favor of basketball, which better represents
team skill, leaving chance much less of a determinant in a game’s final
outcome.
With more games, more scoring situations per game, fewer
players, and a much simple game, relevant mathematics and good money management
strongly favor the in-depth handicapper betting on basketball for profit rather
than football. It definitely gives the basketball bettor a chance to make many
times more money than in football.