Point spread. When taking bets on sporting events,bookmakers often include a “point spread” that awardsthe weaker team extra points. In theory, this makes theoutcome of the bet a toss-up. Suppose a gambler placesa $10 bet and picks the winners of five games. If he’sright about fewer than three of the games, he loses. If hegets three, four, or all five correct, he’s paid $10, $20,and $50, respectively. Estimate the amount such a bettormight expect to lose over many weeks of gambling.
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
Point spread. When taking bets on sporting
bookmakers often include a “point spread” that awards
the weaker team extra points. In theory, this makes the
outcome of the bet a toss-up. Suppose a gambler places
a $10 bet and picks the winners of five games. If he’s
right about fewer than three of the games, he loses. If he
gets three, four, or all five correct, he’s paid $10, $20,
and $50, respectively. Estimate the amount such a bettor
might expect to lose over many weeks of gambling.
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