New Posts For Thread: Knowledge of statisticshttps://community.betfair.com/general_betting/go/thread/view/94082/23518866/knowledge-of-statisticsHow important is a knowledge of statistics to sucess at betting? By that I mean if you gained an undergrad knowledge of stats, would that give your betting an edge? Just how important do people think it is in calculating value? Are the people with PhThe key to making money in betting is to exploit weaknesses in the thinking of other punters (ie the market). Statistics are very limited in what they can do in this regard, and will be more so in the future as more people on here use them.https://community.betfair.com/general_betting/go/thread/view/94082/23518866/knowledge-of-statistics?post_id=420275746#420275746The key to making money in betting is to exploit weaknesses in the thinking of other punters (ie the market). Statistics are very limited in what they can do in this regard, and will be more so in the future as more people on here use them.Fri, 19 Feb 2010 16:41:26 -0600"Statistics is the science of making effective use of numerical data relating to groups of individuals or experiments."- effective use being the critical point ...GL all.https://community.betfair.com/general_betting/go/thread/view/94082/23518866/knowledge-of-statistics?post_id=420275638#420275638"Statistics is the science of making effective use of numerical data relating to groups of individuals or experiments."- effective use being the critical point ...GL all.Fri, 19 Feb 2010 04:37:50 -0600you might come to the conclusion that the 80/1 Horse probably has a 50/50 Chance of winningIn your dreams!https://community.betfair.com/general_betting/go/thread/view/94082/23518866/knowledge-of-statistics?post_id=420275634#420275634you might come to the conclusion that the 80/1 Horse probably has a 50/50 Chance of winningIn your dreams!Fri, 19 Feb 2010 04:19:33 -0600joshuag - well said.https://community.betfair.com/general_betting/go/thread/view/94082/23518866/knowledge-of-statistics?post_id=420275630#420275630joshuag - well said.Fri, 19 Feb 2010 03:42:20 -0600So do I.https://community.betfair.com/general_betting/go/thread/view/94082/23518866/knowledge-of-statistics?post_id=420275626#420275626So do I.Fri, 19 Feb 2010 03:20:31 -0600^ think it's a case of mistaken identityhttps://community.betfair.com/general_betting/go/thread/view/94082/23518866/knowledge-of-statistics?post_id=420275622#420275622^ think it's a case of mistaken identityFri, 19 Feb 2010 03:14:19 -0600Anna1943 19 Feb 00:32 @ kenilworthSo how is the inventor of infamous "Impossible to lose 8 in row Football System doing"(No harm intended but it still give me the Chuckles after all that time...:) ) Anna, I'm not sure what you are referring to. Chttps://community.betfair.com/general_betting/go/thread/view/94082/23518866/knowledge-of-statistics?post_id=420275618#420275618Anna1943 19 Feb 00:32 @ kenilworthSo how is the inventor of infamous "Impossible to lose 8 in row Football System doing"(No harm intended but it still give me the Chuckles after all that time...:) ) Anna, I'm not sure what you are referring to. CFri, 19 Feb 2010 02:39:47 -0600The average person has got less than 2 armshttps://community.betfair.com/general_betting/go/thread/view/94082/23518866/knowledge-of-statistics?post_id=420275614#420275614The average person has got less than 2 armsFri, 19 Feb 2010 01:53:29 -0600Some wise old sage once told me "If you make a decision based solely on statistics, you will make the wrong decision"Lots of good replies on this thread, all of which should be digested.I've found the one statistic that can never be found is 'was thhttps://community.betfair.com/general_betting/go/thread/view/94082/23518866/knowledge-of-statistics?post_id=420275610#420275610Some wise old sage once told me "If you make a decision based solely on statistics, you will make the wrong decision"Lots of good replies on this thread, all of which should be digested.I've found the one statistic that can never be found is 'was thThu, 18 Feb 2010 23:47:57 -0600All the statistical data in the world is insufficient alone and for me the necessity of knowing fundamentally why something works is the real key with any statistical stuff just an added support , I know logical reasons why both my systems work overhttps://community.betfair.com/general_betting/go/thread/view/94082/23518866/knowledge-of-statistics?post_id=420275606#420275606All the statistical data in the world is insufficient alone and for me the necessity of knowing fundamentally why something works is the real key with any statistical stuff just an added support , I know logical reasons why both my systems work overThu, 18 Feb 2010 19:39:55 -0600