Module IV: Variance
23. Luck vs skill
The +EV player in the red, the −EV player in the black: we show why with simulations.
Chapter outline
- 23.1A +EV player in the red after 1000 tips, with simulation
- 23.2A −EV player in the black after 500, which is why so many people think they are good at it
- 23.3ROI confidence interval
- 23.4Monte Carlo exercise with the betting simulator