3. Probability is the measure of the likelihood or chance of an event occurring. It
is used to describe the uncertainty associated with different outcomes in an
experiment or observation. 🧐
In simpler terms, probability refers to the likelihood of something happening,
expressed as a number between 0 and 1, with 0 meaning that the event will
not happen, and 1 meaning that the event is certain to happen. For example,
the probability of rolling a six on a standard die is 1/6 or approximately 0.17. 🎲
Probability has many practical applications in fields such as statistics, finance,
and machine learning, to name a few. Understanding probability can help you
make better decisions in situations where there is uncertainty, or help you
analyze data to draw meaningful conclusions. 📈
What is Probability ?
5. Ancient Seeds of Chance
- Early glimpses of probability in ancient
civilizations.
- Egyptians using probability in games.
- Greek interest in the concept for games and
gambling.
Tossing Dice of Destiny: The 17th
Century Correspondence
- Formal development of probability by Pascal
and Fermat.
- Dividing stakes in an unfinished game as the
foundation
6. Unlocking the Magic of Combinations:
Bernoulli and Huygens Enter the Stage
De Moivre and the Bell Curve: Shaping
the Landscape of Probability
• Abraham de Moivre's advancements in
probability theory.
• Development of the normal distribution (bell
curve).
• Contributions of Bernoulli and Huygens to
permutations and combinations.
• These concepts becoming fundamental in
probability.
7. Laplace and Bayes: From Belief to
Theorem
• Pierre-Simon Laplace's emphasis on
probability as belief.
• Thomas Bayes' contributions leading
to Bayesian probability.
Axiomatizing the Dice: The 20th Century
Formalization
• Andrey Kolmogorov introduces axiomatic
foundations for probability.
• Providing a rigorous framework for studying
probability.
8. Science Embraces the Dice:
Applications Take Flight
• Probability as a tool in physics, biology,
and economics.
• Mid-20th century development of
statistical theory and methods.
The Dice Roll On: Probability in the
Modern World
• Probability as a vital component of various
disciplines.
• Its role in decision-making, risk assessment,
and understanding uncertainty.
16. TERMS DESCRIPTION
Players
Individuals or entities who participate in the game and make
make decisions.
Strategies
Courses of action chosen by players to achieve their objectives.
Payoffs
The outcomes or rewards associated with different
combinations of strategies chosen by players.
Key Concepts in Game Theory
28. • In many countries, bookmaking (the profession of accepting sports wagers) is
regulated but not criminalized.
• The opinions of betting from sport authorities are mixed. The United States
National Football League was previously fully against any sort of legalization of
sports betting prior to the late 2010s, strongly protesting it as to not bring
corruption into the game.
• On the other hand, the CEO of the International Cricket Council believe sports
betting, in particular, India should be legalized to curb illegal bookies where
match fixing has occurred from non-transparent bookmakers.
• According to the Law Commission of India all forms of gambling are illegal.
Online sports betting is a grey area and is not banned by any law in the Indian
legal system. That is because specific provisions distinguish between games of
chance and games of skill.
Sports Bidding
29. • Sports bettors place their wagers either legally, through a bookmaker/sportsbook,
or illegally through privately run enterprises referred to as "bookies". The term
"book" is a reference to the books used by wage brokers to track wagers, pay-outs,
and debts.
• Many legal sportsbooks are found online, operated over the Internet from
jurisdictions separate from the clients they serve, usually to get around various
gambling laws (such as the Unlawful Internet Gambling Enforcement Act of 2006 in
the United States) in select markets, such as Las Vegas, or on gambling cruises
through self-serve kiosks.!!
• There are different types of legalized sports betting now such as game betting,
parlays props and future bets. They take bets "up-front", meaning the bettor must
pay the sportsbook before placing the bet.
• Due to the nature of their business, illegal bookies can operate anywhere but only
require money from losing bettors and do not require the wagered money up front,
creating the possibility of debt to the bookie from the bettor. This creates several
other criminal elements, thus furthering their illegality.
30. • Probability plays an essential part in weather forecasting. Weather can be
categorized as a chaotic complex system, which implies no one can predict
accurately the weather of a region.
• This is the reason why probability and statistics are used. Several methods can
produce probability forecasts. For example, the probability of some weather
event is the forecaster's judgment of the likelihood of the event occurring in a
region.
• Weather forecasting is the application of science and technology to predict the
conditions of the atmosphere for a given location and time.
• Weather forecasts are made by collecting quantitative data about the current
state of the atmosphere, land, and ocean and using meteorology to project how
the atmosphere will change at a given place.
Weather Forecasting
31. ROULETTE
• Red / Rouge: a red number
• Black / Noir: a black number
• Even / Pair: an even number
• Odd / Impair: an odd number
• No 1-9 is called even
RULES
• No 10-18 is known as odd
• Ways of betting is
• Betting on a single no
• Betting on whole on odd/even no
• Betting on colors either black or red
• Aim of the game is to predict the right no and bet on it
