Many people mix up odds and probability at casino tables. These words sound the same but mean different things. Knowing both ...

Whether you’re a novice bettor or a seasoned veteran, you’ve almost certainly heard of positive expected value betting. After all, there are betting influencers and podcast hosts who talk about the ...

You're currently following this author! Want to unfollow? Unsubscribe via the link in your email. Follow Andy Kiersz Every time Andy publishes a story, you’ll get an alert straight to your inbox!

Here’s a thought challenge for you: Let’s say I have chosen a particular moment in time from the past nine years. I am thinking of a specific (and totally random) year, month, day, hour, minute and ...

Expected value calculates average future investment returns based on outcome probabilities. In finance, expected value guides portfolio construction and when to sell assets with lower future value.

Probability models that once belonged to high-stakes poker have become a backbone for NHL betting analytics. It’s no longer just “feeling lucky.” Frameworks honed over decades of card play have found ...

What if I say that starting a business is unnatural? The venture is always risky, and we’re so good at avoiding risks: Some say it's just the way our brains are wired. Fear of loss may be primal and ...