Have been thinking a couple of minutes what would be the best way to decide value; either the one Parquet Posse and I described (even though the posts might look different, the theory is exactly the same... and maybe he explained it a little bit easier
) or the one ljump12 got from the Accuscore-article. Accuscore being the statistical experts obviously should be right...
well, I highly doubt it. Let me show it with an example first that the systems are clearly different.
Example 1: Imagine 2 situations (unrealistic ones but good for clarification)
a) Accuscore gives 80% and the line is -203 (implying 63%)
b) Accuscore gives 60% and the line is +133 (implying about 43% [43% -> 132.6])
With both there is a 17% difference sticking with Parquet Posse's post and thus being
equal picks AND with the strength I described they would
both be approx 2.00 (as I mentioned, the theory behind both systems is the same)
Following the formula from the Accuscore-article though we would get
0.80 * 49.3 = 39.4 and
0.60 * 132.6 = 79.6. Well, it is clear that this seems to indicate a huge difference in value.
I think we can safely agree that both methods are not equal, however the question now is: "
Is Accuscore right, or are we?"
Looking at the lines we see that both (or at the very least the 60/43 line with the Accuscore method) are having a definite and clear value over the given line; this has been confirmed by both methods. Now let's compare it with a common sense example where none of us will have to calculate odds for; let's throw and bet an imaginary dice.
The odds for a dice are obviously 1/6 and thus .1666(...). Odds for equality would obviously be +500*. According to the accuscore article this bet would have a side-value of 0.16667 * 500 = 83.3333(...).
WHAT?!
Common sense tells us this bet would have no side-value for the odds are exactly what they should be, however the Accuscore-method would give
huge side-value, more than both earlier (80/63 and 60/43) bets while we did agree that there was side-value.
Conclusion: I see no reason why we would not assume that
The Accuscore-method is flawed and instead use the method both Parquet Posse and I described.
If there is any flaw in my logic, let me know... but I highly doubt it, as strange as it seems that Accuscore makes such a fundamental statistical mistake.
*Imagine throwing 6 average throws for $100 each, on average you would lose 5 (-500) and win 1 (+500) giving equality.