How math whizzes exploit sportsbooks

Decoding sports-betting language

The world of sports gambling is filled with insider lingo: What's a "spread"? How about a "moneyline" or a "parlay"? This resource breaks down the jargon, helping you navigate the industry or, at least, giving you the keys to talk about it.

'Moneyball' author Michael Lewis believes sports betting is a problem for young men

The noted journalist and author of "Moneyball," "The Big Short," and "The Blind Side" has now fixed his discerning eye on the sports-betting industry. In this interview, he explains why he sees sports betting as a problem for American society, especially boys and young men, and why he believes the government needs to regulate the nascent industry more seriously.

Even athletes aren't immune to the sports-betting craze

While gambling scandals occasionally blew up before 2018, the widespread legalization of sports betting provided athletes with more opportunities to bet on the games they were playing.

Some experts equate prediction markets to the new crack cocaine of gambling addiction

An addiction psychiatrist at UCLA says betting apps are far more potent than traditional gambling, citing a 19-year-old patient who lost $180,000 and hadn't left campus in a year, cycling through sports bets, crypto, meme stocks, and prediction markets on his phone. This interview explores the extreme edge of the nascent industry.

Using scientific bets, Hawking challenged and highlighted major physics ideas

Hawking famously placed wagers on high-stakes questions in theoretical physics—such as the Higgs boson—for fun and to draw attention to science. When Hawking lost a bet about Cygnus X-1 being a black hole, he paid up with a magazine subscription.

'Scorigami' attempts to chart every NFL game score

The rules of the sport set bounds on possible final outcomes, so this adept statistician mined some fascinating takeaways. Some scores are impossible (like 5 to 1) and some are more common (like 20-17, occurring over 300 times since 1944). Watch for a deluge of numbers.

The complicated economics of horse racing

The Triple Crown commands big ratings (and enormous amounts of money in betting) but the sport as a whole is in a precarious position, thanks to limited tracks and an overreliance on subsidies. This special from Freakonomics unpacks what all that means for the future of the sport.

Jim Simons, mathematician turned government codebreaker turned trader, revolutionized quantitative investing

The late Jim Simons is remembered as one of the most successful (and profitable) hedge fund managers of all time. He went from physically gathering microfilm on commodities pricing decades ago to overseeing a firm that led Wall Street in daily trading volume.

The betting scandal that rocked college basketball

In the 1940s and '50s, illegal bookmaking in college basketball was rampant at Madison Square Garden. In the 1949-50 season, City College of New York players shaved points during games, though they played honestly in the NIT and NCAA tournaments, winning both. This OddsShark.com article explores how the points-shaving scandal was exposed, who went to jail, and its impact on the NIT and CCNY.

A guide to sabermetrics, the empirical analysis of baseball statistics

The science of baseball overturned a century of assumptions about which metrics matter most. The approach originated key categories like WAR (wins above replacement, which tries to summarize a player's total contribution by estimating how many more wins this player generated compared to a replacement-level player) and wOBA (or weight on-base average, which measures not only hits but also walks and their outcomes in the score).

How a brain injury created a mathematical mind

In 2002, two men savagely attacked Jason Padgett outside a karaoke bar, leaving him with a severe concussion--and turning Padgett into a mathematical genius.

The odds of a perfect March Madness bracket are worse than finding one specific grain of sand on Earth

With 63 games to predict, random guessing produces odds of 1 in 9.2 quintillion. Even an informed picker who gets 67% of games right faces odds of about 1 in 120 billion, meaning if every American filled out a unique bracket, we'd expect a perfect one in roughly 366 years.

Statcast runs machine learning models in the 23-second gap between every pitch

The same Hawk-Eye cameras that track spin rate, exit velocity, and sprint speed also feed proprietary team models that update in near-real time. Some organizations have built streaming pipelines to surface insights mid-at-bat before the next pitch arrives.

The inventor of fantasy football first experimented with two other sports

In the mid-1950s, Wilfred “Bill” Winkenbach, a part-owner of the Oakland Raiders, concocted two fantasy sports games: one for Major League Baseball and one for the Professional Golfers’ Association. In 1962, he invented fantasy football alongside two writers from the Oakland Tribune.

The sophisticated math jokes of 'The Simpsons'

"The Simpsons" has always been a slyly sophisticated show and has featured more than a few references to complex mathematical concepts. That's largely due to its writers' room, which has featured more than one writer who studied math before transitioning to comedy.

Hear how gerrymandering is like 'Moneyball applied to politics'

In a 2016 interview, journalist David Daley explained how Republicans used data-driven targeting after the 2010 census to lock in durable advantages, comparing modern gerrymandering strategies to the analytics revolution in baseball.

In 2008, the 'Big Short' mastermind Michael Burry made more than $700M

Before the 2008 housing crisis, Burry used credit default swaps to bet against subprime mortgage-backed securities that fueled the 2008 housing crisis. His firm made more than $700M for its investors, and Burry made more than $100M in personal profits.

The most bizarre numbers in the universe

Even for math-y types, some numbers are incomprehensible. This article dives into several kinds of numbers more complicated than even irrational numbers with endless decimals like "pi" or Euler's number: Noncomputable numbers. Read the bizarre...

Meet Clever Hans, the 1900s horse that was believed to be able to solve math equations and read German

When Clever Hans was prompted with math questions, he responded by tapping his hoof to indicate his answers. Even a panel of experts found no indication of trickery in the horse's demonstrations. However, psychology student Oskar Pfungst found that Hans stopped tapping once a subtle cue on his owner's face told him to stop. The cues were so subtle that Wilhelm von Osten didn't even know he was giving them.

Clever Hans was a 1900s horse that was believed to be able to solve math equations, tell time, and read and comprehend German, until a psychology student discovered how he got his answers.

Researchers identify a hidden instability pattern in simple ocean wave models

Stokes waves—a solution to the mathematics of water waves—were once assumed to be stable. Italian mathematicians have proven disturbances cause these waves to collapse and such collapses follow an infinite repeating pattern. To complete the proof, the team offered a $100 donation to solicit online help.

Exploring the Larry Bird punch that almost changed March Madness

'Jeopardy!' super fans use a specific method to calculate a player's score

In its many decades on the air, “Jeopardy!” has developed a fervent fanbase that likes to play along at home. The Coryat score was developed by Karl Coryat, who appeared on the show in 1996. The equation ignores forced responses on Daily Doubles and Final Jeopardy! Correct responses for Daily Doubles are scored as their natural value.

One reason Americans are bad at math

The president of Barnard College explains why we need to better understand the links between math anxiety, math avoidance, and the US’s dismal test scores.

Hedge funds, the private investment firms that trade a wide swath of financial assets, make money by imposing steep fees on investors and from the fund's investment performance.

Traffic flow can be improved through research into card shuffling

Card-shuffling mathematics has been applied to solving problems in biology to estimate the evolutionary distance between organisms and in computer science to determine the optimal distribution of files and folders in databases.

Active investors try to 'beat' the stock market's performance

There are two primary types of investment strategies that professional investors use: active investing and passive investing. While active investors try to "beat" the stock market's performance, passive investors have a bit more faith in the system.

Smart pricing algorithms can unintentionally work together to raise prices

Researchers have found that, through trial and error, algorithms designed to adjust prices based on market data can learn to mimic price-fixing tactics, even without explicit programming to do so. Over time, they "learn" that it is more profitable to avoid price wars and keep prices high when competitors lower prices.

Explore chaos in this simulation of two double pendulums, where small differences in the release angles produce wildly different outcomes.

Gerrymandering works through two techniques: cracking opposing voters across districts to dilute their power, and packing them into a few to waste their votes in lopsided majorities.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

The term 'algorithm' originated from the Latinized name of al-Khwārizmī, a 9th-century mathematician whose works introduced Arabic numerals and the decimal-based numeral system to Europe and whose treatise 'Al-Jabr' gave algebra its name.

Netflix profits when you're not watching, and its movies are designed that way—read a detail-rich critical essay exposing lesser-known Netflix takes

Warren Buffett's former professor Benjamin Graham is known as the 'father of value investing,' a strategy in which investors seek to buy stocks trading below their intrinsic worth.

Watch how algorithms can be designed to train themselves and self-improve without human input, to the point where the optimized code is too complex for programmers to understand.

How Amazon operates a 'flywheel' business model, a self-reinforcing cycle that drives continuous growth

According to the physics of black holes, our 4D reality may be a hologram—a projection of information coded on a 2D surface on the edge of the universe.

The 1987 Nintendo video game 'Stadium Events' isn't known for being particularly fun, but its scarcity has made it a highly sought-after item that has sold for up to $35K at auction.

Watch this video that uses Lego bricks to explain how venture capital works.

Some coin denominations have ridges etched on their sides, partly to prevent counterfeiting, in a practice called 'reeding.'

Use this tool to calculate the dollar value of your parental mental load, from meal planning to coordinating after-school care, then see resources that help generate solutions.

Search a massive database of over 4 decades of clues from the TV quiz show 'Jeopardy!'

Brandi Chastain, the star of the 1999 US victory over China in the 1999 Women's World Cup, was a last-second choice to take the penalty kick that sealed the victory.

Browse a detailed visual analysis of over 200,000 similes—comparisons that often use 'like' or 'as'—from popular fiction to see how frequently writers the same idiomatic expressions.

Fast-casual restaurant Chili's is experiencing a resurgence, with its parent company recently reporting a nearly 32% increase in sales, thanks to passionate Gen Z fans on TikTok.

A Yale student wrote a profound essay about the consulting industry's influence on elite college students that was published in a book of her writing after she died in a post-graduation car accident.

Discover the catastrophic consequences of a failure of the US electrical grid—something that is more likely than many Americans think.

For centuries, Niagara Falls has been a magnet for daredevils seeking to conquer one of nature's most powerful wonders, with its 200-foot drop and water rushing at 32 feet per second with 280 tons of force.

The first steps to rebuilding your credit score include getting to know exactly what's on your credit report and figuring out how far you are from the '700 club,' or 'good score' range.

See this overview of the firework rules across all 50 states, ranging from a complete ban on non-professional fireworks in Massachusetts to states with more lax rules like Indiana.