O'Reilly logo

Microsoft® Excel® 2010: Data Analysis and Business Modeling by Wayne L. Winston

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

Chapter 72. Fun and Games: Simulating Gambling and Sporting Event Probabilities

Questions answered in this chapter:

  • What is the probability of winning at craps?

  • In five-card draw poker, what is the probability of getting three of a kind?

  • Going into the NCAA basketball Final Four, what is the probability of each team winning the tournament?

Gambling and following sporting events are popular pastimes. I think gambling and sports are exciting because you never know what’s going to happen. Monte Carlo simulation is a powerful tool that you can use to approximate gambling and sporting event probabilities. Essentially, you estimate probability by playing out a gambling or sporting event situation multiple times. If, for example, you have Microsoft Excel ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required