In our previous articles we mentioned several times that analysis and research are both required in order to minimize your risks when you are placing a sports bet. Statistics are a major part of the research process, which is why you need to master them. Today we are going to approach a couple interesting aspects of the sports betting stats such as populations and samples.Sample and Population in Sports Betting Stats Picture
One of the most important things that you need to understand when dealing with betting statistics is the specific terminology. For example, it is essential to be able to discern between a population and a sample. In the world of sports statistics, population is a term which refers to all the objects within a group of objects. The measuring instrument for population is called parameter and it is expressed as an arithmetic mean which is an average value. A sample is a subset for population. Sample statistics are used in order to estimate population parameters.
In order for you to understand the meaning of a population in the betting world, we will delight you with a simple example. If you want to measure the wins (both home and away) and the draw percentages of the top 4 most powerful soccer leagues, you will have to interpret some statistics. The sum of all the games counted in this situation will be considered the population and the result of your calculations, such as the home win percentage, the draw percentage and the away percentage would all be the parameters of your population. However, if you are in a rush to place a bet and you don’t have the luxury of spending hours counting your population, you can use a sample in order to estimate the parameters that you wish to determine. In this situation, you can choose to use only 2 leagues as a sample of the four leagues, which are the population. You use the sample statistics in order to estimate the population parameters.
If you want to be able to understand sports betting stats, you need to break things down in small doses in order to be able to obtain relevant information. Furthermore, the best way to learn how to use statistics is to apply them to simple soccer bets examples. The more complex your strategies and betting systems become, the more complex the statistics will get. However, if you understand the basic terminology and reasoning, you will be able to read any kind of statistics.