Averaging Bernoulli Processes
08-28-2020
, 04:34 PM
Hey guys, I'm trying to write a program to determine a gambler's luck on a standard deviation scale over time, similar to this picture here:
You'll see the player's actual performance relative to their surmised luck superimposed on itself.
I'm stuck on one part though: For a gambler that uses many different bet sizes or gambling outcomes (i.e. betting at 2:1, 5:1, 1:5 and so forth), how do you average these Bernoulli processes? Is it as simple as taking a weighted average of everything or is there something else to it?
You'll see the player's actual performance relative to their surmised luck superimposed on itself.
I'm stuck on one part though: For a gambler that uses many different bet sizes or gambling outcomes (i.e. betting at 2:1, 5:1, 1:5 and so forth), how do you average these Bernoulli processes? Is it as simple as taking a weighted average of everything or is there something else to it?
08-30-2020
, 05:22 PM