Background
Recently, I came across this book by David Sumpter, who is a professor in Applied Mathematics.
He has written several books on how math is applied in real life, particularly in the sports and betting industry. He has worked with some of the world’s biggest football clubs, advising on analytics and consulting on betting strategies.
In the first chapter of the book, "The Betting Equation," the author provides a simple equation and claims that you can use this equation to beat the bookmakers.
According to the author, if you had invested £100 in August 2015 betting on Premier League matches, by May 2018, less than three years later, you would have ended up with £2000, which is a 1900% profit.
While the author does mention some caveats, the idea intrigued me. I want to explore this method to see if it is plausible and applicable.