Abstract
The sports betting industry has been growing at a phenomenal rate and has many similarities to the financial market in that a payout is made contingent on an outcome of an event. Despite this, there has been little to no mathematical focus on the potential ruin of bookmakers. In this paper, the expected profit of a bookmaker and probability of multiple soccer matches are observed via Dirac notations and Feynman’s path calculations. Furthermore, we take the unforeseen circumstances into account by subjecting the betting process to more uncertainty. A perturbed betting process, set by modifying the conventional stochastic process, is handled to scale and manage this uncertainty.
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