What does advantage really mean.

[fsscout]

I am not certain what advantage means. If one has a 1% advantage I take it to mean that you should win 1% of your total wagering sum. In other words if you bet a total of $10,000 over a period of time your expected profits would be $100. Is this correct?

 

[Sucker]

Basically, you are correct. But there IS some disagreement in the mathematical community over a slight technicality:

According to Peter Griffin; Advantage = (wins - losses) / (wins + losses).
According to WizardofOdds; Advantage = (wins - losses) / (wins + losses + ties).

The problem with Griffin is that, in a game with pushes or ties; your expectation will always be somewhat less than your advantage. With a 1% advantage, after $10,000 in total bets you can expect to be LESS than $100 ahead, because of pushes.

If you go by the Wizards' definition, then your expectation WILL be $100 after $10K is bet, but the problem with this definition is that it breaks down when trying to determine your bet size for a given advantage.

Personally, I'm going with Griffin. I like the idea of always knowing the optimal bet size for every situation.

 

[QFIT]

Advantage is the amount won over the initial amount bet, not the total amount.

 

[iCountNTrack]

Advantage is the amount won over the initial amount bet, not the total amount.

That is why CVData/CVCX makes a clear distinction between IBA(Initial Bet Advantage) and TBA(Total Bet Advantage), if people only read the help files