Binomial vs. Negative Binomial Distributions in Excel for Sports Betting

Welcome back to our channel, sports betting enthusiasts! In this video, we’ll break down the key differences between binomial and negative binomial distributions and show you how to apply them in Excel to enhance your betting strategies.

What You’ll Learn:

🔍 Binomial Distribution: Discover how the binomial distribution models the probability of a certain number of wins in a series of sports events, each with the same probability of success.

📊 Negative Binomial Distribution: Learn how the negative binomial distribution can help you understand the number of games needed to achieve a set number of wins, perfect for streak betting and predicting outcomes over multiple events.

💡 Key Differences: Understand the fundamental differences between these two distributions, their parameters, and how each can be used in sports betting scenarios.

🖥️ Excel Implementation: Follow our step-by-step guide on using Excel’s built-in functions to calculate and visualize both binomial and negative binomial distributions. We’ll provide real-world sports betting examples to help you apply these concepts effectively.

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[melancholiac]

Negative Binomial is new to me. Thank you for posting.

[jhlvlv]

These videos have been fantastic, and you do a great job of walking through it, so it's not just copy and paste, you allow us to understand the entire process. Any chance that you could do a futures type model? (i.e. win superbowl, or season wins etc.) Thanks!

[bkkerevan]

Another great video, it would be interesting to see which football markets this could be applied to (soccer in the US). Do you have any experience/tips?