May 29
Computing your win or loss rate is simple: Divide the amount of money won or lost by the number of hours you’ve played.
This calculation shows you the average amount won or lost per hour played. In statistics, that figure is called the mean. If you play in different games, you might want to keep records on a game-by-game basis (to determine whether you’re doing better at Hold’em, Lowball, or Omaha) as well as on an overall basis.
All averages are not created equal
Knowing how much you are winning or losing on an hourly basis is important. But it is also important to know whether the mean is representative. In other words, is the mean a good indicator of the data it represents? Read the rest of this entry »
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