25
Mar
The derivation of the term Poisson distribution was derived from a Russian-born economist. Ladislaus Bortkiewicz was the person who came up with the idea of a strategy to project the number of deaths amongst the Prussian soldiers. The Poisson distribution can be applied in several areas, but the application famously ended in the area of betting. The industry of sports betting has become a global phenomenon, and it has an industry worth $700 billion to $1 trillion globally. It is hard to believe that a mathematical equation might be used for determining the odds of any sporting event. It is…