Guys, I was wondering about something. I just tested a system for NBA totals that hit around 56.5% over 600 picks. What would my percent error be?
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it would probly depend on your system.Comment -
Assuming you're dealing with out-of-sample data:
For a sample size of 600, you'd need a success rate of 55.93% (335+ correct) or better to be confident at the 95% level that you have a profitable (52.38% or better) system. At the 99% level you'd need 57.17% (343 correct), at 99.9% you'd need 60% (360 correct), and at 99.99% you'd need 61.17% (367 correct). With 339 correct there is a 2.37% chance the system is not profitable.
The 95% confidence interval for the true success rate is 52.67% - 60.50%.Comment