Steven Skiena gives an overview in the following video of the methods he details in his book which covers how they devised a betting system for the game of Jai Alai, book link here http://www.amazon.co.uk/Calculated-Bets-Computers-Gambling-Mathematical-ebook/dp/B004IASVJK/ref=sr_1_2?ie=UTF8&qid=1417447582&sr=8-2&keywords=steven+skiena

This is the Youtube link to the talk which is worth a listen, especially if you are unfamiliar with Monte Carlo methods.

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