Here is a series of videos from a seminar given by Steven Skiena, author of Calculated Bets: Computers, Gambling, and Mathematical Modeling to Win. I recommend Steven's book. The book scores lowly on Amazon but that is due to readers expecting a get-rich-quick treatise rather than a scholarly work that prompts the reader to do further research.
In the book Steven detailed his methods for modelling and betting on Jai Alai games. Although, the market for Jai Alai gambling is very small the methods Steven used can be applied to any sport.
Steven used statistical methods to build a model for Jai Alai play and then used Monte Carlo methods to model millions of games with which to judge his betting rules.
Part 1
Part 2
Part 3
Part 4
